{"id":436421,"date":"2020-08-27T04:08:43","date_gmt":"2020-08-27T04:08:43","guid":{"rendered":"https:\/\/ktsl888.com\/?p=436421"},"modified":"2024-06-11T14:15:38","modified_gmt":"2024-06-11T14:15:38","slug":"bitcoin-must-clear-11500-for-rally","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-must-clear-11500-for-rally\/","title":{"rendered":"Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally"},"content":{"rendered":"<p><em>Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels against the US Dollar. BTC could start a steady increase if it clears the $11,500 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading in a range below the $11,650 and $11,550 resistance levels.<\/li>\n<li>The price is facing a major hurdle near $11,500, $11,550, and the 100 hourly simple moving average.<\/li>\n<li>There is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could either break the $11,550 barrier or slide further below the $11,100 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Facing Hurdles<\/h2>\n<p>Bitcoin price started a short-term upside correction from the $11,100 support against the US Dollar. BTC recovered above the $11,200 and $11,400 levels, but it faced a strong resistance near the $11,500 level.<\/p>\n<p>A high is formed near $11,540 and the price is still well below the <a href=\"https:\/\/ktsl888.com\/2020\/08\/25\/bitcoin-trading-near-inflection-point\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. It is currently declining and trading below $11,400. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high.<\/p>\n<p>The next major support is near the $11,330 level since it is close to the 50% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high. It seems like there is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-436422\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?resize=1828%2C868\" alt=\"Bitcoin\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-19.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price trades below $11,500. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>On the upside, the bulls are facing a major hurdle near the trend line, $11,500, $11,550, and the 100 hourly simple moving average. These are key reasons why a successful close above the $11,550 level and the 100 hourly SMA is must to increase chances of a fresh increase.<\/p>\n<p>The next major resistance is near the $11,700 level, above which bitcoin could attempt an upside break above the $11,800 level in the near term.<\/p>\n<h2>Downside Break in BTC?<\/h2>\n<p>If bitcoin fails to recover above the $11,500 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,330 and $11,300 levels.<\/p>\n<p>The main support is now forming near the $11,100 level, below which there is a <a href=\"https:\/\/ktsl888.com\/2020\/08\/26\/technicals-suggest-bitcoin-could-dive-further-below-11000\/\" target=\"_blank\" rel=\"noopener \">risk of more losses below the $11,000 support<\/a>. The next major support could be $10,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to move above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $11,300, followed by $11,100.<\/p>\n<p>Major Resistance Levels \u2013 $11,500, $11,550 and $11,700.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels against the US Dollar. BTC could start a steady increase if it clears the $11,500 resistance. Bitcoin is trading in a range below the $11,650 and $11,550 resistance levels. The price is facing a major hurdle near $11,500, $11,550, and the 100 hourly simple moving average. There is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either break the $11,550 barrier or slide further below the $11,100 support. Bitcoin Price Facing Hurdles Bitcoin price started a short-term upside correction from the $11,100 support against the US Dollar. BTC recovered above the $11,200 and $11,400 levels, but it faced a strong resistance near the $11,500 level. A high is formed near $11,540 and the price is still well below the 100 hourly simple moving average. It is currently declining and trading below $11,400. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high. The next major support is near the $11,330 level since it is close to the 50% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high. It seems like there is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair. Bitcoin price trades below $11,500. Source: TradingView.com On the upside, the bulls are facing a major hurdle near the trend line, $11,500, $11,550, and the 100 hourly simple moving average. These are key reasons why a successful close above the $11,550 level and the 100 hourly SMA is must to increase chances of a fresh increase. The next major resistance is near the $11,700 level, above which bitcoin could attempt an upside break above the $11,800 level in the near term. Downside Break in BTC? If bitcoin fails to recover above the $11,500 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,330 and $11,300 levels. The main support is now forming near the $11,100 level, below which there is a risk of more losses below the $11,000 support. The next major support could be $10,500. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to move above the 50 level. Major Support Levels \u2013 $11,300, followed by $11,100. Major Resistance Levels \u2013 $11,500, $11,550 and $11,700.<\/p>\n","protected":false},"author":67,"featured_media":436423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-436421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels. 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