{"id":449668,"date":"2020-11-13T03:48:34","date_gmt":"2020-11-13T03:48:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=449668"},"modified":"2024-06-11T14:08:20","modified_gmt":"2024-06-11T14:08:20","slug":"ta-bitcoin-surges-5-why-pullbacks-remain-attractive-to-the-bulls","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ta-bitcoin-surges-5-why-pullbacks-remain-attractive-to-the-bulls\/","title":{"rendered":"TA: Bitcoin Surges 5%, Why Pullbacks Remain Attractive To The Bulls"},"content":{"rendered":"<p><em>Bitcoin price started a strong increase after it broke the $16,000 resistance against the US Dollar. BTC is up 5% and it is now facing hurdles near $16,500.<\/em><\/p>\n<ul>\n<li>Bitcoin managed to clear the $16,000 resistance to start another increase.<\/li>\n<li>The price is currently trading well above the $16,200 support and the 100 hourly simple moving average.<\/li>\n<li>There are two bullish trend lines forming with support near $16,080 and $15,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct a few points, but dips are likely to be limited below $16,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Settles Above $16K<\/h2>\n<p>Yesterday, we discussed the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-prints-bullish-pattern-16k\/\" target=\"_blank\" rel=\"noopener \">significance of an upside break in bitcoin price above the $16,000 resistance<\/a>. BTC did gain strength and was able to clear the $16,000 resistance level.<\/p>\n<p>The price even broke the $16,200 resistance and settled well above the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-trading-near-crucial-juncture\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. It traded close to the $16,500 resistance and a new multi-month high was formed near $16,487. The price is currently consolidating gains near the $16,350 level.<\/p>\n<p>An initial support is near the $13,650 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $15,895 swing low to $16,487 high.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-449669\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/11\/Bitcoin-11.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The first major support on the downside is near the $16,200 level. The 50% Fib retracement level of the recent upward move from the $15,895 swing low to $16,487 high is also near the $16,195 level. Moreover, there are two bullish trend lines forming with support near $16,080 and $15,900 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, the $16,500 level is a strong resistance. A successful break above the $16,500 resistance might open the doors for a push towards the $16,800 level in the near term.<\/p>\n<h2>Dips Remain Supported in BTC?<\/h2>\n<p>If bitcoin starts a downside correction, the $16,200 support zone might act as a decent support. The next major support is near the $16,000 level (the recent breakout zone).<\/p>\n<p>A downside break below the $16,000 support and both bullish trend lines might accelerate losses in bitcoin and it could decline towards the $15,500 support level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the 70 level.<\/p>\n<p>Major Support Levels \u2013 $16,200, followed by $16,000.<\/p>\n<p>Major Resistance Levels \u2013 $16,500, $16,800 and $16,850.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a strong increase after it broke the $16,000 resistance against the US Dollar. BTC is up 5% and it is now facing hurdles near $16,500. Bitcoin managed to clear the $16,000 resistance to start another increase. The price is currently trading well above the $16,200 support and the 100 hourly simple moving average. There are two bullish trend lines forming with support near $16,080 and $15,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct a few points, but dips are likely to be limited below $16,000. Bitcoin Price Settles Above $16K Yesterday, we discussed the significance of an upside break in bitcoin price above the $16,000 resistance. BTC did gain strength and was able to clear the $16,000 resistance level. The price even broke the $16,200 resistance and settled well above the 100 hourly simple moving average. It traded close to the $16,500 resistance and a new multi-month high was formed near $16,487. The price is currently consolidating gains near the $16,350 level. An initial support is near the $13,650 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $15,895 swing low to $16,487 high. Source: BTCUSD on TradingView.com The first major support on the downside is near the $16,200 level. The 50% Fib retracement level of the recent upward move from the $15,895 swing low to $16,487 high is also near the $16,195 level. Moreover, there are two bullish trend lines forming with support near $16,080 and $15,900 on the hourly chart of the BTC\/USD pair. On the upside, the $16,500 level is a strong resistance. A successful break above the $16,500 resistance might open the doors for a push towards the $16,800 level in the near term. Dips Remain Supported in BTC? If bitcoin starts a downside correction, the $16,200 support zone might act as a decent support. The next major support is near the $16,000 level (the recent breakout zone). A downside break below the $16,000 support and both bullish trend lines might accelerate losses in bitcoin and it could decline towards the $15,500 support level. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the 70 level. Major Support Levels \u2013 $16,200, followed by $16,000. Major Resistance Levels \u2013 $16,500, $16,800 and $16,850.<\/p>\n","protected":false},"author":67,"featured_media":449670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-449668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Surges 5%, Why Pullbacks Remain Attractive To The Bulls<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a strong increase after it broke the $16,000 resistance. 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