BTC retested the $9900 level against the US Dollar while forming a double bottom pattern close to the same level which could initiate a decent increase above $10,500 so let’s see more in our latest Bitcoin news today.
Bitcoin bounced back above $10,200 after BTC retested the $10,000 and $9900 levels. The price still remains trading above $10,300 and the 100 hourly simple moving average. There was another break above the key declining channel with resistance close to the $10,200 on the hourly charts for the BTC/USD pair. The pair will likely continue higher as long as it is above the $10,000 level. Yesterday, there was another downward move below $10,200 level in the BTC price against the US dollar.
BTC retested $9900 and remained well bid as a strong support base was formed close to the $9,880 level and the price started a fresh increase. It seems like there’s a double pattern bottom forming close to the $9,880 level while BTC tries to recover higher and surpassed the $10,200 resistance. There was a break as well above the key declining channel at $10,200 on the hourly charts for the pair. The pair is now trading above $10,300 and the 100 hourly simple moving average.
It tested the $10,400 resistance and the high formed at $10,415 but the price started correcting lower and is now trading near the $10,320 level. The initial support is close to the $10,280 level or the 23.6% fib retracement level from the rise of $9,891 low to the $10,415 high. The first major support on the downside is close to the broke channel resistance and the $10,150 level. The 50% fib retracement level of the rise from the $9,891 low is now close to the $10,150 level.
On the upside, the price is facing a huge hurdle close to the $10,400 level so if the highlighted double bottom pattern plays out, there are strong chances of an increase above $10,500 and $10,550 in the near-term. If the bulls fail to gain strength and BTC drops below the $10,150 support it could revisit the $10,000 and the $9,880 support levels. The hourly MACD for the biggest cryptocurrency is gaining momentum in the bullish zone while the hourly RSI for the pair is above the 50 levels.
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