Bitcoin [BTC] Triangle Breakout Hits Pause at $10,500: There’s Room for Growth


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Bitcoin [BTC] Triangle Breakout Hits Pause at $10,500: There’s Room for Growth

  • The intense bear pressure in July greatly pressed down on critical levels in July.
  • Bitcoin bulls tried and failed to squeeze through the resistance at $10,500.

Bitcoin soared impressively above $10,000 after being pivotal at the level for a few days. The bulls continue with the hunt for treasure towards higher levels. The intense bear pressure in July greatly pressed down on critical levels towards $9,000. However, the primary support at $9,000 remained defiantly strongly, unbothered of the immense selling pressure across the market.

As mentioned the persuasive recovery from $9,000 initially stepped above the 100 Simple Moving Average (SMA) 1-hour chart. The buyers determined to revive the uptrend engaged full-throttle thrusting past the 200 SMA 1-hour resistance.

BTC/USD 1-hour chart

Bitcoin price
Chart source: Tradingview

An amazing breakout occurred on breaking above the 61.8% Fib retracement level taken between the last swing high at $10,489 to a swing low at $9,102. This propelled Bitcoin above the triangle resistance discussed yesterday. A move that exceptionally tested the resistance at $10,500.

At press time, Bitcoin is trading $10,388 following a 4.5% rise on the day. Bitcoin bulls tried and failed to squeeze through the resistance at $10,500. However, as it stands, the potential for growth is still massive. For instance, the double-cross of the 100 SMA above the longer-term 200 SMA is a key indicator that bullish pressure is greater.

In addition to that, technical analysis shows the prevailing trend favoring the bulls. The Moving Average Convergence Divergence (MACD) is leveling at +121.73 after recovering from last week’s lows around -159.13.

The ultimate correction to $11,000 milestone depends on the bulls’ ability to break above $10,500. Moreover, Bitcoin must find higher support to allow the buyers to gather strength and assault higher levels. Glancing lower $10,000 former pivotal level will offer support in addition to $9,800, $9,500 and $9,100. The level at $9,000 remains untested but vital to stopping extended declines.

Bitcoin Key Technical Levels

Key Support Areas: $10,000, $9,800, 9,500 and $9,100.

Resistance Areas: $10,500 and $11,000.

Moving Averages: 100 SMA double-cross above 200 SMA suggests increasing buying influence.

MACD: Settles in the positive region after recovering from last week’s -159 – Bullish indicator.

Summary
Bitcoin [BTC] Triangle Breakout Hits Pause at $10,500: There’s Room for Growth
Article Name
Bitcoin [BTC] Triangle Breakout Hits Pause at $10,500: There’s Room for Growth
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The intense bear pressure in July greatly pressed down on critical levels in July. Bitcoin bulls tried and failed to squeeze through the resistance at $10,500.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 167 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @