Bitcoin price extended its rise above the $10,800 resistance against the US Dollar. However, BTC is struggling to clear the all-important $11,000 barrier and it could decline sharply.
- Bitcoin traded above the $10,700 and $10,800 resistance levels.
- The price is still trading well below the $11,000 barrier, but above the 100 hourly simple moving average.
- There is a crucial contracting triangle forming with resistance near $10,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either break the $11,000 barrier or decline sharply below the $10,650 support region.
Bitcoin Price is Approaching Crucial Resistance
There was an upside extension in bitcoin price above the $10,700 resistance against the US Dollar. BTC even broke the $10,800 resistance level and settled nicely above the 100 hourly simple moving average.
The price traded as high as $10,935 and it seems like the $11,000 barrier is already in play. Bitcoin is down more than $200 from the recent high and it tested the $10,650 support. A low is formed near $10,671 and the price is currently consolidating losses.
It is testing the 23.6% Fib retracement level of the recent decline from the $10,935 high to $10,671 low. It seems like there is a crucial contracting triangle forming with resistance near $10,800 on the hourly chart of the BTC/USD pair.
<img alt="Bitcoin Price" class="alignnone size-full wp-image-438571" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Bitcoin-13-40.png" data-srcset="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Bitcoin-13-40.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/09/Bitcoin-13-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/09/Bitcoin-13-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/09/Bitcoin-13-768×365.png 768w, https://www.newsbtc.com/wp-content/uploads/2020/09/Bitcoin-13-1536×729.png 1536w, https://www.newsbtc.com/wp-content/uploads/2020/09/Bitcoin-13-750×356.png 750w, https://www.newsbtc.com/wp-content/uploads/2020/09/Bitcoin-13-1140×541.png 1140w" height="868"
Discussion about this post