Bitcoin Smashes $10K Key Reasons Why BTC Could Correct Before Fresh

Bitcoin is up more than 5% and it broke the main $10,000 resistance against the US Dollar. BTC price could correct lower in the short term towards $9,950 before it starts a fresh increase. Yesterday, we discussed the chances of a larger rally in bitcoin price above $9,750 against the US Dollar. BTC did gain traction above the $9,750 resistance and rallied more than 5%. It broke many key hurdles near $9,950 and $10,000 to move into a positive zone. A new weekly high is formed near $10,371 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently correcting lower from $10,371 and trading below $10,200. It broke the 23.6% Fib retracement level of the recent rally from the $9,378 low to $10,371 high. However, there are many supports on the downside, starting with $10,000. The first major support is near the $9,950 (the previous major resistance). The next support is near the $9,875 level or the 50% Fib retracement level of the recent rally from the $9,378 low to $10,371 high. There is also key connecting bullish trend line forming with support near $9,740 on the hourly chart of the BTC/USD pair. On the upside, the recent high near $10,371 is a short term resistance zone. If the bulls manage to clear the $10,371 high, it could easily test the $10,500 resistance zone. Any further gains could lead the price towards the $11,200 pivot level in the coming sessions. The previous major hurdle near the $9,950 zone could act as a strong support for bitcoin. If the price continues to slide, the last line of defense might be $9,700. Any further losses might start a downside extension towards the $9,500 level or the 100 hourly simple moving average in the near term. Technical indicators:Hourly MACD – The MACD is currently moving nicely in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 85 level. Major Support Levels – $9,950 followed by $9,875. Major Resistance Levels – $10,375, $10,500 and $10,800.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/06/02/bitcoin-btc-smashes-10k-fresh-rally/

#near #ocncoin #bitcoinlocations #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange

Bitcoin Smashes $10K Key Reasons Why BTC Could Correct Before Fresh: https://www.youtube.com/watch?v=MoRWTZPDG7s