Bitcoin Price Hesitates But Further Recovery Is Likely

There have been a lot of ups and downs in the market so far, and the volatility seems to have moved the price of BTC down a lot over the past few weeks. As we can see from the latest cryptocurrency news, the Bitcoin price hesitates and was testing the $9,800 support while bouncing back against the US dollar.

We can also see that the Bitcoin price is struggling to gain momentum above $10,400 and $10,500. There is a key contracting triangle which is forming with resistance near $10,550 on the hourly chart of the BTC/USD pair. The price is also likely to slowly rise, as analysts featured on many best cryptocurrency news sites mentioned.

While in the yesterday’s analysis we hinted that the Bitcoin price hesitates and discussed the chances of another pullback, it seems like the support line has moved up – and Bitcoin is now trading at $10,500 with 4% increase on the day.

The 100 hourly simple moving average which is currently at $10,450 and there is a key contracting triangle forming with resistance near $10,500. An immediate support on the downside is near the $10,130 levels – representing the 50% Fib retracement level of the recent wave while the Bitcoin price hesitates to make an even more bullish run towards new highs.

On the upside, the price must gain momentum above the $10,500 resistance level. More importantly, a successful close above the 100 hourly SMA could start a strong rise towards ,600 and ,800.
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Conversely, if the price starts a fresh decline and breaks the $10,000 support, analysts featured in the altcoin news think that the next support is near the $9,800 level.

Looking at the current charts, the Bitcoin price hesitates but it is also showing a few positive signs above $10,000 level. Having said that, the bulls need to gain momentum above the 100 hourly SMA and $10,450 in order to push the price further higher in the near term.

The technical indicators right now are as following:

• Hourly MACD – The MACD is currently moving in the bearish zone.
• Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
• Major Support Levels – $10,030 followed by $9,800.
• Major Resistance Levels – $10,400, $10,500 and $10,650.

All of this shows that both scenarios are possible as the Bitcoin price hesitates around ,500.
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