Bitcoin has become impulsive after bouncing from $10,000 psychological support level. Bitcoin surges above $10,500 key level area. Will recover further? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
September 15, 2020, | AtoZ Markets – Bitcoin price is gradually recovering higher, and it broke the $10,700 area against the US Dollar. BTC has gained 5%, but it is as yet confronting a significant resistance close $10,800 and $11,000. However, Bitcoin’s fundamental strength has been developing lately, which is beginning to be reflected in its price action. Bitcoin is currently trading around $10,650 area and trying to retrace the downside. The price broke above the dynamic level of 20 EMA quite impulsively on the intraday chart. As per the current price action, the price may retrace towards $10,500 support area in the coming days.
Bitcoin Surge Higher Signalling Bulls in Control?
BTC is currently trading around $10,650 area and trying to push downward. Moreover, the price also broke above the Kijun line and the Tenkan line on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin surge above and currently residing near $10,650 area. As per the current price action, if the price retraces towards $10,500 area and bounces higher with an impulsive bullish candle close, the bulls may recover higher towards $11,100 area as a first target. The second target will be $12,000 area if the price breaks above $11,100 in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level may work as strong support if the price retraces towards it. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level.
BTC May Recover Towards 2019’s High
According to the daily chart, Bitcoin surge above after bouncing from 100 SMA on the daily chart. As per the current price action, if the price can have an impulsive daily bullish candle close above $11,000 area, the bulls may push the price higher towards $12,000 area as a first target. The second target will be $13,000 key area if the price breaks above $12,000 in the coming days.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price, which may act as resistance for a while. So, the bulls need to break above the dynamic level impulsively to sustain the bullish pressure further in the process. However, the 100 periods SMA has worked as strong support, which may sustain its support further in the process. Also, the MACD lines are currently residing below 0.00 level and may have a bullish intersection. It indicates that bulls may continue the bullish pressure further in the days ahead.
To conclude, after retracing more than fifty percent of the recent bullish trend, Bitcoin bulls have regained momentum and surge above Fibo level 50. A daily close will help to identify the definite momentum in the coming days.