{"id":368097,"date":"2019-01-14T07:00:58","date_gmt":"2019-01-14T07:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=368097"},"modified":"2024-06-11T12:57:27","modified_gmt":"2024-06-11T12:57:27","slug":"bitcoin-price-watch-btcs-recovery-facing-significant-hurdles","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btcs-recovery-facing-significant-hurdles\/","title":{"rendered":"Bitcoin Price Watch: BTC\u2019s Recovery Facing Significant Hurdles"},"content":{"rendered":"<ul>\n<li>Bitcoin price declined below the $3,550 support and tested the $3,380 level against the US Dollar.<\/li>\n<li>There was a break below a major bullish trend line with support at $3,590 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is currently recovering, but it could face strong resistances near $3,550. $3,580 and $3,640.<\/li>\n<\/ul>\n<p><em>Bitcoin price extended losses below the $3,600 support against the US Dollar. BTC may recover in the short term, but upsides are likely to be capped by $3,600-3,650.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the weekly analysis, we saw a <a href=\"https:\/\/wncen.com\/2019\/01\/13\/bitcoin-price-weekly-analysis-btcs-bullish-and-bearish-scenarios-analyzed\/\" target=\"_blank\" rel=\"noopener \">consolidation pattern<\/a> above the $3,550 support in bitcoin price against the US Dollar. The BTC\/USD pair traded in a range for some time, but later sellers managed to push the price below $3,550. The price declined heavily and broke the $3,500 and $3,400 support levels. There was even a close below the $3,500 level and the 100 hourly simple moving average. A new monthly low was formed at $3,372 and later the price started an upside correction.<\/p>\n<p>It moved above the $3,500 level to move into a short term positive zone. There was a break above the 50% Fib retracement level of the last dive from the $3,649 high to $3,372 low. On the upside, there are many barriers for buyers, starting with $3,550. The <a href=\"https:\/\/wncen.com\/2019\/01\/11\/bitcoin-price-watch-btc-turned-sell-on-rallies-below-3800\/\" target=\"_blank\" rel=\"noopener \">previous support<\/a> near $3,550 and $3,560 may perhaps act as a strong resistance. Above $3,560, the 76.4% Fib retracement level of the last dive from the $3,649 high to $3,372 low is at $3,585. Finally, there is a connecting bearish trend line in place with resistance at $3,600 on the hourly chart.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-368098\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?resize=1828%2C869\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"869\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-10.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, bitcoin price is likely to face a lot of sellers near the $3,550, $3,560, $3,585 and $3,600 levels. The main resistance is at $3,640, above which there is a chance of a solid recovery to $3,800. On the downside, a break below $3,375 could lead the price to $3,220.<\/p>\n<h2>Technical indicators<\/h2>\n<p>Hourly MACD \u2013 The MACD for BTC\/USD moved back in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is moving higher towards the 50 level, with a positive angle.<\/p>\n<p>Major Support Level \u2013 $3,400<\/p>\n<p>Major Resistance Level \u2013 $3,640<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined below the $3,550 support and tested the $3,380 level against the US Dollar. There was a break below a major bullish trend line with support at $3,590 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is currently recovering, but it could face strong resistances near $3,550. $3,580 and $3,640. Bitcoin price extended losses below the $3,600 support against the US Dollar. BTC may recover in the short term, but upsides are likely to be capped by $3,600-3,650. Bitcoin Price Analysis In the weekly analysis, we saw a consolidation pattern above the $3,550 support in bitcoin price against the US Dollar. The BTC\/USD pair traded in a range for some time, but later sellers managed to push the price below $3,550. The price declined heavily and broke the $3,500 and $3,400 support levels. There was even a close below the $3,500 level and the 100 hourly simple moving average. A new monthly low was formed at $3,372 and later the price started an upside correction. It moved above the $3,500 level to move into a short term positive zone. There was a break above the 50% Fib retracement level of the last dive from the $3,649 high to $3,372 low. On the upside, there are many barriers for buyers, starting with $3,550. The previous support near $3,550 and $3,560 may perhaps act as a strong resistance. Above $3,560, the 76.4% Fib retracement level of the last dive from the $3,649 high to $3,372 low is at $3,585. Finally, there is a connecting bearish trend line in place with resistance at $3,600 on the hourly chart. Looking at the chart, bitcoin price is likely to face a lot of sellers near the $3,550, $3,560, $3,585 and $3,600 levels. The main resistance is at $3,640, above which there is a chance of a solid recovery to $3,800. On the downside, a break below $3,375 could lead the price to $3,220. Technical indicators Hourly MACD \u2013 The MACD for BTC\/USD moved back in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is moving higher towards the 50 level, with a positive angle. Major Support Level \u2013 $3,400 Major Resistance Level \u2013 $3,640<\/p>\n","protected":false},"author":67,"featured_media":344600,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-368097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Watch: BTC\u2019s Recovery Facing Significant Hurdles<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended losses below the $3,600 support against the US Dollar. 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