{"id":379952,"date":"2019-04-27T04:08:20","date_gmt":"2019-04-27T04:08:20","guid":{"rendered":"https:\/\/wncen.com\/?p=379952"},"modified":"2024-06-11T13:39:33","modified_gmt":"2024-06-11T13:39:33","slug":"bitcoin-btc-price-weakness-sell-rallies","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weakness-sell-rallies\/","title":{"rendered":"Bitcoin (BTC) Price Showing Signs of Weakness, Sell Rallies?"},"content":{"rendered":"<ul>\n<li>Bitcoin price settled below the $5,380 and $5,200 support levels against the US Dollar.<\/li>\n<li>The price is currently under pressure and facing sellers near $5,160 and $5,200.<\/li>\n<li>There is a short term declining channel forming with resistance near $5,160 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could struggle to move above $5,200 and it may revisit the $5,050 support area.<\/li>\n<\/ul>\n<p><em>Bitcoin price dropped heavily after tether\u2019s drama and settled below $5,380 against the US Dollar. BTC could consolidate in the short term before a fresh decrease to $5,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2019\/04\/26\/bitcoin-btc-price-tumbles-trend-change-or-correction\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp decline<\/a> in bitcoin price below the $5,380 and $5,280 supports against the US Dollar. The BTC\/USD pair even broke the $5,200 support and spiked below the $5,000 level. A new swing low was formed near $4,912 and recently the price corrected higher. However, the $5,280 and $5,250 levels acted as hurdles, and the price remained well below the 100 hourly simple moving average. After the price failed to clear $5,280, there was a drop below the $5,200 level.<\/p>\n<p>The price declined below the 50% Fib retracement level of the last wave from the $4,913 swing low to $5,292 high. However, the $5,050 support prevented additional losses and the price recovered recently. Besides, the 61.8% Fib retracement level of the last wave from the $4,913 swing low to $5,292 high acted as a support. At the moment, the price is correcting higher, but facing a lot of hurdles near $5,160, $5,180 and $5,200. There is also a short term declining channel forming with resistance near $5,160 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is an upside break above $5,160, the price could test the $5,200 resistance. However, the price must move above the $5,250 and $5,280 levels to start a <a href=\"https:\/\/wncen.com\/2019\/04\/25\/bitcoin-btc-price-approaching-significant-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong upward move<\/a>. If it continues to struggle near $5,280, there is a risk of another dip below $5,120 and $5,100 in the near term. The next key support is at $5,050, below which there is a risk of a drop below the $5,000 support.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-379953\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-27.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is under a lot of pressure below the $5,280 resistance level. If the bears remain in action for a long time, there is a risk of a sharp decline below the $5,050 and $5,000 support levels. On the upside, a close above $5,280 might push the price towards $5,380.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently in the bullish zone, with a few negative signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving higher towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $5,100 followed by $5,050.<\/p>\n<p>Major Resistance Levels \u2013 $5,160, $5,200 and $5,280.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price settled below the $5,380 and $5,200 support levels against the US Dollar. The price is currently under pressure and facing sellers near $5,160 and $5,200. There is a short term declining channel forming with resistance near $5,160 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could struggle to move above $5,200 and it may revisit the $5,050 support area. Bitcoin price dropped heavily after tether\u2019s drama and settled below $5,380 against the US Dollar. BTC could consolidate in the short term before a fresh decrease to $5,000. Bitcoin Price Analysis Yesterday, we saw a sharp decline in bitcoin price below the $5,380 and $5,280 supports against the US Dollar. The BTC\/USD pair even broke the $5,200 support and spiked below the $5,000 level. A new swing low was formed near $4,912 and recently the price corrected higher. However, the $5,280 and $5,250 levels acted as hurdles, and the price remained well below the 100 hourly simple moving average. After the price failed to clear $5,280, there was a drop below the $5,200 level. The price declined below the 50% Fib retracement level of the last wave from the $4,913 swing low to $5,292 high. However, the $5,050 support prevented additional losses and the price recovered recently. Besides, the 61.8% Fib retracement level of the last wave from the $4,913 swing low to $5,292 high acted as a support. At the moment, the price is correcting higher, but facing a lot of hurdles near $5,160, $5,180 and $5,200. There is also a short term declining channel forming with resistance near $5,160 on the hourly chart of the BTC\/USD pair. If there is an upside break above $5,160, the price could test the $5,200 resistance. However, the price must move above the $5,250 and $5,280 levels to start a strong upward move. If it continues to struggle near $5,280, there is a risk of another dip below $5,120 and $5,100 in the near term. The next key support is at $5,050, below which there is a risk of a drop below the $5,000 support. Looking at the chart, bitcoin price is under a lot of pressure below the $5,280 resistance level. If the bears remain in action for a long time, there is a risk of a sharp decline below the $5,050 and $5,000 support levels. On the upside, a close above $5,280 might push the price towards $5,380. Technical indicators: Hourly MACD \u2013 The MACD is currently in the bullish zone, with a few negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving higher towards the 50 level. Major Support Levels \u2013 $5,100 followed by $5,050. Major Resistance Levels \u2013 $5,160, $5,200 and $5,280.<\/p>\n","protected":false},"author":67,"featured_media":328922,"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-379952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Showing Signs of Weakness, Sell Rallies?<\/title>\n<meta name=\"description\" content=\"Bitcoin price dropped heavily after tether\u2019s drama and settled below $5,380 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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