{"id":380960,"date":"2019-05-06T06:30:34","date_gmt":"2019-05-06T06:30:34","guid":{"rendered":"https:\/\/wncen.com\/?p=380960"},"modified":"2024-06-11T13:39:40","modified_gmt":"2024-06-11T13:39:40","slug":"bitcoin-btc-price-key-support-fresh-rise","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-key-support-fresh-rise\/","title":{"rendered":"Bitcoin (BTC) Price Flirting With Key Support: Fresh Rise Likely"},"content":{"rendered":"<ul>\n<li>Bitcoin price corrected lower recently after trading above the $5,800 level against the US Dollar.<\/li>\n<li>The price declined below the $5,700 level and tested an important support near $5,580.<\/li>\n<li>There is a key bullish trend line forming with support near $5,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to bounce back above $5,700 as long as it is above $5,600 and $5,540.<\/li>\n<\/ul>\n<p><em>Bitcoin price remains well supported on the downside above $5,500 against the US Dollar. BTC could start a fresh rise if it clears the $5,700 and $5,780 resistance levels.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This past week, we saw a <a href=\"https:\/\/wncen.com\/2019\/05\/05\/bitcoin-btc-price-could-test-6500\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong rise<\/a> in bitcoin price above the $5,700 resistance against the US Dollar. The BTC\/USD pair even broke the $5,800 level and settled well above the 100 hourly simple moving average. The price traded to a new 2019 at $5,837 and recently started a downside correction. It traded below the $5,700 support and the $5,650 pivot level. However, the price remained well bid above the $5,540 and $5,580 support levels.<\/p>\n<p>More importantly, the price is holding the <a href=\"https:\/\/wncen.com\/2019\/05\/04\/bitcoin-btc-price-bulls-dips-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">100 hourly simple moving average<\/a> and is currently above $5,600. There is also a key bullish trend line forming with support near $5,600 on the hourly chart of the BTC\/USD pair. An immediate resistance is near $5,685, and the 50% Fib retracement level of the recent decline from the $5,782 high to $5,584 low. However, the main resistance is near the $5,760 level and a connecting bearish trend line on the same chart. A successful close above $5,760 and $5,780 might push the price above the $5,800 and $5,850 levels.<\/p>\n<p>On the downside, the main support is near the $5,600 level and the 100 hourly SMA. Below $5,600, the next key support is near the $5,540 level, where the bulls may emerge. If there is a downside break below $5,540, the price may revisit the last line of defense near $5,420. Any further losses may push the price in a short term bearish zone towards $5,200 or $5,100.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-380961\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-6.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 noreferrer nofollow\">chart<\/a>, bitcoin price is currently trading above important support near $5,600 and $5,580. Therefore, there are high chances of a fresh rise above $5,700 and $5,760. If the bulls regain momentum, the price could even trade to a new 2019 high above the $5,850 level in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently placed in the bearish zone, with a few negative signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering, but it is still well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $5,600 followed by $5,540.<\/p>\n<p>Major Resistance Levels \u2013 $5,680, $5,700 and $5,760.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price corrected lower recently after trading above the $5,800 level against the US Dollar. The price declined below the $5,700 level and tested an important support near $5,580. There is a key bullish trend line forming with support near $5,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to bounce back above $5,700 as long as it is above $5,600 and $5,540. Bitcoin price remains well supported on the downside above $5,500 against the US Dollar. BTC could start a fresh rise if it clears the $5,700 and $5,780 resistance levels. Bitcoin Price Analysis This past week, we saw a strong rise in bitcoin price above the $5,700 resistance against the US Dollar. The BTC\/USD pair even broke the $5,800 level and settled well above the 100 hourly simple moving average. The price traded to a new 2019 at $5,837 and recently started a downside correction. It traded below the $5,700 support and the $5,650 pivot level. However, the price remained well bid above the $5,540 and $5,580 support levels. More importantly, the price is holding the 100 hourly simple moving average and is currently above $5,600. There is also a key bullish trend line forming with support near $5,600 on the hourly chart of the BTC\/USD pair. An immediate resistance is near $5,685, and the 50% Fib retracement level of the recent decline from the $5,782 high to $5,584 low. However, the main resistance is near the $5,760 level and a connecting bearish trend line on the same chart. A successful close above $5,760 and $5,780 might push the price above the $5,800 and $5,850 levels. On the downside, the main support is near the $5,600 level and the 100 hourly SMA. Below $5,600, the next key support is near the $5,540 level, where the bulls may emerge. If there is a downside break below $5,540, the price may revisit the last line of defense near $5,420. Any further losses may push the price in a short term bearish zone towards $5,200 or $5,100. Looking at the chart, bitcoin price is currently trading above important support near $5,600 and $5,580. Therefore, there are high chances of a fresh rise above $5,700 and $5,760. If the bulls regain momentum, the price could even trade to a new 2019 high above the $5,850 level in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is currently placed in the bearish zone, with a few negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering, but it is still well below the 50 level. Major Support Levels \u2013 $5,600 followed by $5,540. Major Resistance Levels \u2013 $5,680, $5,700 and $5,760.<\/p>\n","protected":false},"author":67,"featured_media":328923,"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-380960","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 Flirting With Key Support: Fresh Rise Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin price remains well supported on the downside above $5,500 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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