{"id":382697,"date":"2019-05-17T06:00:13","date_gmt":"2019-05-17T06:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=382697"},"modified":"2024-06-11T13:40:00","modified_gmt":"2024-06-11T13:40:00","slug":"bitcoin-btc-price-weakens-uptrend-intact","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weakens-uptrend-intact\/","title":{"rendered":"Bitcoin (BTC) Price Weakens Below $7,500: Uptrend Still Intact"},"content":{"rendered":"<ul>\n<li>Bitcoin price formed a double top pattern near $8,330 and declined sharply against the US Dollar.<\/li>\n<li>The price broke the key supports near $8,000, $7,650 and $7,200 to test the $6,800 support area.<\/li>\n<li>This week\u2019s followed bullish trend line was breached with support at $7,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price tested a crucial support area near $6,700-6,800 and bounced back above $7,100.<\/li>\n<\/ul>\n<p><em>Bitcoin price started a major downside correction below $8,000 against the US Dollar. BTC formed a double top pattern, but it is now trading close to a few crucial supports near $6,800.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin price made another attempt to climb above the <a href=\"https:\/\/wncen.com\/2019\/05\/16\/bitcoin-btc-price-correcting-key-supports-nearby\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,330 and $8,350 resistances<\/a> against the US Dollar. The BTC\/USD pair failed to climb above $8,350 and formed a major double top pattern. As a result, there was a sharp decline below the $8,000 support area. Besides, there was a clear break below the $7,800 support area and the 100 hourly simple moving average.<\/p>\n<p>More importantly, this week\u2019s followed bullish trend line was breached with support at $7,850 on the hourly chart of the BTC\/USD pair. The pair declined more than 10% and broke the $7,450 and $7,000 support levels. It spiked towards the $6,650 support area and formed a swing low at $6,645. Recently, it recovered nicely above the $7,000 level and the 23.6% Fib retracement level of the latest drop from the $8,048 high to $6,645 low. The price is now trading above $7,200, but it is facing a <a href=\"https:\/\/wncen.com\/2019\/05\/15\/bitcoin-btc-price-primed-to-break-8-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong resistance<\/a> near $7,350 and $7,400.<\/p>\n<p>Moreover, the 50% Fib retracement level of the latest drop from the $8,048 high to $6,645 low is also acting as a barrier for the bulls. If there is a successful close above $7,400, the price could rebound towards the $7,700 level. Besides, it might test the 76.4% Fib retracement level of the latest drop from the $8,048 high to $6,645 low. Conversely, if the price fails to surpass the $7,400 resistance, it is likely to decline again. An initial support is near $7,000, below which there is a risk of a sharp decline towards the $6,800 or $6,650 support zone.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-382698\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-17.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price clearly corrected lower significantly below $8,000 and $7,500. However, the $6,800 and $6,650 support levels are important buy zones. In the short term, the price could consolidate near $7,000 before it starts a fresh increase.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply below the 40 and 30 levels.<\/p>\n<p>Major Support Levels \u2013 $6,800 followed by $6,650.<\/p>\n<p>Major Resistance Levels \u2013 $7,400, $7,700 and $7,850.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price formed a double top pattern near $8,330 and declined sharply against the US Dollar. The price broke the key supports near $8,000, $7,650 and $7,200 to test the $6,800 support area. This week\u2019s followed bullish trend line was breached with support at $7,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price tested a crucial support area near $6,700-6,800 and bounced back above $7,100. Bitcoin price started a major downside correction below $8,000 against the US Dollar. BTC formed a double top pattern, but it is now trading close to a few crucial supports near $6,800. Bitcoin Price Analysis Recently, bitcoin price made another attempt to climb above the $8,330 and $8,350 resistances against the US Dollar. The BTC\/USD pair failed to climb above $8,350 and formed a major double top pattern. As a result, there was a sharp decline below the $8,000 support area. Besides, there was a clear break below the $7,800 support area and the 100 hourly simple moving average. More importantly, this week\u2019s followed bullish trend line was breached with support at $7,850 on the hourly chart of the BTC\/USD pair. The pair declined more than 10% and broke the $7,450 and $7,000 support levels. It spiked towards the $6,650 support area and formed a swing low at $6,645. Recently, it recovered nicely above the $7,000 level and the 23.6% Fib retracement level of the latest drop from the $8,048 high to $6,645 low. The price is now trading above $7,200, but it is facing a strong resistance near $7,350 and $7,400. Moreover, the 50% Fib retracement level of the latest drop from the $8,048 high to $6,645 low is also acting as a barrier for the bulls. If there is a successful close above $7,400, the price could rebound towards the $7,700 level. Besides, it might test the 76.4% Fib retracement level of the latest drop from the $8,048 high to $6,645 low. Conversely, if the price fails to surpass the $7,400 resistance, it is likely to decline again. An initial support is near $7,000, below which there is a risk of a sharp decline towards the $6,800 or $6,650 support zone. Looking at the chart, bitcoin price clearly corrected lower significantly below $8,000 and $7,500. However, the $6,800 and $6,650 support levels are important buy zones. In the short term, the price could consolidate near $7,000 before it starts a fresh increase. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply below the 40 and 30 levels. Major Support Levels \u2013 $6,800 followed by $6,650. Major Resistance Levels \u2013 $7,400, $7,700 and $7,850.<\/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-382697","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 Weakens Below $7,500: Uptrend Still Intact<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a major downside correction below $8,000 against the US Dollar. 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