{"id":383410,"date":"2019-05-23T06:00:34","date_gmt":"2019-05-23T06:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=383410"},"modified":"2024-06-11T12:51:35","modified_gmt":"2024-06-11T12:51:35","slug":"bitcoin-btc-price-uptrend-pauses-but-not-out-of-woods-yet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-uptrend-pauses-but-not-out-of-woods-yet\/","title":{"rendered":"Bitcoin (BTC) Price Uptrend Pauses But Not Out of Woods Yet"},"content":{"rendered":"<ul>\n<li>Bitcoin price is currently under pressure below the $7,800 support area against the US Dollar.<\/li>\n<li>The price declined recently and it is currently trading just above the $7,500 support area.<\/li>\n<li>There is a major declining channel in place with resistance at $8,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could decline a few points and there might be a strong bounce from $7,420 or $7,200.<\/li>\n<\/ul>\n<p><em>Bitcoin price is slowly moving lower towards key supports against the US Dollar. BTC is likely to bounce back from the $7,400 or $7,200 support levels in the near term.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin price struggled to break the $8,100 and $8,050 resistance levels against the US Dollar. The BTC\/USD pair failed near $8,050 recently and started a <a href=\"https:\/\/wncen.com\/2019\/05\/22\/bitcoin-btc-price-trading-sideways-bulls-eyeing-fresh-increase\/\" target=\"_blank\" rel=\"noopener noreferrer \">downward move<\/a> below $8,000 and $7,940. The price is currently under pressure and it broke the $7,800 support area. It even traded below the $7,660 support level and the 100 hourly simple moving average. Finally, there was a break below the $7,600 support and a new swing low was formed at $7,516.<\/p>\n<p>The price is currently consolidating, with an initial resistance is near the $7,780 level. It represents the 50% Fib retracement level of the recent decline from the $8,052 high to $7,516 low. Above $7,780, the price could test the $7,900 resistance level. Moreover, the 100 hourly simple moving average is close to the $7,900 level to <a href=\"https:\/\/wncen.com\/2019\/05\/21\/bitcoin-btc-price-watch-breakout-or-further-decline\/\" target=\"_blank\" rel=\"noopener noreferrer \">prevent upsides<\/a>. The 76.4% Fib retracement level of the recent decline from the $8,052 high to $7,516 low is also near the $7,925 level. Therefore, the $7,900 area could act as a strong resistance.<\/p>\n<p>More importantly, there is a major declining channel in place with resistance at $8,000 on the hourly chart of the BTC\/USD pair. On the downside, the main support is near $7,500, below which the price could test the $7,425 support area. Below $7,425, the price will most likely revisit the key $7,220 support area.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-383411\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-23.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 is currently facing an increase in selling pressure below the $7,800 support area. The price might correct higher, but sellers may remain active near the $7,780, $7,800 and $7,900 levels. On the downside, the bulls are likely to protect the $7,500 and $7,400 support levels. In the worst case scenario, the price could test the $7,220 support area before starting a solid increase.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back 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 below the 40 level, with a flat structure.<\/p>\n<p>Major Support Levels \u2013 $7,500 followed by $7,425.<\/p>\n<p>Major Resistance Levels \u2013 $7,780, $7,900 and $8,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently under pressure below the $7,800 support area against the US Dollar. The price declined recently and it is currently trading just above the $7,500 support area. There is a major declining channel in place with resistance at $8,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline a few points and there might be a strong bounce from $7,420 or $7,200. Bitcoin price is slowly moving lower towards key supports against the US Dollar. BTC is likely to bounce back from the $7,400 or $7,200 support levels in the near term. Bitcoin Price Analysis Recently, bitcoin price struggled to break the $8,100 and $8,050 resistance levels against the US Dollar. The BTC\/USD pair failed near $8,050 recently and started a downward move below $8,000 and $7,940. The price is currently under pressure and it broke the $7,800 support area. It even traded below the $7,660 support level and the 100 hourly simple moving average. Finally, there was a break below the $7,600 support and a new swing low was formed at $7,516. The price is currently consolidating, with an initial resistance is near the $7,780 level. It represents the 50% Fib retracement level of the recent decline from the $8,052 high to $7,516 low. Above $7,780, the price could test the $7,900 resistance level. Moreover, the 100 hourly simple moving average is close to the $7,900 level to prevent upsides. The 76.4% Fib retracement level of the recent decline from the $8,052 high to $7,516 low is also near the $7,925 level. Therefore, the $7,900 area could act as a strong resistance. More importantly, there is a major declining channel in place with resistance at $8,000 on the hourly chart of the BTC\/USD pair. On the downside, the main support is near $7,500, below which the price could test the $7,425 support area. Below $7,425, the price will most likely revisit the key $7,220 support area. Looking at the chart, bitcoin price is currently facing an increase in selling pressure below the $7,800 support area. The price might correct higher, but sellers may remain active near the $7,780, $7,800 and $7,900 levels. On the downside, the bulls are likely to protect the $7,500 and $7,400 support levels. In the worst case scenario, the price could test the $7,220 support area before starting a solid increase. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back in the bullish zone, with a few negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently below the 40 level, with a flat structure. Major Support Levels \u2013 $7,500 followed by $7,425. Major Resistance Levels \u2013 $7,780, $7,900 and $8,000.<\/p>\n","protected":false},"author":67,"featured_media":344599,"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-383410","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 Uptrend Pauses But Not Out of Woods Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin price is slowly moving lower towards key supports against the US Dollar. 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