{"id":385307,"date":"2019-06-07T06:00:09","date_gmt":"2019-06-07T06:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=385307"},"modified":"2024-06-11T13:43:55","modified_gmt":"2024-06-11T13:43:55","slug":"bitcoin-btc-price-forming-double-bottom-setting-stage-for-rebound","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-forming-double-bottom-setting-stage-for-rebound\/","title":{"rendered":"Bitcoin (BTC) Price Forming Double Bottom: Setting Stage For Rebound"},"content":{"rendered":"<ul>\n<li>Bitcoin price seems to be forming a strong support base near $7,440 against the US Dollar.<\/li>\n<li>The price recovered above $7,700 and it is currently trading near the $7,800 resistance area.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely forming a double bottom pattern and it could stage a decent recovery above $8,000.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing a lot of positive signs above the $7,500 level against the US Dollar. BTC could start a strong recovery once it clears $7,950 and $8,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin price retested the <a href=\"https:\/\/wncen.com\/2019\/06\/06\/bitcoin-btc-price-showing-signs-of-recovery-8200-could-prevent-gains\/\" target=\"_blank\" rel=\"noopener noreferrer \">last swing low<\/a> near $7,440 against the US Dollar. The BTC\/USD pair remained stable above $7,440 and the bulls defended more losses. A new swing low was formed and the price recently moved higher. There was a break above the $7,500 and $7,600 levels to start an upside correction. The price also climbed above the 23.6% Fib retracement level of the last drop from the $8,578 high to $7,441 low.<\/p>\n<p>At the moment, the price is trading above the $7,700 level and testing a major hurdle near $7,800. There is a connecting bearish trend line forming with resistance near $7,800 on the hourly chart of the BTC\/USD pair. Above $7,800, there is another major bearish trend line forming with resistance near $7,950 on the same chart. The 100 hourly simple moving average is also near the trend line and $7,960 to act as a hurdle. The main resistance is near the $8,000 level. The 50% Fib retracement level of the last drop from the $8,578 high to $7,441 low is also near the $8,000 level.<\/p>\n<p>Therefore, a <a href=\"https:\/\/wncen.com\/2019\/06\/05\/bitcoin-btc-price-at-risk-of-additional-weakness-8000-holds-key\/\" target=\"_blank\" rel=\"noopener noreferrer \">successful break above both trend lines and $8,000<\/a> could start a strong upward move. The next key resistance is near the $8,144 level. It represents the 61.8% Fib retracement level of the last drop from the $8,578 high to $7,441 low. On the downside, the price seems to be forming a double bottom pattern near the $7,440 level. A clear break below $7,440 could negate the bullish view and spark more losses.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-385308\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.png?resize=1508%2C654\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1508\" height=\"654\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.png?w=1508 1508w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-6.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 trading with positive moves above $7,600. Having said that, the bulls need to clear $7,950 and $8,000 to start a strong rally. If they continue to struggle near $8,000, the price might start a fresh decline below $7,500 and $7,440.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently moving in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently positioned well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,700 followed by $7,600.<\/p>\n<p>Major Resistance Levels \u2013 $7,950, $8,000 and $8,145.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price seems to be forming a strong support base near $7,440 against the US Dollar. The price recovered above $7,700 and it is currently trading near the $7,800 resistance area. There is a major bearish trend line forming with resistance near $7,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely forming a double bottom pattern and it could stage a decent recovery above $8,000. Bitcoin price is showing a lot of positive signs above the $7,500 level against the US Dollar. BTC could start a strong recovery once it clears $7,950 and $8,000. Bitcoin Price Analysis Recently, bitcoin price retested the last swing low near $7,440 against the US Dollar. The BTC\/USD pair remained stable above $7,440 and the bulls defended more losses. A new swing low was formed and the price recently moved higher. There was a break above the $7,500 and $7,600 levels to start an upside correction. The price also climbed above the 23.6% Fib retracement level of the last drop from the $8,578 high to $7,441 low. At the moment, the price is trading above the $7,700 level and testing a major hurdle near $7,800. There is a connecting bearish trend line forming with resistance near $7,800 on the hourly chart of the BTC\/USD pair. Above $7,800, there is another major bearish trend line forming with resistance near $7,950 on the same chart. The 100 hourly simple moving average is also near the trend line and $7,960 to act as a hurdle. The main resistance is near the $8,000 level. The 50% Fib retracement level of the last drop from the $8,578 high to $7,441 low is also near the $8,000 level. Therefore, a successful break above both trend lines and $8,000 could start a strong upward move. The next key resistance is near the $8,144 level. It represents the 61.8% Fib retracement level of the last drop from the $8,578 high to $7,441 low. On the downside, the price seems to be forming a double bottom pattern near the $7,440 level. A clear break below $7,440 could negate the bullish view and spark more losses. Looking at the chart, bitcoin price is trading with positive moves above $7,600. Having said that, the bulls need to clear $7,950 and $8,000 to start a strong rally. If they continue to struggle near $8,000, the price might start a fresh decline below $7,500 and $7,440. Technical indicators: Hourly MACD \u2013 The MACD is currently moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently positioned well above the 50 level. Major Support Levels \u2013 $7,700 followed by $7,600. Major Resistance Levels \u2013 $7,950, $8,000 and $8,145.<\/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-385307","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 Forming Double Bottom: Setting Stage For Rebound<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing a lot of positive signs above the $7,500 level against the US Dollar. 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