{"id":391109,"date":"2019-07-27T12:04:45","date_gmt":"2019-07-27T12:04:45","guid":{"rendered":"https:\/\/wncen.com\/?p=391109"},"modified":"2019-07-27T12:04:45","modified_gmt":"2019-07-27T12:04:45","slug":"bitcoin-price-rejected-above-10000-will-9000-break-or-bounce","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-rejected-above-10000-will-9000-break-or-bounce\/","title":{"rendered":"Bitcoin Price Rejected Above $10,000, Will $9,000 Break Or Bounce?"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has been on a wild ride throughout 2019, coming from bear market lows around in the $3,000 range all the way up to $14,000 before falling back below $10,000 and potentially looking at further downside if bulls cannot reclaim lost territory.<\/p>\n<p>This morning, Bitcoin price plummeted through $10,000 after a spike to $10,200 following last night&#8217;s daily close was rejected fiercely. The rejection sent Bitcoin sharply down to $9,500 where it is currently trading. With bulls in trouble of allowing bears to regain control, reclaiming upside targets in the coming days will be especially important if Bitcoin is to resume its bullish uptrend.<\/p>\n<h2>Bullish Case: Buyers Are Ready to Step in and Buy the Dip at $8,500<\/h2>\n<p>Since Bitcoin left its bear market lows in April and went on a parabolic rally, crypto investors and traders have been in &#8220;buy the dip mode.&#8221; In previous bull markets, BTC rarely corrected more than 30%, and typically when it did it was the best buying opportunity. The strategy has been engrained into the masses, and they are putting their money where their mouth is and have been buying the crypto asset each time it drops, helping it to continue its rally.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/26\/bitcoin-historical-monthly-performance-crypto\/\">Bitcoin Historical Monthly Performance Could Shed Light on What\u2019s Next for Crypto<\/a><\/strong><\/em><\/p>\n<p>With $10,000 currently lost, $10,200 is currently the resistance needed to break back above to restore the confidence in bulls. Above there, upside targets of $11,750 and $12,500 would need to be reclaimed before an re-attempt to take $14,000 and set new all-time highs occurred, but at that point would be a high probability.<\/p>\n<p>Support exists at $9,200, $8,500 where buyers are targeting their orders, and below it at $7,750 and $6,000. Any of these supports could provide a strong bounce to take Bitcoin back to highs.<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/3H3uAXWp-BTC-Resistance-and-Supports-Levels-to-Watch\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-391373\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/bitcoin-bearish-case.png?resize=860%2C407\" alt=\"\" width=\"860\" height=\"407\"><\/a><\/p>\n<h2>Bearish Case: Bears Have Regained Control Over Bitcoin Price<\/h2>\n<p>Given Bitcoin&#8217;s bullish rise thus far, and having come out of bear market lows, the first ever crypto asset very well could revisit recent highs quickly and even overcome resistance above. It&#8217;s done so repeatedly this year.<\/p>\n<p>However, with bears in this much control and after a few nasty rejections each time Bitcoin price tried to reclaim highs, the bearish case has been given more probability in recent days. A break of $9,200 where BTC bounced previously would certainly send it to test resistance turned support lower.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/16\/facebook-libra-distrust-crypto\/\">The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto<\/a><\/strong><\/em><\/p>\n<p>These downside targets exist at $7,750 and $6,000, however, buyers appear to be ready to step in at $8,500 &#8211; a theory that may be put to test in the coming days as downside momentum picks up.<\/p>\n<p>The bearish sell pressure likely comes from <a href=\"https:\/\/wncen.com\/2019\/07\/20\/regulatory-libra-crypto-bitcoin-bulls\/\">US investors fearing the worst when it comes to crypto<\/a>. US citizens are fearing coming regulation, uncertainty around the IRS and taxes in light of some threatening letters that went out, and having witnessed the entire asset class trashed by the president, much doubt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has been on a wild ride throughout 2019, coming from bear market lows around in the $3,000 range all the way up to $14,000 before falling back below $10,000 and potentially looking at further downside if bulls cannot reclaim lost territory. This morning, Bitcoin price plummeted through $10,000 after a spike to $10,200 following last night&#8217;s daily close was rejected fiercely. The rejection sent Bitcoin sharply down to $9,500 where it is currently trading. With bulls in trouble of allowing bears to regain control, reclaiming upside targets in the coming days will be especially important if Bitcoin is to resume its bullish uptrend. Bullish Case: Buyers Are Ready to Step in and Buy the Dip at $8,500 Since Bitcoin left its bear market lows in April and went on a parabolic rally, crypto investors and traders have been in &#8220;buy the dip mode.&#8221; In previous bull markets, BTC rarely corrected more than 30%, and typically when it did it was the best buying opportunity. The strategy has been engrained into the masses, and they are putting their money where their mouth is and have been buying the crypto asset each time it drops, helping it to continue its rally. Related Reading | Bitcoin Historical Monthly Performance Could Shed Light on What\u2019s Next for Crypto With $10,000 currently lost, $10,200 is currently the resistance needed to break back above to restore the confidence in bulls. Above there, upside targets of $11,750 and $12,500 would need to be reclaimed before an re-attempt to take $14,000 and set new all-time highs occurred, but at that point would be a high probability. Support exists at $9,200, $8,500 where buyers are targeting their orders, and below it at $7,750 and $6,000. Any of these supports could provide a strong bounce to take Bitcoin back to highs. Bearish Case: Bears Have Regained Control Over Bitcoin Price Given Bitcoin&#8217;s bullish rise thus far, and having come out of bear market lows, the first ever crypto asset very well could revisit recent highs quickly and even overcome resistance above. It&#8217;s done so repeatedly this year. However, with bears in this much control and after a few nasty rejections each time Bitcoin price tried to reclaim highs, the bearish case has been given more probability in recent days. A break of $9,200 where BTC bounced previously would certainly send it to test resistance turned support lower. Related Reading | The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto These downside targets exist at $7,750 and $6,000, however, buyers appear to be ready to step in at $8,500 &#8211; a theory that may be put to test in the coming days as downside momentum picks up. The bearish sell pressure likely comes from US investors fearing the worst when it comes to crypto. US citizens are fearing coming regulation, uncertainty around the IRS and taxes in light of some threatening letters that went out, and having witnessed the entire asset class trashed by the president, much doubt.<\/p>\n","protected":false},"author":517,"featured_media":391372,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[5687,428,5233,6664,4078],"class_list":["post-391109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bear-market","tag-bitcoin","tag-bull-run","tag-crypto","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Rejected Above $10,000, Will $9,000 Break Or Bounce?<\/title>\n<meta name=\"description\" content=\"Bitcoin price has been on a wild ride throughout 2019, coming from bear market lows around in the $3,000 range all the way up to $14,000 before falling\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-price-rejected-above-10000-will-9000-break-or-bounce\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Rejected Above $10,000, Will $9,000 Break Or Bounce?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price has been on a wild ride throughout 2019, coming from bear market lows around in the $3,000 range all the way up to $14,000 before falling\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-rejected-above-10000-will-9000-break-or-bounce\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-27T12:04:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-bear-bull-shutterstock_790568914.jpg?fit=5040%2C3857\" \/>\n\t<meta property=\"og:image:width\" content=\"5040\" \/>\n\t<meta property=\"og:image:height\" content=\"3857\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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