{"id":397521,"date":"2019-09-30T06:00:24","date_gmt":"2019-09-30T06:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=397521"},"modified":"2024-06-11T16:03:24","modified_gmt":"2024-06-11T16:03:24","slug":"bitcoin-price-btc-staging-another-dip-before-it-could-recover","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-staging-another-dip-before-it-could-recover\/","title":{"rendered":"Bitcoin Price (BTC) Staging Another Dip Before It Could Recover"},"content":{"rendered":"<ul>\n<li>Bitcoin price is declining and it recently traded to a new monthly low at $7,661 against the US Dollar.<\/li>\n<li>The price is trading in a downtrend and it is likely to test the $7,500 or $7,200 level in the near term.<\/li>\n<li>There is a key bearish trend line forming with resistance near $8,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could soon complete the current decline near $7,500 or $7,200 in the coming sessions.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing signs of more downsides below $8,000 against the US Dollar. BTC is likely to find a strong buying interest near the $7,500 or $7,200 support.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, there was a <a href=\"https:\/\/wncen.com\/2019\/09\/29\/bitcoin-btc-price-weekly-forecast-downtrend-intact-below-9k\/\" target=\"_blank\" rel=\"noopener noreferrer \">minor upside correction<\/a> in bitcoin above the $8,000 level against the US Dollar. The BTC\/USD pair even climbed above the $8,200 resistance. Finally, the price spiked towards $8,400, but it failed to gain momentum. Moreover, there was no proper close above $8,200 and the 100 hourly simple moving average. As a result, the price started a fresh decline below the $8,000 support.<\/p>\n<p>It even broke the $7,700 level and traded to a new monthly low at $7,661. Besides, the current price action is bearish, with an immediate resistance near the $7,900 level. Additionally, 50% Fib retracement level of the recent decline from the $8,157 high to $7,661 low is also near the $7,900 level. The main resistance on the upside is near the $8,000 and $8,100 levels. More importantly, there is a key bearish trend line forming with resistance near $8,050 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>An intermediate resistance is near the $8,040 level, plus the 76.4% Fib retracement level of the recent decline from the $8,157 high to $7,661 low. Therefore, an upside break above the $8,000 and $8,100 levels is must for a decent recovery in bitcoin. The next key resistance is near the $8,400 level.<\/p>\n<p>If the price fails to recover above the $8,000 and $8,100 resistance levels, it could continue to decline. An immediate support is near the $7,600 level, below which the price is likely to test the <a href=\"https:\/\/wncen.com\/2019\/09\/25\/bitcoin-price-btc-decline-far-from-over-bears-eye-7-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">main weekly bearish target of $7,500<\/a>. Moreover, if there are more downsides, the price may perhaps test the $7,200 support area.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-397522\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-25.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 is clearly declining and is struggling below the $8,000 level. Therefore, there is a risk of more downsides towards $7,500 and $7,200. Having said that, the bears need to be careful since there could be a strong bounce once the current wave is complete.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 30 level.<\/p>\n<p>Major Support Levels \u2013 $7,500 followed by $7,200.<\/p>\n<p>Major Resistance Levels \u2013 $8,000, $8,100 and $8,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is declining and it recently traded to a new monthly low at $7,661 against the US Dollar. The price is trading in a downtrend and it is likely to test the $7,500 or $7,200 level in the near term. There is a key bearish trend line forming with resistance near $8,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could soon complete the current decline near $7,500 or $7,200 in the coming sessions. Bitcoin price is showing signs of more downsides below $8,000 against the US Dollar. BTC is likely to find a strong buying interest near the $7,500 or $7,200 support. Bitcoin Price Analysis Recently, there was a minor upside correction in bitcoin above the $8,000 level against the US Dollar. The BTC\/USD pair even climbed above the $8,200 resistance. Finally, the price spiked towards $8,400, but it failed to gain momentum. Moreover, there was no proper close above $8,200 and the 100 hourly simple moving average. As a result, the price started a fresh decline below the $8,000 support. It even broke the $7,700 level and traded to a new monthly low at $7,661. Besides, the current price action is bearish, with an immediate resistance near the $7,900 level. Additionally, 50% Fib retracement level of the recent decline from the $8,157 high to $7,661 low is also near the $7,900 level. The main resistance on the upside is near the $8,000 and $8,100 levels. More importantly, there is a key bearish trend line forming with resistance near $8,050 on the hourly chart of the BTC\/USD pair. An intermediate resistance is near the $8,040 level, plus the 76.4% Fib retracement level of the recent decline from the $8,157 high to $7,661 low. Therefore, an upside break above the $8,000 and $8,100 levels is must for a decent recovery in bitcoin. The next key resistance is near the $8,400 level. If the price fails to recover above the $8,000 and $8,100 resistance levels, it could continue to decline. An immediate support is near the $7,600 level, below which the price is likely to test the main weekly bearish target of $7,500. Moreover, if there are more downsides, the price may perhaps test the $7,200 support area. Looking at the chart, bitcoin is clearly declining and is struggling below the $8,000 level. Therefore, there is a risk of more downsides towards $7,500 and $7,200. Having said that, the bears need to be careful since there could be a strong bounce once the current wave is complete. Technical indicators: Hourly MACD \u2013 The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 30 level. Major Support Levels \u2013 $7,500 followed by $7,200. Major Resistance Levels \u2013 $8,000, $8,100 and $8,400.<\/p>\n","protected":false},"author":67,"featured_media":344596,"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-397521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Staging Another Dip Before It Could Recover<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing signs of more downsides below $8,000 against the US Dollar. 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