{"id":399298,"date":"2019-10-01T06:00:29","date_gmt":"2019-10-01T06:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=399298"},"modified":"2024-06-11T13:30:34","modified_gmt":"2024-06-11T13:30:34","slug":"bitcoin-price-btc-upward-drift-facing-key-resistance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-upward-drift-facing-key-resistance\/","title":{"rendered":"Bitcoin Price (BTC) Upward Drift Facing Key Resistance"},"content":{"rendered":"<ul>\n<li>Bitcoin price started a strong recovery above the $8,000 and $8,200 resistance against the US Dollar.<\/li>\n<li>The price is up more than 5%, but it is facing a strong resistance near the $8,500 level.<\/li>\n<li>Yesterday\u2019s highlighted major bearish trend line was breached with resistance near $8,080 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could dip a few points before it makes another attempt to climb above $8,500 and $8,600.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing signs of an upside correction against the US Dollar. However, BTC is facing two important hurdles near the $8,500 and $8,750 levels.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After trading to a <a href=\"https:\/\/wncen.com\/2019\/09\/30\/bitcoin-price-btc-staging-another-dip-before-it-could-recover\/\" target=\"_blank\" rel=\"noopener noreferrer \">new monthly low at $7,670<\/a>, bitcoin started an upside correction against the US Dollar. The BTC\/USD pair broke the $8,000 resistance level to start the recent recovery. Moreover, there was a close above the $8,000 level and the 100 hourly simple moving average. As a result, the price climbed above the $8,150 and $8,200 resistance levels.<\/p>\n<p>More importantly, yesterday\u2019s highlighted major bearish trend line was breached with resistance near $8,080 on the hourly chart of the BTC\/USD pair. The pair gained strength above $8,300 and surpassed $8,400. It even spiked above the $8,500 level and traded to a new weekly high at $8,525. At the moment, it seems like the price is facing resistance near the $8,500 level.<\/p>\n<p>It might correct lower towards the $8,350 or $8,320 support. Moreover, the 23.6% Fib retracement level of the recent wave from the $7,670 low to $8,525 high is near $8,323 to provide support. If the price fails to stay above $8,300, it could correct lower towards the key $8,050 and $8,000 support levels. Besides, the 50% Fib retracement level of the recent wave from the $7,670 low to $8,525 high could provide support near $8,100.<\/p>\n<p>The 100 hourly SMA is also positioned near the $8,100 level to act as a support. Therefore, a close below $8,000 and the 100 hourly SMA might push the price back into a bearish zone. On the upside, an immediate resistance is near the $8,500 level. However, the <a href=\"https:\/\/wncen.com\/2019\/09\/29\/bitcoin-btc-price-weekly-forecast-downtrend-intact-below-9k\/\" target=\"_blank\" rel=\"noopener noreferrer \">main resistance is near the $8,750 level<\/a> (the previous support area).<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-399299\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin.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 seems to be correcting higher above $8,300. Having said that, there are two important barriers for the bulls &#8211; $8,500 and $8,750. If they succeed in clearing $8,750, the price could rise sharply towards $9,000 and $9,200.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now moving nicely in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level.<\/p>\n<p>Major Support Levels \u2013 $8,300 followed by $8,100.<\/p>\n<p>Major Resistance Levels \u2013 $8,500, $8,750 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a strong recovery above the $8,000 and $8,200 resistance against the US Dollar. The price is up more than 5%, but it is facing a strong resistance near the $8,500 level. Yesterday\u2019s highlighted major bearish trend line was breached with resistance near $8,080 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could dip a few points before it makes another attempt to climb above $8,500 and $8,600. Bitcoin price is showing signs of an upside correction against the US Dollar. However, BTC is facing two important hurdles near the $8,500 and $8,750 levels. Bitcoin Price Analysis After trading to a new monthly low at $7,670, bitcoin started an upside correction against the US Dollar. The BTC\/USD pair broke the $8,000 resistance level to start the recent recovery. Moreover, there was a close above the $8,000 level and the 100 hourly simple moving average. As a result, the price climbed above the $8,150 and $8,200 resistance levels. More importantly, yesterday\u2019s highlighted major bearish trend line was breached with resistance near $8,080 on the hourly chart of the BTC\/USD pair. The pair gained strength above $8,300 and surpassed $8,400. It even spiked above the $8,500 level and traded to a new weekly high at $8,525. At the moment, it seems like the price is facing resistance near the $8,500 level. It might correct lower towards the $8,350 or $8,320 support. Moreover, the 23.6% Fib retracement level of the recent wave from the $7,670 low to $8,525 high is near $8,323 to provide support. If the price fails to stay above $8,300, it could correct lower towards the key $8,050 and $8,000 support levels. Besides, the 50% Fib retracement level of the recent wave from the $7,670 low to $8,525 high could provide support near $8,100. The 100 hourly SMA is also positioned near the $8,100 level to act as a support. Therefore, a close below $8,000 and the 100 hourly SMA might push the price back into a bearish zone. On the upside, an immediate resistance is near the $8,500 level. However, the main resistance is near the $8,750 level (the previous support area). Looking at the chart, bitcoin seems to be correcting higher above $8,300. Having said that, there are two important barriers for the bulls &#8211; $8,500 and $8,750. If they succeed in clearing $8,750, the price could rise sharply towards $9,000 and $9,200. Technical indicators: Hourly MACD \u2013 The MACD is now moving nicely in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level. Major Support Levels \u2013 $8,300 followed by $8,100. Major Resistance Levels \u2013 $8,500, $8,750 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":328923,"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-399298","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) Upward Drift Facing Key Resistance<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing signs of an upside correction against the US Dollar. 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