{"id":401099,"date":"2019-10-11T06:00:31","date_gmt":"2019-10-11T06:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=401099"},"modified":"2024-06-11T13:30:58","modified_gmt":"2024-06-11T13:30:58","slug":"bitcoin-btc-price-dives-500-but-holding-key-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-dives-500-but-holding-key-support\/","title":{"rendered":"Bitcoin (BTC) Price Dives $500 But Holding Key Support"},"content":{"rendered":"<ul>\n<li>Bitcoin price climbed to $8,950, but failed to continue higher against the US Dollar.<\/li>\n<li>The price is down around $500, but it is holding the key $8,400 and $8,350 supports.<\/li>\n<li>There is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could test the $8,350 support and it is likely to recover in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading with swing moves below $9,000 against the US Dollar. BTC declined sharply from $8,950, but it is now approaching a couple of important supports.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, there was a sharp rise in bitcoin above the <a href=\"https:\/\/wncen.com\/2019\/10\/10\/bitcoin-btc-shows-signs-of-important-reversal-8-8k-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,600 and $8,650 resistance levels<\/a> against the US Dollar. Moreover, the price spiked above the $8,800 resistance area and remained well above the 100 hourly simple moving average. The price traded close to the $8,950 level and formed a new weekly high at $8,934. However, the price struggled to continue higher and there was a sharp decline below $8,800.<\/p>\n<p>Additionally, the price broke the 61.8% Fib retracement level of the recent rally from the $8,457 low to $8,934 high. There is a large red candle forming on the hourly chart with body below $8,600. The price even traded below the last swing low at $8,457. However, the $8,400 support area is acting as a <a href=\"https:\/\/wncen.com\/2019\/10\/09\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">decent support<\/a>. More importantly, there is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The next key support is near the $8,350 level (the previous resistance area). It represents the 1.236 Fib extension level of the recent rally from the $8,457 low to $8,934 high. The main support is near the $8,315 level since it coincides with the 100 hourly SMA. Therefore, a close below the $8,000 support might push the price back into a bearish zone.<\/p>\n<p>On the upside, an initial resistance is near the $8,550 level, followed by $8,600. The main resistances are near the $8,660 and $8,800 levels. It seems like the price might trade in a range above the $8,300 support area before it could start a fresh increase.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401100\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-9.png?w=1140 1140w\" sizes=\"(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 showing a lot of bearish signs from the $8,934 swing high. It seems like it was rejected close to $9,000. It is currently approaching the $8,350 and $8,300 support levels, where the bulls are likely to take a stand.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is down sharply and is below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,350 followed by $8,300.<\/p>\n<p>Major Resistance Levels \u2013 $8,550, $8,660 and $8,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price climbed to $8,950, but failed to continue higher against the US Dollar. The price is down around $500, but it is holding the key $8,400 and $8,350 supports. There is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could test the $8,350 support and it is likely to recover in the near term. Bitcoin price is trading with swing moves below $9,000 against the US Dollar. BTC declined sharply from $8,950, but it is now approaching a couple of important supports. Bitcoin Price Analysis Recently, there was a sharp rise in bitcoin above the $8,600 and $8,650 resistance levels against the US Dollar. Moreover, the price spiked above the $8,800 resistance area and remained well above the 100 hourly simple moving average. The price traded close to the $8,950 level and formed a new weekly high at $8,934. However, the price struggled to continue higher and there was a sharp decline below $8,800. Additionally, the price broke the 61.8% Fib retracement level of the recent rally from the $8,457 low to $8,934 high. There is a large red candle forming on the hourly chart with body below $8,600. The price even traded below the last swing low at $8,457. However, the $8,400 support area is acting as a decent support. More importantly, there is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC\/USD pair. The next key support is near the $8,350 level (the previous resistance area). It represents the 1.236 Fib extension level of the recent rally from the $8,457 low to $8,934 high. The main support is near the $8,315 level since it coincides with the 100 hourly SMA. Therefore, a close below the $8,000 support might push the price back into a bearish zone. On the upside, an initial resistance is near the $8,550 level, followed by $8,600. The main resistances are near the $8,660 and $8,800 levels. It seems like the price might trade in a range above the $8,300 support area before it could start a fresh increase. Looking at the chart, bitcoin is showing a lot of bearish signs from the $8,934 swing high. It seems like it was rejected close to $9,000. It is currently approaching the $8,350 and $8,300 support levels, where the bulls are likely to take a stand. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is down sharply and is below the 50 level. Major Support Levels \u2013 $8,350 followed by $8,300. Major Resistance Levels \u2013 $8,550, $8,660 and $8,800.<\/p>\n","protected":false},"author":67,"featured_media":344600,"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-401099","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 Dives $500 But Holding Key Support<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading with swing moves below $9,000 against the US Dollar. 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