{"id":401425,"date":"2019-10-15T06:00:56","date_gmt":"2019-10-15T06:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=401425"},"modified":"2024-06-11T12:50:54","modified_gmt":"2024-06-11T12:50:54","slug":"bitcoin-btc-price-rebound-seems-likely","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-rebound-seems-likely\/","title":{"rendered":"Bitcoin (BTC) Price Hesitates But Fresh Rebound Seems Likely"},"content":{"rendered":"<ul>\n<li>Bitcoin price is currently trading in a range below the $8,400 resistance area against the US Dollar.<\/li>\n<li>The price remains well supported on the downside near $8,200 and $8,150.<\/li>\n<li>There is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to rebound above $8,400 and $8,460 as long as there is no daily close below $8,200.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a range above the $8,200 support against the US Dollar. BTC needs to surpass the $8,400 and $8,460 resistance levels to start a fresh increase.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past three sessions, there were mostly range moves in bitcoin below the $8,400 resistance against the US Dollar. Earlier, <a href=\"https:\/\/wncen.com\/2019\/10\/14\/bitcoin-btc-price-trend-remains-negative-below-8400\/\" target=\"_blank\" rel=\"noopener noreferrer \">BTC price declined below the $8,200 support<\/a> area and the 100 hourly simple moving average. A new weekly low was formed near $8,148 and recently the price started a decent upside correction. It broke the $8,200 and $8,300 levels to avoid any further losses.<\/p>\n<p>Moreover, there was a break above the 50% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low. The price even spiked above the $8,400 level and the 100 hourly simple moving average. However the upward move was capped and the bulls failed to gain momentum above $8,400. It seems like the 76.4% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low acted as a strong resistance.<\/p>\n<p>At the moment, the price is trading in a range below the $8,400 resistance area. Additionally, there is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC\/USD pair. Above the triangle resistance, bitcoin price could face resistance near the $8,460 level. A successful close above $8,460 and a follow through above the <a href=\"https:\/\/wncen.com\/2019\/10\/13\/bitcoin-btc-price-weekly-forecast-8300-holds-key-for-fresh-increase\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,500 resistance<\/a> might set the pace for a fresh increase in the near term.<\/p>\n<p>On the downside, the triangle support is near the $8,280 level. If there is a downside break, the price could retest the main $8,200 support area. Should there be a daily close below the $8,200 support, the price may perhaps continue to slide towards the $8,000 and $7,800 support levels.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401426\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-12.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 seems to be setting up for the next break. There are high chances of a decent rebound above $8,400 as long as there is no daily close below $8,200.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is showing signs of ranging moves.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,200 followed by $8,150.<\/p>\n<p>Major Resistance Levels \u2013 $8,400, $8,460 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently trading in a range below the $8,400 resistance area against the US Dollar. The price remains well supported on the downside near $8,200 and $8,150. There is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely to rebound above $8,400 and $8,460 as long as there is no daily close below $8,200. Bitcoin price is trading in a range above the $8,200 support against the US Dollar. BTC needs to surpass the $8,400 and $8,460 resistance levels to start a fresh increase. Bitcoin Price Analysis In the past three sessions, there were mostly range moves in bitcoin below the $8,400 resistance against the US Dollar. Earlier, BTC price declined below the $8,200 support area and the 100 hourly simple moving average. A new weekly low was formed near $8,148 and recently the price started a decent upside correction. It broke the $8,200 and $8,300 levels to avoid any further losses. Moreover, there was a break above the 50% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low. The price even spiked above the $8,400 level and the 100 hourly simple moving average. However the upward move was capped and the bulls failed to gain momentum above $8,400. It seems like the 76.4% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low acted as a strong resistance. At the moment, the price is trading in a range below the $8,400 resistance area. Additionally, there is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC\/USD pair. Above the triangle resistance, bitcoin price could face resistance near the $8,460 level. A successful close above $8,460 and a follow through above the $8,500 resistance might set the pace for a fresh increase in the near term. On the downside, the triangle support is near the $8,280 level. If there is a downside break, the price could retest the main $8,200 support area. Should there be a daily close below the $8,200 support, the price may perhaps continue to slide towards the $8,000 and $7,800 support levels. Looking at the chart, bitcoin seems to be setting up for the next break. There are high chances of a decent rebound above $8,400 as long as there is no daily close below $8,200. Technical indicators: Hourly MACD \u2013 The MACD is showing signs of ranging moves. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the 50 level. Major Support Levels \u2013 $8,200 followed by $8,150. Major Resistance Levels \u2013 $8,400, $8,460 and $8,500.<\/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-401425","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 Hesitates But Fresh Rebound Seems Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a range above the $8,200 support against the US Dollar. 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