{"id":402181,"date":"2019-10-24T06:00:23","date_gmt":"2019-10-24T06:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=402181"},"modified":"2024-06-11T13:31:26","modified_gmt":"2024-06-11T13:31:26","slug":"bitcoin-btc-price-wont-go-quietly-risk-of-bounce-grows","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-wont-go-quietly-risk-of-bounce-grows\/","title":{"rendered":"Bitcoin (BTC) Price Won&#8217;t Go Quietly, Risk of Bounce Grows"},"content":{"rendered":"<ul>\n<li>Bitcoin price is down more than 8% and it dived below $7,500 against the US Dollar.<\/li>\n<li>The price is currently correcting higher after trading to a new monthly low near $7,300<\/li>\n<li>There are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is trading near key supports and it could correct higher towards $7,660 and $7,700.<\/li>\n<\/ul>\n<p><em>Bitcoin price is down around $1,000 this week against the US Dollar. BTC bears need to be careful as there could be a nice recovery in the near term.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This week, bitcoin failed to clear the $8,300 resistance area against the US Dollar. BTC price started a fresh decline and broke <a href=\"https:\/\/wncen.com\/2019\/10\/23\/bitcoin-btc-price-approaching-key-support-bears-back-in-action\/\" target=\"_blank\" rel=\"noopener noreferrer \">many support near the $8,000 handle<\/a>.<\/p>\n<p>As a result, the bears took control and the price dived more than 8% in the past three sessions. It broke the $7,800 and $7,600 supports levels. Moreover, there was a clear break below $7,500 and the price settled below the 100 hourly simple moving average.<\/p>\n<p>Finally, a new monthly low was formed near $7,302 and the price is currently correcting higher. It recovered above the $7,400 level, plus the 23.6% Fib retracement level of the recent decline from the $8,021 high to $7,302 low.<\/p>\n<p>At the moment, the price is consolidating above the $7,400 and is facing hurdles. An immediate resistance is near the $7,440 level. Additionally, there are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The second trend line coincides with the 50% Fib retracement level of the recent decline from the $8,021 high to $7,302 low. If there is an upside break above the $7,660 resistance, the price could recover towards the $7,800 and $7,880 resistance levels (the <a href=\"https:\/\/wncen.com\/2019\/10\/20\/bitcoin-btc-price-weekly-forecast-vulnerable-below-8k-8-2k\/\" target=\"_blank\" rel=\"noopener noreferrer \">previous supports<\/a>).<\/p>\n<p>On the downside, the $7,380 level is an immediate support. If there is a downside break below $7,380, the price could revisit the $7,300 support area. Any further losses are likely to call for a push towards the $7,200 and $7,120 levels.<\/p>\n<figure id=\"attachment_402182\" aria-describedby=\"caption-attachment-402182\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-402182\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-20.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-402182\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin is facing a strong selling interest below $7,800. Having said that, the price is down more than $1,000 this week, which means any further losses might be limited. Therefore, there are chances of an upside correction towards $7,660 and $7,800 in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 30 level.<\/p>\n<p>Major Support Levels \u2013 $7,380 followed by $7,300.<\/p>\n<p>Major Resistance Levels \u2013 $7,440, $7,660 and $7,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is down more than 8% and it dived below $7,500 against the US Dollar. The price is currently correcting higher after trading to a new monthly low near $7,300 There are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is trading near key supports and it could correct higher towards $7,660 and $7,700. Bitcoin price is down around $1,000 this week against the US Dollar. BTC bears need to be careful as there could be a nice recovery in the near term. Bitcoin Price Analysis This week, bitcoin failed to clear the $8,300 resistance area against the US Dollar. BTC price started a fresh decline and broke many support near the $8,000 handle. As a result, the bears took control and the price dived more than 8% in the past three sessions. It broke the $7,800 and $7,600 supports levels. Moreover, there was a clear break below $7,500 and the price settled below the 100 hourly simple moving average. Finally, a new monthly low was formed near $7,302 and the price is currently correcting higher. It recovered above the $7,400 level, plus the 23.6% Fib retracement level of the recent decline from the $8,021 high to $7,302 low. At the moment, the price is consolidating above the $7,400 and is facing hurdles. An immediate resistance is near the $7,440 level. Additionally, there are two connecting bearish trend lines forming with resistance near $7,450 and $7,660 on the hourly chart of the BTC\/USD pair. The second trend line coincides with the 50% Fib retracement level of the recent decline from the $8,021 high to $7,302 low. If there is an upside break above the $7,660 resistance, the price could recover towards the $7,800 and $7,880 resistance levels (the previous supports). On the downside, the $7,380 level is an immediate support. If there is a downside break below $7,380, the price could revisit the $7,300 support area. Any further losses are likely to call for a push towards the $7,200 and $7,120 levels. Looking at the chart, bitcoin is facing a strong selling interest below $7,800. Having said that, the price is down more than $1,000 this week, which means any further losses might be limited. Therefore, there are chances of an upside correction towards $7,660 and $7,800 in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 30 level. Major Support Levels \u2013 $7,380 followed by $7,300. Major Resistance Levels \u2013 $7,440, $7,660 and $7,800.<\/p>\n","protected":false},"author":67,"featured_media":394583,"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-402181","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 Won&#039;t Go Quietly, Risk of Bounce Grows<\/title>\n<meta name=\"description\" content=\"Bitcoin price is down around $1,000 this week against the US Dollar. 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