{"id":404020,"date":"2019-11-12T06:00:07","date_gmt":"2019-11-12T06:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=404020"},"modified":"2024-06-11T12:51:23","modified_gmt":"2024-06-11T12:51:23","slug":"bitcoin-btc-price-turned-sell-on-rallies-towards-9k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-turned-sell-on-rallies-towards-9k\/","title":{"rendered":"Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K"},"content":{"rendered":"
Bitcoin price is facing an increase in selling below $9,000 against the US Dollar. BTC might correct higher, but sellers remain in control near $8,880 and $9,000.<\/em><\/p>\n Yesterday, there was a decent recovery<\/a> in bitcoin above $8,850 and $8,900 against the US Dollar. Moreover, BTC climbed above the $9,000 resistance and the 100 hourly simple moving average.<\/p>\n However, the upward move was capped by the $9,150 resistance. A high was formed near $9,150 and the price started another decline. It broke many supports near the $9,000 and $8,900 levels.<\/p>\n Additionally, there was a close below $8,850 and the 100 hourly simple moving average. Finally, the price broke the $8,700 level and traded to a new monthly low near the $8,612 low.<\/p>\n It is currently correcting higher above the $8,700 level. Besides, bitcoin is trading above the 23.6% Fib retracement level of the recent decline from the $9,150 high to $8,612 low. On the upside, there are many resistances<\/a>, starting with $8,800 and up to $9,000.<\/p>\n The first major resistance is near the $8,880 level and the 100 hourly SMA. It also represents the 50% Fib retracement level of the recent decline from the $9,150 high to $8,612 low.<\/p>\n The main resistance on the upside is near the $9,000 level. More importantly, yesterday\u2019s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC\/USD pair. Therefore, bitcoin is likely to face a strong resistance near the $8,880 and $9,000 levels.<\/p>\n On the downside, an initial support is near the $8,680 level. The first key support is near the $8,600 level, below which there is a risk of an extended decline towards the $8,500 support area.<\/p>\nBitcoin Price Analysis<\/h2>\n