{"id":404169,"date":"2019-11-13T14:00:35","date_gmt":"2019-11-13T14:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=404169"},"modified":"2024-06-11T13:34:03","modified_gmt":"2024-06-11T13:34:03","slug":"bitcoin-btc-price-sighting-downside-thrust-before-higher","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-sighting-downside-thrust-before-higher\/","title":{"rendered":"Bitcoin (BTC) Price Sighting Downside Thrust Before Higher?"},"content":{"rendered":"<ul>\n<li>Bitcoin price is struggling to recover above $8,800 and $8,840 against the US Dollar.<\/li>\n<li>The price is slowly moving lower and it is likely to decline sharply below $8,600.<\/li>\n<li>Morning\u2019s bearish trend line is active with resistance near $8,775 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>It seems like there could be a nasty decline below $8,600 before the price starts a decent recovery.<\/li>\n<\/ul>\n<p><em>Bitcoin price is still trading in a downtrend below $8,800 against the US Dollar. BTC needs to settle above the $8,920 and the 100 hourly SMA to start a recovery.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In morning, we saw an <a href=\"https:\/\/wncen.com\/2019\/11\/13\/bitcoin-btc-price-eyeing-fresh-monthly-low-below-8-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">upside correction<\/a> in bitcoin from the $8,560 swing low against the US Dollar. However, BTC faced a strong resistance near the $8,800 level and the 100 hourly simple moving average.<\/p>\n<p>There was another decline below the $8,750 level. Moreover, the price broke the 23.6% Fib retracement level of the upward move from the $8,560 low to $8,839 high. The price even broke the $8,720 level, but it stayed above the $8,700 level.<\/p>\n<p>It seems like the 50% Fib retracement level of the upward move from the $8,560 low to $8,839 high is acting as a support. Recently, bitcoin price made another attempt to clear the $8,800 resistance and the 100 hourly simple moving average, but it failed.<\/p>\n<p>More importantly, morning\u2019s <a href=\"https:\/\/wncen.com\/2019\/11\/12\/bitcoin-btc-price-primed-to-extend-losses-below-8-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">bearish trend line is active<\/a> with resistance near $8,775 on the hourly chart of the BTC\/USD pair. The pair is once again declining and is trading below the $8,750 level.<\/p>\n<p>If the price fails to stay above the $8,700 level, it could continue to move down. The next support is near the $8,640 level. It represents the 61.8% Fib retracement level of the upward move from the $8,560 low to $8,839 high.<\/p>\n<p>It seems like bitcoin is setting up for a downward spike below the $8,600 support area. Additionally, it could even spike below the $8,500 support area before the bulls take a stand.<\/p>\n<p>Conversely, the price is likely to struggle near many resistances, starting with $8,800. The main resistance is near $8,900 and another important bearish trend line on the same chart. For that reason, a close above $8,920 is needed for a decent recovery.<\/p>\n<figure id=\"attachment_404170\" aria-describedby=\"caption-attachment-404170\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-404170\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-404170\" 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 clearly declining and it could soon dive below the $8,650 and $8,600 level. Once the current wave is complete, the price might recover above $8,850 and $9,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is sliding and it is well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,640 followed by $8,600.<\/p>\n<p>Major Resistance Levels \u2013 $8,800, $8,850 and $8,920.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to recover above $8,800 and $8,840 against the US Dollar. The price is slowly moving lower and it is likely to decline sharply below $8,600. Morning\u2019s bearish trend line is active with resistance near $8,775 on the hourly chart of the BTC\/USD pair (data feed from Kraken). It seems like there could be a nasty decline below $8,600 before the price starts a decent recovery. Bitcoin price is still trading in a downtrend below $8,800 against the US Dollar. BTC needs to settle above the $8,920 and the 100 hourly SMA to start a recovery. Bitcoin Price Analysis In morning, we saw an upside correction in bitcoin from the $8,560 swing low against the US Dollar. However, BTC faced a strong resistance near the $8,800 level and the 100 hourly simple moving average. There was another decline below the $8,750 level. Moreover, the price broke the 23.6% Fib retracement level of the upward move from the $8,560 low to $8,839 high. The price even broke the $8,720 level, but it stayed above the $8,700 level. It seems like the 50% Fib retracement level of the upward move from the $8,560 low to $8,839 high is acting as a support. Recently, bitcoin price made another attempt to clear the $8,800 resistance and the 100 hourly simple moving average, but it failed. More importantly, morning\u2019s bearish trend line is active with resistance near $8,775 on the hourly chart of the BTC\/USD pair. The pair is once again declining and is trading below the $8,750 level. If the price fails to stay above the $8,700 level, it could continue to move down. The next support is near the $8,640 level. It represents the 61.8% Fib retracement level of the upward move from the $8,560 low to $8,839 high. It seems like bitcoin is setting up for a downward spike below the $8,600 support area. Additionally, it could even spike below the $8,500 support area before the bulls take a stand. Conversely, the price is likely to struggle near many resistances, starting with $8,800. The main resistance is near $8,900 and another important bearish trend line on the same chart. For that reason, a close above $8,920 is needed for a decent recovery. Looking at the chart, bitcoin is clearly declining and it could soon dive below the $8,650 and $8,600 level. Once the current wave is complete, the price might recover above $8,850 and $9,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is sliding and it is well below the 50 level. Major Support Levels \u2013 $8,640 followed by $8,600. Major Resistance Levels \u2013 $8,800, $8,850 and $8,920.<\/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-404169","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 Sighting Downside Thrust Before Higher?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is still trading in a downtrend below $8,800 against the US Dollar. 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