{"id":405568,"date":"2019-11-27T06:00:22","date_gmt":"2019-11-27T06:00:22","guid":{"rendered":"https:\/\/wncen.com\/?p=405568"},"modified":"2024-06-11T13:34:33","modified_gmt":"2024-06-11T13:34:33","slug":"bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/","title":{"rendered":"Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely"},"content":{"rendered":"<ul>\n<li>Bitcoin is currently trimming gains after struggling to clear the $7,400 barrier against the US Dollar.<\/li>\n<li>The price is likely to stay above the $7,000 and $6,950 support levels in the near term.<\/li>\n<li>There is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>There are chances of a nice upward move if the price surges above $7,200 and $7,400.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading below a few <a href=\"https:\/\/wncen.com\/2019\/11\/26\/bitcoin-btc-price-bear-run-has-come-to-end\/\" target=\"_blank\" rel=\"noopener noreferrer \">key resistance such as $7,400<\/a> against the US Dollar. Having said that, BTC seems to be forming a bullish continuation pattern as long as $6,950 holds.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, there was a decent start of an upside correction from the $6,535 low against the US Dollar. BTC climbed nicely above the $6,800 and $7,000 resistance levels.<\/p>\n<p>Besides, it spiked above the $7,200 resistance area and the 100 hourly simple moving average. However, the price struggled to continue above the $7,375 and $7,400 resistance levels.<\/p>\n<p>A high was formed near $7,372 and the price is currently trimming gains. Bitcoin traded below the $7,200 level and the 100 hourly simple moving average. Moreover, there was a break below the 23.6% Fib retracement level of the recent rise from the $6,535 low to $7,372 high.<\/p>\n<p>On the downside, there are a few key supports near the $7,025, $7,000 and $6,950 levels. The main support for the current wave is near $6,950 since it is near the 50% Fib retracement level of the recent rise from the $6,535 low to $7,372 high.<\/p>\n<p>If there is downside break and close below $6,950, the price is likely to resume its decline. The <a href=\"https:\/\/wncen.com\/2019\/11\/25\/bitcoin-btc-price-nears-possible-short-term-bottom-at-6-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">next supports are near the $6,660 and $6,540 levels<\/a>. On the upside, an initial resistance is near the $7,150 level and the 100 hourly SMA.<\/p>\n<p>More importantly, there is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC\/USD pair. Therefore, an upside break above $7,200 might set the pace for more upsides and recovery.<\/p>\n<p>The main resistance area is near the $7,375 and $7,400 levels. A successful close and follow through above $7,400 will most likely set the pace for a strong recovery.<\/p>\n<figure id=\"attachment_405569\" aria-describedby=\"caption-attachment-405569\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-405569\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-30.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-405569\" 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 price is holding a couple of important supports near $6,950. As long as there is no close below $6,950, there are chances of upside continuation above $7,200 and $7,400.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,000 followed by $6,950.<\/p>\n<p>Major Resistance Levels \u2013 $7,200, $7,375 and $7,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is currently trimming gains after struggling to clear the $7,400 barrier against the US Dollar. The price is likely to stay above the $7,000 and $6,950 support levels in the near term. There is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC\/USD pair (data feed from Kraken). There are chances of a nice upward move if the price surges above $7,200 and $7,400. Bitcoin price is trading below a few key resistance such as $7,400 against the US Dollar. Having said that, BTC seems to be forming a bullish continuation pattern as long as $6,950 holds. Bitcoin Price Analysis Yesterday, there was a decent start of an upside correction from the $6,535 low against the US Dollar. BTC climbed nicely above the $6,800 and $7,000 resistance levels. Besides, it spiked above the $7,200 resistance area and the 100 hourly simple moving average. However, the price struggled to continue above the $7,375 and $7,400 resistance levels. A high was formed near $7,372 and the price is currently trimming gains. Bitcoin traded below the $7,200 level and the 100 hourly simple moving average. Moreover, there was a break below the 23.6% Fib retracement level of the recent rise from the $6,535 low to $7,372 high. On the downside, there are a few key supports near the $7,025, $7,000 and $6,950 levels. The main support for the current wave is near $6,950 since it is near the 50% Fib retracement level of the recent rise from the $6,535 low to $7,372 high. If there is downside break and close below $6,950, the price is likely to resume its decline. The next supports are near the $6,660 and $6,540 levels. On the upside, an initial resistance is near the $7,150 level and the 100 hourly SMA. More importantly, there is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC\/USD pair. Therefore, an upside break above $7,200 might set the pace for more upsides and recovery. The main resistance area is near the $7,375 and $7,400 levels. A successful close and follow through above $7,400 will most likely set the pace for a strong recovery. Looking at the chart, bitcoin price is holding a couple of important supports near $6,950. As long as there is no close below $6,950, there are chances of upside continuation above $7,200 and $7,400. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently below the 50 level. Major Support Levels \u2013 $7,000 followed by $6,950. Major Resistance Levels \u2013 $7,200, $7,375 and $7,400.<\/p>\n","protected":false},"author":67,"featured_media":379431,"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-405568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading below a few key resistance such as $7,400 against the US Dollar. 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Having said that, BTC seems to be forming a bullish continuation pattern as long as $6,950 holds.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-27T06:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:34:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin_price_rise.jpg?fit=1000%2C625\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twitter.com\/AayushJs\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70\"},\"headline\":\"Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely\",\"datePublished\":\"2019-11-27T06:00:22+00:00\",\"dateModified\":\"2024-06-11T13:34:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/\"},\"wordCount\":417,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin_price_rise.jpg?fit=1000%2C625\",\"keywords\":[\"bitcoin\",\"btc\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/\",\"name\":\"Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin_price_rise.jpg?fit=1000%2C625\",\"datePublished\":\"2019-11-27T06:00:22+00:00\",\"dateModified\":\"2024-06-11T13:34:33+00:00\",\"description\":\"Bitcoin price is trading below a few key resistance such as $7,400 against the US Dollar. 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Having said that, BTC seems to be forming a bullish continuation pattern as long as $6,950 holds.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely","og_description":"Bitcoin price is trading below a few key resistance such as $7,400 against the US Dollar. 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