{"id":405666,"date":"2019-11-28T06:00:29","date_gmt":"2019-11-28T06:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=405666"},"modified":"2024-06-11T13:34:36","modified_gmt":"2024-06-11T13:34:36","slug":"bitcoin-btc-shows-signs-of-important-reversal-to-8k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-shows-signs-of-important-reversal-to-8k\/","title":{"rendered":"Bitcoin (BTC) Shows Signs of Important Reversal To $8K"},"content":{"rendered":"
Bitcoin price is slowly moving into a positive zone against the US Dollar. BTC seems to be aiming a test of the $8,000 resistance level in the coming days.<\/em><\/p>\n Yesterday, we saw a nice recovery wave<\/a> in bitcoin above the $7,200 resistance against the US Dollar. However, BTC price struggled to climb above the $7,375 and $7,400 resistance levels.<\/p>\n Later, there was a minor downside correction, but the price remains well bid above the $7,000 level. As a result, there was a fresh increase above the $7,200 resistance.<\/p>\n Moreover, the price surpassed yesterday\u2019s bullish flag resistance at $7,100 on the hourly chart. It opened the doors for an upside break above the key $7,375 and $7,400 resistance levels.<\/p>\n Bitcoin price even rallied above the $7,500 resistance and traded close to the next key resistance near $7,700 (as pointed out in the weekly forecast<\/a>). A high was formed near $7,676 and the price is currently correcting lower.<\/p>\n It broke the $7,600 level, but holding the 23.6% Fib retracement level of the recent upward move from the $6,857 low to $7,676 high. Additionally, there is a short term contracting triangle forming with resistance near $7,540 on the same chart.<\/p>\n Therefore, there are two possible scenarios \u2013 first, the price resumes its rise above the $7,600 and $7,700 resistance level. In the mentioned case, the bulls are likely to aim the $8,000 resistance.<\/p>\n Conversely, the price could correct further lower below the $7,450 support. The next support is near the $7,340 level. The main support is near the $7,260 level since it is the 50% Fib retracement level of the recent upward move from the $6,857 low to $7,676 high.<\/p>\nBitcoin Price Analysis<\/h2>\n