{"id":405788,"date":"2019-11-29T06:00:48","date_gmt":"2019-11-29T06:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=405788"},"modified":"2024-06-11T12:52:22","modified_gmt":"2024-06-11T12:52:22","slug":"bitcoin-btc-resilience-pauses-but-not-out-of-woods-yet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-resilience-pauses-but-not-out-of-woods-yet\/","title":{"rendered":"Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet"},"content":{"rendered":"<ul>\n<li>Bitcoin price is consolidating gains above the $7,400 and $7,295 support levels against the US Dollar.<\/li>\n<li>The price is likely to accelerate higher once it clears the $7,600 and $7,700 resistance levels.<\/li>\n<li>There is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair remains well supported on dips near the $7,400 and $7,300 levels in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is likely forming a bullish pattern above $7,400 against the US Dollar. BTC could soon rally towards $8,000 or $8,200 once it clears the $7,700 resistance region.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, bitcoin <a href=\"https:\/\/wncen.com\/2019\/11\/28\/bitcoin-btc-shows-signs-of-important-reversal-to-8k\/\" target=\"_blank\" rel=\"noopener noreferrer \">climbed above the key $7,300 and $7,400 resistance levels<\/a> against the US Dollar. Moreover, there was a close above the $7,400 level and the 100 hourly simple moving average.<\/p>\n<p>It opened the doors for more gains above the $7,500 level. Finally, the price tested the next key resistance near $7,700 (as pointed out in the weekly forecast). A high was formed near $7,676 and the price is currently correcting lower.<\/p>\n<p>It traded below the $7,600 and $7,550 levels. Besides, there was a break below the 23.6% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high.<\/p>\n<p>However, the $7,400 support area seems to be acting as a <a href=\"https:\/\/wncen.com\/2019\/11\/27\/bitcoin-btc-hesitates-but-further-recovery-above-7-2k-seem-likely\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong buy zone<\/a>. If there is a break below the $7,400 support, the price could test the $7,300 and $7,295 support levels.<\/p>\n<p>The next key support is near the $7,260 level and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high.<\/p>\n<p>If there is a downside break below the $7,260 level and the 100 hourly SMA, bitcoin could resume its decline. On the other hand, the price is likely to continue higher above the $7,600 resistance.<\/p>\n<p>Additionally, there is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC\/USD pair. A clear break above the $7,600 and $7,700 resistance levels could set the pace for a rise towards $8,000 or even $8,200 in the near term.<\/p>\n<figure id=\"attachment_405789\" aria-describedby=\"caption-attachment-405789\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-405789\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-32.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-405789\" 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 seems to consolidating gains above the $7,400 and $7,300 support levels. Therefore, the price is likely to climb further above $7,700 as long as there is no close below the main $7,260 support area.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is just below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,400 followed by $7,260.<\/p>\n<p>Major Resistance Levels \u2013 $7,540, $7,600 and $7,700.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is consolidating gains above the $7,400 and $7,295 support levels against the US Dollar. The price is likely to accelerate higher once it clears the $7,600 and $7,700 resistance levels. There is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair remains well supported on dips near the $7,400 and $7,300 levels in the near term. Bitcoin price is likely forming a bullish pattern above $7,400 against the US Dollar. BTC could soon rally towards $8,000 or $8,200 once it clears the $7,700 resistance region. Bitcoin Price Analysis Yesterday, bitcoin climbed above the key $7,300 and $7,400 resistance levels against the US Dollar. Moreover, there was a close above the $7,400 level and the 100 hourly simple moving average. It opened the doors for more gains above the $7,500 level. Finally, the price tested the next key resistance near $7,700 (as pointed out in the weekly forecast). A high was formed near $7,676 and the price is currently correcting lower. It traded below the $7,600 and $7,550 levels. Besides, there was a break below the 23.6% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high. However, the $7,400 support area seems to be acting as a strong buy zone. If there is a break below the $7,400 support, the price could test the $7,300 and $7,295 support levels. The next key support is near the $7,260 level and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high. If there is a downside break below the $7,260 level and the 100 hourly SMA, bitcoin could resume its decline. On the other hand, the price is likely to continue higher above the $7,600 resistance. Additionally, there is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC\/USD pair. A clear break above the $7,600 and $7,700 resistance levels could set the pace for a rise towards $8,000 or even $8,200 in the near term. Looking at the chart, bitcoin price seems to consolidating gains above the $7,400 and $7,300 support levels. Therefore, the price is likely to climb further above $7,700 as long as there is no close below the main $7,260 support area. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is just below the 50 level. Major Support Levels \u2013 $7,400 followed by $7,260. Major Resistance Levels \u2013 $7,540, $7,600 and $7,700.<\/p>\n","protected":false},"author":67,"featured_media":380889,"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-405788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin price is likely forming a bullish pattern above $7,400 against the US Dollar. 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