{"id":406028,"date":"2019-12-03T06:00:18","date_gmt":"2019-12-03T06:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=406028"},"modified":"2024-06-11T12:52:20","modified_gmt":"2024-06-11T12:52:20","slug":"bitcoin-btc-relatively-muted-signs-of-further-weakness","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-relatively-muted-signs-of-further-weakness\/","title":{"rendered":"Bitcoin (BTC) Relatively Muted, Signs of Further Weakness"},"content":{"rendered":"<ul>\n<li>Bitcoin price is facing a strong resistance near the $7,400 and $7,460 levels against the US Dollar.<\/li>\n<li>The price is approaching the key $7,200 and $7,160 support levels.<\/li>\n<li>There is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could recover above $7,400 as long as there is no daily close below $7,200.<\/li>\n<\/ul>\n<p><em>Bitcoin price is currently confined in a range below $7,400 against the US Dollar. BTC must stay above $7,200 and $7,000 to start a decent recovery.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, we saw a <a href=\"https:\/\/wncen.com\/2019\/12\/01\/bitcoin-weekly-forecast-btc-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside break<\/a> in bitcoin below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7,400 pivot and the 100 hourly simple moving average.<\/p>\n<p>Finally, the price traded to a new weekly low at $7,159 and it is currently correcting higher. The recent high was near $7,410 and it seems like the price is struggling to gain strength above the $7,410 resistance.<\/p>\n<p>Bitcoin is currently declining and trading below $7,400. Besides, there was a break below the 23.6% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high.<\/p>\n<p>An immediate support on the downside is near the $7,285 level. Additionally, the 50% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high is near the $7,285 level.<\/p>\n<p>If there is a downside push below the $7,285 and $7,255 levels, the price is likely to retest the <a href=\"https:\/\/wncen.com\/2019\/12\/02\/bitcoin-btc-signaling-bearish-continuation-7k-support-at-risk\/\" target=\"_blank\" rel=\"noopener noreferrer \">$7,200 support area<\/a>. More importantly, if there is a daily close below the $7,200 support area, the price may perhaps struggle to even stay above the $7,000 support.<\/p>\n<p>On the upside, there are many hurdles waiting near the $7,400 and $7,460 levels. Besides, there is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Therefore, a clear break above the channel resistance and $7,460 is needed for a decent recovery wave. Once the price settles above $7,460 and the 100 hourly simple moving average, the bulls are likely to aim the $7,630 resistance area.<\/p>\n<figure id=\"attachment_406029\" aria-describedby=\"caption-attachment-406029\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-406029\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-2.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-406029\" 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 currently declining and trading below the $7,300 level. It seems like the price could retest the $7,200 support area before it could make an attempt to climb above $7,400 and $7,460 in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it now well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,200 followed by $7,000.<\/p>\n<p>Major Resistance Levels \u2013 $7,400, $7,460 and $7,630.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is facing a strong resistance near the $7,400 and $7,460 levels against the US Dollar. The price is approaching the key $7,200 and $7,160 support levels. There is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could recover above $7,400 as long as there is no daily close below $7,200. Bitcoin price is currently confined in a range below $7,400 against the US Dollar. BTC must stay above $7,200 and $7,000 to start a decent recovery. Bitcoin Price Analysis Recently, we saw a downside break in bitcoin below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7,400 pivot and the 100 hourly simple moving average. Finally, the price traded to a new weekly low at $7,159 and it is currently correcting higher. The recent high was near $7,410 and it seems like the price is struggling to gain strength above the $7,410 resistance. Bitcoin is currently declining and trading below $7,400. Besides, there was a break below the 23.6% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high. An immediate support on the downside is near the $7,285 level. Additionally, the 50% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high is near the $7,285 level. If there is a downside push below the $7,285 and $7,255 levels, the price is likely to retest the $7,200 support area. More importantly, if there is a daily close below the $7,200 support area, the price may perhaps struggle to even stay above the $7,000 support. On the upside, there are many hurdles waiting near the $7,400 and $7,460 levels. Besides, there is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC\/USD pair. Therefore, a clear break above the channel resistance and $7,460 is needed for a decent recovery wave. Once the price settles above $7,460 and the 100 hourly simple moving average, the bulls are likely to aim the $7,630 resistance area. Looking at the chart, bitcoin price is currently declining and trading below the $7,300 level. It seems like the price could retest the $7,200 support area before it could make an attempt to climb above $7,400 and $7,460 in the near term. Technical indicators: Hourly MACD \u2013 The MACD is likely to move into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it now well below the 50 level. Major Support Levels \u2013 $7,200 followed by $7,000. Major Resistance Levels \u2013 $7,400, $7,460 and $7,630.<\/p>\n","protected":false},"author":67,"featured_media":338321,"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-406028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Relatively Muted, Signs of Further Weakness<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently confined in a range below $7,400 against the US Dollar. 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