{"id":407180,"date":"2019-12-13T06:00:45","date_gmt":"2019-12-13T06:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=407180"},"modified":"2024-06-11T12:49:30","modified_gmt":"2024-06-11T12:49:30","slug":"bitcoin-btc-flirts-with-key-resistance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-flirts-with-key-resistance\/","title":{"rendered":"Bitcoin (BTC) Flirts With Key Resistance, Bears In Control"},"content":{"rendered":"<ul>\n<li>Bitcoin price is showing a lot of bearish signs below the $7,280 resistance against the US Dollar.<\/li>\n<li>The price is likely to face resistance and selling interest near the $7,280 and $7,400 levels.<\/li>\n<li>There is a short term rising channel forming with resistance near $7,290 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct higher towards $7,280, where the bears are likely to take a stand.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a <a href=\"https:\/\/wncen.com\/2019\/12\/12\/bitcoin-btc-breakdown-below-7k-likely-6-5k-could-be-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">bearish zone below $7,400<\/a> against the US Dollar. BTC could continue to move down unless there is a break above $7,280 and $7,400.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past few days, there was a steady decline in bitcoin price below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7.280 support and the 100 hourly simple moving average.<\/p>\n<p>Finally, the price traded below the $7,200 support and formed a new monthly low at $7,078. Recently, it started an upside correction above the $7,120 and $7,150 levels.<\/p>\n<p>Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $7,664 high to $7,078 low. However, the <a href=\"https:\/\/wncen.com\/2019\/12\/11\/bitcoin-btc-price-downside-thrust-underway-bulls-struggling\/\" target=\"_blank\" rel=\"noopener noreferrer \">price seems to be facing a lot of hurdles<\/a> near the $7,260 and $7,280 levels.<\/p>\n<p>An immediate resistance for bitcoin is near the $7,280 level (the recent breakdown support). Additionally, the 100 hourly simple moving average is also near the $7,280 level.<\/p>\n<p>More importantly, there is a short term rising channel forming with resistance near $7,290 on the hourly chart of the BTC\/USD pair. If there is an upside break above the $7,280 resistance and the 100 hourly SMA, the price could correct higher towards the $7,400 barrier.<\/p>\n<p>An intermediate resistance is near the 50% Fib retracement level of the downward move from the $7,664 high to $7,078 low. A successful close above the $7,400 resistance is needed to start a fresh uptrend towards $8,000.<\/p>\n<p>On the downside, an initial support is near the channel support at $7,180. If there is a downside break below the $7,180 area, the price is likely to revisit the $7,080 level in the near term.<\/p>\n<figure id=\"attachment_407181\" aria-describedby=\"caption-attachment-407181\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407181\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-11.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407181\" 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 slowly recovering above $7,150 and $7,200. Having said that, the bulls are facing a lot of hurdles near the $7,280 level. The main hurdle is still near the $7,400 pivot level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is approaching the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,180 followed by $7,080.<\/p>\n<p>Major Resistance Levels \u2013 $7,280, $7,375 and $7,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is showing a lot of bearish signs below the $7,280 resistance against the US Dollar. The price is likely to face resistance and selling interest near the $7,280 and $7,400 levels. There is a short term rising channel forming with resistance near $7,290 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct higher towards $7,280, where the bears are likely to take a stand. Bitcoin price is trading in a bearish zone below $7,400 against the US Dollar. BTC could continue to move down unless there is a break above $7,280 and $7,400. Bitcoin Price Analysis In the past few days, there was a steady decline in bitcoin price below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7.280 support and the 100 hourly simple moving average. Finally, the price traded below the $7,200 support and formed a new monthly low at $7,078. Recently, it started an upside correction above the $7,120 and $7,150 levels. Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $7,664 high to $7,078 low. However, the price seems to be facing a lot of hurdles near the $7,260 and $7,280 levels. An immediate resistance for bitcoin is near the $7,280 level (the recent breakdown support). Additionally, the 100 hourly simple moving average is also near the $7,280 level. More importantly, there is a short term rising channel forming with resistance near $7,290 on the hourly chart of the BTC\/USD pair. If there is an upside break above the $7,280 resistance and the 100 hourly SMA, the price could correct higher towards the $7,400 barrier. An intermediate resistance is near the 50% Fib retracement level of the downward move from the $7,664 high to $7,078 low. A successful close above the $7,400 resistance is needed to start a fresh uptrend towards $8,000. On the downside, an initial support is near the channel support at $7,180. If there is a downside break below the $7,180 area, the price is likely to revisit the $7,080 level in the near term. Looking at the chart, bitcoin price is slowly recovering above $7,150 and $7,200. Having said that, the bulls are facing a lot of hurdles near the $7,280 level. The main hurdle is still near the $7,400 pivot level. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is approaching the 50 level. Major Support Levels \u2013 $7,180 followed by $7,080. Major Resistance Levels \u2013 $7,280, $7,375 and $7,400.<\/p>\n","protected":false},"author":67,"featured_media":404052,"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-407180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Flirts With Key Resistance, Bears In Control<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a bearish zone below $7,400 against the US Dollar. 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