{"id":407708,"date":"2019-12-18T06:00:45","date_gmt":"2019-12-18T06:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=407708"},"modified":"2024-06-11T12:49:25","modified_gmt":"2024-06-11T12:49:25","slug":"bitcoin-btc-bears-remain-in-drivers-seat-but-bulls-not-done-yet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-bears-remain-in-drivers-seat-but-bulls-not-done-yet\/","title":{"rendered":"Bitcoin (BTC) Bears Remain In Driver&#8217;s Seat But Bulls Not Done Yet"},"content":{"rendered":"<ul>\n<li>Bitcoin price is extending losses below the $6,800 support area against the US Dollar.<\/li>\n<li>A crucial support is waiting on the downside near $6,500 and $6,200.<\/li>\n<li>There is a new connecting bearish trend line forming with resistance near $6,740 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The bears are in control, but the bulls might take a strong stand near $6,500 or $6,200.<\/li>\n<\/ul>\n<p><em>Bitcoin (BTC) price is slowly approaching crucial supports against the US Dollar. BTC bears need to be very careful once the price reaches the $6,200 support area.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After a <a href=\"https:\/\/wncen.com\/2019\/12\/16\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">daily close below the $7,000 support<\/a>, bitcoin extended its decline against the US Dollar. BTC price traded below the $6,800 support area and settled well below the 100 hourly simple moving average.<\/p>\n<p>The recent decline was such that the price even traded below the $6,600 support. It traded close to the $6,500 support area and a new monthly low was formed near $6,565.<\/p>\n<p>The price is currently correcting higher and trading above $6,600. Moreover, there was a break above the 23.6% Fib retracement level of the recent slide from the $6,940 high to $6,565 low.<\/p>\n<p>However, the $6,700 level seems to be acting as a <a href=\"https:\/\/wncen.com\/2019\/12\/15\/bitcoin-weekly-forecast-btc-trend-overwhelmingly-bearish\/\" target=\"_blank\" rel=\"noopener noreferrer \">hurdle for more upsides<\/a>. Besides, there is a new connecting bearish trend line forming with resistance near $6,740 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The trend line is close to the 50% Fib retracement level of the recent slide from the $6,940 high to $6,565 low. Therefore, the first major hurdle for the bulls seem to be near the $6,740 and $6,800 levels.<\/p>\n<p>If there is an upside break above the $6,800 resistance, the next major barrier for the bulls is near the $7,000 level (the key breakdown support). A successful close above the $7,000 pivot level and the 100 hourly SMA is must for a decent recovery and a possible trend change.<\/p>\n<p>Conversely, the price is likely to continue lower below $6,600. On the downside, there are two important supports, $6,500 and $6,200. The main support is near the $6,200 level, which is a multi-month support and resistance area.<\/p>\n<figure id=\"attachment_407710\" aria-describedby=\"caption-attachment-407710\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407710\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-15.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407710\" 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 approaching a couple of key supports near $6,500 and $6,200. For this reason, the bears must be very careful, considering the bulls are likely to fight if the price reaches the $6,200 support area.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to correct above the 40 level.<\/p>\n<p>Major Support Levels \u2013 $6,500 followed by $6,200.<\/p>\n<p>Major Resistance Levels \u2013 $6,740, $6,800 and $7,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is extending losses below the $6,800 support area against the US Dollar. A crucial support is waiting on the downside near $6,500 and $6,200. There is a new connecting bearish trend line forming with resistance near $6,740 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The bears are in control, but the bulls might take a strong stand near $6,500 or $6,200. Bitcoin (BTC) price is slowly approaching crucial supports against the US Dollar. BTC bears need to be very careful once the price reaches the $6,200 support area. Bitcoin Price Analysis After a daily close below the $7,000 support, bitcoin extended its decline against the US Dollar. BTC price traded below the $6,800 support area and settled well below the 100 hourly simple moving average. The recent decline was such that the price even traded below the $6,600 support. It traded close to the $6,500 support area and a new monthly low was formed near $6,565. The price is currently correcting higher and trading above $6,600. Moreover, there was a break above the 23.6% Fib retracement level of the recent slide from the $6,940 high to $6,565 low. However, the $6,700 level seems to be acting as a hurdle for more upsides. Besides, there is a new connecting bearish trend line forming with resistance near $6,740 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent slide from the $6,940 high to $6,565 low. Therefore, the first major hurdle for the bulls seem to be near the $6,740 and $6,800 levels. If there is an upside break above the $6,800 resistance, the next major barrier for the bulls is near the $7,000 level (the key breakdown support). A successful close above the $7,000 pivot level and the 100 hourly SMA is must for a decent recovery and a possible trend change. Conversely, the price is likely to continue lower below $6,600. On the downside, there are two important supports, $6,500 and $6,200. The main support is near the $6,200 level, which is a multi-month support and resistance area. Looking at the chart, bitcoin price is approaching a couple of key supports near $6,500 and $6,200. For this reason, the bears must be very careful, considering the bulls are likely to fight if the price reaches the $6,200 support area. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to correct above the 40 level. Major Support Levels \u2013 $6,500 followed by $6,200. Major Resistance Levels \u2013 $6,740, $6,800 and $7,000.<\/p>\n","protected":false},"author":67,"featured_media":407711,"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-407708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Bears Remain In Driver&#039;s Seat But Bulls Not Done Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) price is slowly approaching crucial supports against the US Dollar. 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