{"id":408009,"date":"2019-12-19T16:00:22","date_gmt":"2019-12-19T16:00:22","guid":{"rendered":"https:\/\/wncen.com\/?p=408009"},"modified":"2019-12-19T15:53:49","modified_gmt":"2019-12-19T15:53:49","slug":"bitcoin-must-clear-multiple-resistance-levels-before-its-out-of-the-woods","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-must-clear-multiple-resistance-levels-before-its-out-of-the-woods\/","title":{"rendered":"Bitcoin Must Clear Multiple Resistance Levels Before It\u2019s Out of The Woods"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">The leading crypto asset by market, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, may have taken the first major step in staging a short-term reversal yesterday, after a successful $1,000 push from bulls put a stop to the continued downtrend. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">However, according to a prominent cryptocurrency analyst, Bitcoin is not yet \u201cout of the woods\u201d and must first clear five additional levels of key resistance before there&#8217;s any chance of continuation and further reversal.<\/span><\/p>\n<h2>Bitcoin Price Must Breach Five Resistance Levels Before Rally Becomes Reversal<\/h2>\n<p class=\"p2\"><span class=\"s1\">Yesterday morning, Bitcoin plunged to $6,450 in a sweep of local lows, then over the <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-price-sees-abrupt-500-surge-in-minutes-is-it-a-trend-reversal\/\">next few hours made a powerful rebound<\/a> all the way to $7,400 before cooling off and experiencing a minor pullback to $7,050. The <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-surges-to-7200-by-11-in-massive-1-day-reversal-as-traders-consider-bottom\/\">$1,000 positive gain<\/a> turned even the most bearish investors suddenly bullish, but a well-known trader and crypto analyst says that bulls shouldn\u2019t be celebrating at all just yet.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-surges-to-7200-by-11-in-massive-1-day-reversal-as-traders-consider-bottom\/\">Bitcoin Surges to $7,200 By 11% In Massive 1 Day Reversal, As Traders Consider Bottom<\/a><\/strong><\/em><\/p>\n<p class=\"p2\"><span class=\"s1\">Crypto analyst <a href=\"https:\/\/www.tradingview.com\/u\/filbfilb\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">FilbFilb<\/a> claims that Bitcoin price action is not yet \u201cout of the woods\u201d and must first reclaim five important levels of overhead resistance before bulls can realistically breathe a sigh of relief that the downtrend may be finished.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Nice <a href=\"https:\/\/twitter.com\/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$btc<\/a> pump yesterday but PA is miles from out of the woods.  Lets talk bull when these have been cleared:<\/p>\n<p>&#8211; POC Resistane<br \/>&#8211; Diag Resistance<br \/>&#8211; Multi Week Resistance <br \/>&#8211; Monthly Open Resistance <br \/>&#8211; Weekly Open Resistance <a href=\"https:\/\/t.co\/7JgS3M9xw2\" rel=\"nofollow\">pic.twitter.com\/7JgS3M9xw2<\/a><\/p>\n<p>&mdash; filbfilb (@filbfilb) <a href=\"https:\/\/twitter.com\/filbfilb\/status\/19487233?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p2\"><span class=\"s1\">The critical resistance levels include point-of control resistance, located at $7,200, which BTC is currently below; weekly open resistance, which it\u2019s struggling to stay above currently; multi-week and monthly open resistance, residing at around $7,600; and diagonal resistance forming a trendline strung across the crypto asset\u2019s most recent local tops.<\/span><\/p>\n<p>How Bitcoin price reacts with these levels will be telling as to if the cryptocurrency is staging a reversal here, or if it&#8217;s yet another short-lived rally before more downside.<\/p>\n<h2>If Resistance Is Cleared, Where Will the Crypto Asset Go Next?<\/h2>\n<p class=\"p2\"><span class=\"s1\">If <a href=\"https:\/\/twitter.com\/filbfilb\/status\/19487233?s=21\" rel=\"nofollow\">Bitcoin<\/a> can clear these important resistance levels, the first-ever cryptocurrency should then move on to target $8,000 and above. If Bitcoin can reclaim these levels and hold them on the weekly and monthly price charts, the downtrend could indeed be over, and Bitcoin could return to the bull market most believed it had been ramping up into.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">However, if Bitcoin price cannot breach these resistance levels, the recent pump could be yet another bearish retest, putting the crypto asset is at risk of falling deeper into the downtrend and setting a new local low. As of now, Bitcoin\u2019s bear market low rests at $3,100, and the most <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-price-sees-abrupt-500-surge-in-minutes-is-it-a-trend-reversal\/\">recent local low sits at $6,450<\/a>.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/12\/18\/goldbug-peter-schiff-calls-for-bitcoin-to-close-2019-at-a-loss\/\">Goldbug Peter Schiff Calls For Bitcoin To Close 2019 at A Loss<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p2\"><span class=\"s1\">Any break below $6,450 will put lows in the $5,000 and $4,000 range on the table, and if those levels fail, <a href=\"https:\/\/wncen.com\/2019\/12\/18\/goldbug-peter-schiff-calls-for-bitcoin-to-close-2019-at-a-loss\/\">Bitcoin\u2019s current bear market bottom may not hold a second time<\/a>, causing the entire crypto market to collapse and the first true bear market to begin.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading crypto asset by market, Bitcoin, may have taken the first major step in staging a short-term reversal yesterday, after a successful $1,000 push from bulls put a stop to the continued downtrend. However, according to a prominent cryptocurrency analyst, Bitcoin is not yet \u201cout of the woods\u201d and must first clear five additional levels of key resistance before there&#8217;s any chance of continuation and further reversal. Bitcoin Price Must Breach Five Resistance Levels Before Rally Becomes Reversal Yesterday morning, Bitcoin plunged to $6,450 in a sweep of local lows, then over the next few hours made a powerful rebound all the way to $7,400 before cooling off and experiencing a minor pullback to $7,050. The $1,000 positive gain turned even the most bearish investors suddenly bullish, but a well-known trader and crypto analyst says that bulls shouldn\u2019t be celebrating at all just yet. Related Reading | Bitcoin Surges to $7,200 By 11% In Massive 1 Day Reversal, As Traders Consider Bottom Crypto analyst FilbFilb claims that Bitcoin price action is not yet \u201cout of the woods\u201d and must first reclaim five important levels of overhead resistance before bulls can realistically breathe a sigh of relief that the downtrend may be finished. Nice $btc pump yesterday but PA is miles from out of the woods. Lets talk bull when these have been cleared: &#8211; POC Resistane&#8211; Diag Resistance&#8211; Multi Week Resistance &#8211; Monthly Open Resistance &#8211; Weekly Open Resistance pic.twitter.com\/7JgS3M9xw2 &mdash; filbfilb (@filbfilb) December 19, 2019 The critical resistance levels include point-of control resistance, located at $7,200, which BTC is currently below; weekly open resistance, which it\u2019s struggling to stay above currently; multi-week and monthly open resistance, residing at around $7,600; and diagonal resistance forming a trendline strung across the crypto asset\u2019s most recent local tops. How Bitcoin price reacts with these levels will be telling as to if the cryptocurrency is staging a reversal here, or if it&#8217;s yet another short-lived rally before more downside. If Resistance Is Cleared, Where Will the Crypto Asset Go Next? If Bitcoin can clear these important resistance levels, the first-ever cryptocurrency should then move on to target $8,000 and above. If Bitcoin can reclaim these levels and hold them on the weekly and monthly price charts, the downtrend could indeed be over, and Bitcoin could return to the bull market most believed it had been ramping up into. However, if Bitcoin price cannot breach these resistance levels, the recent pump could be yet another bearish retest, putting the crypto asset is at risk of falling deeper into the downtrend and setting a new local low. As of now, Bitcoin\u2019s bear market low rests at $3,100, and the most recent local low sits at $6,450. Related Reading | Goldbug Peter Schiff Calls For Bitcoin To Close 2019 at A Loss\u00a0 Any break below $6,450 will put lows in the $5,000 and $4,000 range on the table, and if those levels fail, Bitcoin\u2019s current bear market bottom may not hold a second time, causing the entire crypto market to collapse and the first true bear market to begin.<\/p>\n","protected":false},"author":517,"featured_media":408013,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,32326,3654],"class_list":["post-408009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-filbfilb","tag-resistance"],"acf":[],"yoast_head":"\n<title>Bitcoin Must Clear Multiple Resistance Levels Before It\u2019s Out of The Woods<\/title>\n<meta name=\"description\" content=\"The leading crypto asset by market, Bitcoin, may have taken the first major step in staging a short-term reversal yesterday, after a successful $1,000\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-must-clear-multiple-resistance-levels-before-its-out-of-the-woods\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Must Clear Multiple Resistance Levels Before It\u2019s Out of The Woods\" \/>\n<meta property=\"og:description\" content=\"The leading crypto asset by market, Bitcoin, may have taken the first major step in staging a short-term reversal yesterday, after a successful $1,000\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-must-clear-multiple-resistance-levels-before-its-out-of-the-woods\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-19T16:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-19T15:53:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/bitcoin-crypto-woods-shutterstock_276714998-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1761\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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