{"id":408082,"date":"2019-12-20T06:00:07","date_gmt":"2019-12-20T06:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=408082"},"modified":"2024-06-11T13:35:33","modified_gmt":"2024-06-11T13:35:33","slug":"bitcoin-btc-gains-seem-likely","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-gains-seem-likely\/","title":{"rendered":"Bitcoin (BTC) Hesitates But Further Gains Seem Likely"},"content":{"rendered":"<ul>\n<li>Bitcoin price is consolidating gains above the key $7,000 support area against the US Dollar.<\/li>\n<li>The price could dip towards the $6,960 support before it starts a fresh increase.<\/li>\n<li>There is a short term contracting triangle forming with resistance near $7,135 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The bulls need to gain pace above $7,135 and $7,240 to start another increase towards $7,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a bullish zone above $7,000 and $6,960 against the US Dollar. BTC is hesitant, but it is likely to climb further above $7,300.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, we saw a <a href=\"https:\/\/wncen.com\/2019\/12\/19\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp rise in bitcoin<\/a> above the $6,800 and $7,000 resistance levels against the US Dollar. Moreover, BTC price settled above the $7,000 level and the 100 hourly simple moving average.<\/p>\n<p>A new weekly high was formed near the $7,487 level before the price started a downside correction. It traded below the $7,200 support area. Besides, there was a break below the 23.6% Fib retracement level of the recent rally from the $6,435 low to $7,490 swing high.<\/p>\n<p>However, the $7,000 support area is acting as a <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitcoin-btc-bears-remain-in-drivers-seat-but-bulls-not-done-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong buy zone<\/a>. At the moment, bitcoin price is consolidating in a range above the $7,000 support. Additionally, there is a short term contracting triangle forming with resistance near $7,135 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is an upside break above the $7,135 resistance, the price could attempt to surpass the $7,240 range resistance. A successful close above the $7,240 resistance is likely to open the doors for a fresh increase towards $7,400 and $7,500.<\/p>\n<p>In the mentioned case, the price is likely to accelerate above the $7,500 resistance area. Conversely, the price extend its correction below $7,100.<\/p>\n<p>The first major support is near $7,000. The next one is near the $6,960 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent rally from the $6,435 low to $7,490 swing high is also near $6,960.<\/p>\n<p>Therefore, the price remains well supported near the $7,000 and $6,960 support levels. Only a daily close below $6,960 could negate the bullish view for a run towards the $7,500 level in the coming sessions.<\/p>\n<figure id=\"attachment_408083\" aria-describedby=\"caption-attachment-408083\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-408083\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-17.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-408083\" 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 clearly trading in a range above the $7,000 support area. In the short term, there could be a few bearish moves towards $6,960, but the price is likely to bounce back above $7,240 and $7,300.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and is just below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,000 followed by $6,960.<\/p>\n<p>Major Resistance Levels \u2013 $7,240, $7,400 and $7,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is consolidating gains above the key $7,000 support area against the US Dollar. The price could dip towards the $6,960 support before it starts a fresh increase. There is a short term contracting triangle forming with resistance near $7,135 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The bulls need to gain pace above $7,135 and $7,240 to start another increase towards $7,500. Bitcoin price is trading in a bullish zone above $7,000 and $6,960 against the US Dollar. BTC is hesitant, but it is likely to climb further above $7,300. Bitcoin Price Analysis Recently, we saw a sharp rise in bitcoin above the $6,800 and $7,000 resistance levels against the US Dollar. Moreover, BTC price settled above the $7,000 level and the 100 hourly simple moving average. A new weekly high was formed near the $7,487 level before the price started a downside correction. It traded below the $7,200 support area. Besides, there was a break below the 23.6% Fib retracement level of the recent rally from the $6,435 low to $7,490 swing high. However, the $7,000 support area is acting as a strong buy zone. At the moment, bitcoin price is consolidating in a range above the $7,000 support. Additionally, there is a short term contracting triangle forming with resistance near $7,135 on the hourly chart of the BTC\/USD pair. If there is an upside break above the $7,135 resistance, the price could attempt to surpass the $7,240 range resistance. A successful close above the $7,240 resistance is likely to open the doors for a fresh increase towards $7,400 and $7,500. In the mentioned case, the price is likely to accelerate above the $7,500 resistance area. Conversely, the price extend its correction below $7,100. The first major support is near $7,000. The next one is near the $6,960 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent rally from the $6,435 low to $7,490 swing high is also near $6,960. Therefore, the price remains well supported near the $7,000 and $6,960 support levels. Only a daily close below $6,960 could negate the bullish view for a run towards the $7,500 level in the coming sessions. Looking at the chart, bitcoin price is clearly trading in a range above the $7,000 support area. In the short term, there could be a few bearish moves towards $6,960, but the price is likely to bounce back above $7,240 and $7,300. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and is just below the 50 level. Major Support Levels \u2013 $7,000 followed by $6,960. Major Resistance Levels \u2013 $7,240, $7,400 and $7,500.<\/p>\n","protected":false},"author":67,"featured_media":344598,"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-408082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Hesitates But Further Gains Seem Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a bullish zone above $7,000 and $6,960 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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