{"id":409586,"date":"2020-01-03T05:48:41","date_gmt":"2020-01-03T05:48:41","guid":{"rendered":"https:\/\/wncen.com\/?p=409586"},"modified":"2024-06-11T13:36:09","modified_gmt":"2024-06-11T13:36:09","slug":"bitcoin-just-reversed-likely-heading-7400","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-just-reversed-likely-heading-7400\/","title":{"rendered":"Bitcoin Just Reversed And Its Likely Heading $7,400"},"content":{"rendered":"<ul>\n<li>Bitcoin started a strong upward move from the $6,880 support area against the US Dollar.<\/li>\n<li>The price is reversing losses and it is now well above $7,100.<\/li>\n<li>There was a break above a key bearish trend line with resistance near $7,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The current technical structure suggests reversal signs towards the $7,500 resistance area.<\/li>\n<\/ul>\n<p><em>Bitcoin price is climbing with a bullish angle above $7,000 against the US Dollar. BTC is likely to accelerate higher if it clears the $7,260 resistance.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, there was a <a href=\"https:\/\/wncen.com\/2020\/01\/02\/bitcoin-price-vulnerable-below-7k\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside extension in bitcoin<\/a> below the $7,100 and $7,000 support levels against the US Dollar. BTC price spiked towards the $6,880 support and traded to a new 2020 low at $6,863.<\/p>\n<p>However, the bulls took a stand, resulting in a sharp upward move above the $7,000 resistance. Besides, there was a break above the $7,080 resistance area. More importantly, there was a break above a key bearish trend line with resistance near $7,120 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pair spiked above the 50% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Though, the upward move was capped by the $7,260 resistance area.<\/p>\n<p>Additionally, the price is facing hurdles near the 61.8% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Bitcoin is currently correcting lower below $7,200.<\/p>\n<p>On the downside, an initial support is near the $7,120 level and the broken trend line. The next major support is near the $7,080 level, below which the price is likely to resume its downtrend.<\/p>\n<p>Conversely, the price might continue to rise above the $7,260 resistance. The <a href=\"https:\/\/wncen.com\/2020\/01\/01\/bitcoin-starts-2020-bearish-bias\/\" target=\"_blank\" rel=\"noopener noreferrer \">next major resistance is near the $7,400 level<\/a>. An intermediate resistance is the 76.4% Fib retracement level of the downward move from the $7,530 high to $6,863 low.<\/p>\n<p>If the price continues to rise above $7,380 and $7,400, the next stop for the bulls may perhaps be $7,460 and $7,500. Any further gains could lead the price towards the $7,500 resistance area in the coming sessions.<\/p>\n<figure id=\"attachment_409587\" aria-describedby=\"caption-attachment-409587\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-409587\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-2.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-409587\" 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 reversing losses above $7,100 and the 100 hourly SMA. If there is another surge above $7,260, it will most likely confirm a trend change and a fresh increase towards $7,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining strength in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,120 followed by $7,080.<\/p>\n<p>Major Resistance Levels \u2013 $7,260, $7,380 and $7,460.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a strong upward move from the $6,880 support area against the US Dollar. The price is reversing losses and it is now well above $7,100. There was a break above a key bearish trend line with resistance near $7,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The current technical structure suggests reversal signs towards the $7,500 resistance area. Bitcoin price is climbing with a bullish angle above $7,000 against the US Dollar. BTC is likely to accelerate higher if it clears the $7,260 resistance. Bitcoin Price Analysis Recently, there was a downside extension in bitcoin below the $7,100 and $7,000 support levels against the US Dollar. BTC price spiked towards the $6,880 support and traded to a new 2020 low at $6,863. However, the bulls took a stand, resulting in a sharp upward move above the $7,000 resistance. Besides, there was a break above the $7,080 resistance area. More importantly, there was a break above a key bearish trend line with resistance near $7,120 on the hourly chart of the BTC\/USD pair. The pair spiked above the 50% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Though, the upward move was capped by the $7,260 resistance area. Additionally, the price is facing hurdles near the 61.8% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Bitcoin is currently correcting lower below $7,200. On the downside, an initial support is near the $7,120 level and the broken trend line. The next major support is near the $7,080 level, below which the price is likely to resume its downtrend. Conversely, the price might continue to rise above the $7,260 resistance. The next major resistance is near the $7,400 level. An intermediate resistance is the 76.4% Fib retracement level of the downward move from the $7,530 high to $6,863 low. If the price continues to rise above $7,380 and $7,400, the next stop for the bulls may perhaps be $7,460 and $7,500. Any further gains could lead the price towards the $7,500 resistance area in the coming sessions. Looking at the chart, bitcoin price is reversing losses above $7,100 and the 100 hourly SMA. If there is another surge above $7,260, it will most likely confirm a trend change and a fresh increase towards $7,500. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining strength in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $7,120 followed by $7,080. Major Resistance Levels \u2013 $7,260, $7,380 and $7,460.<\/p>\n","protected":false},"author":67,"featured_media":409588,"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":[428,1119,1144],"class_list":["post-409586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Just Reversed And Its Likely Heading $7,400<\/title>\n<meta name=\"description\" content=\"Bitcoin price is climbing with a bullish angle above $7,000 against the US Dollar. 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