{"id":410411,"date":"2020-01-10T05:47:30","date_gmt":"2020-01-10T05:47:30","guid":{"rendered":"https:\/\/wncen.com\/?p=410411"},"modified":"2024-06-11T11:26:45","modified_gmt":"2024-06-11T11:26:45","slug":"bitcoin-in-downtrend-but-7600-can-trigger-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-in-downtrend-but-7600-can-trigger-rally\/","title":{"rendered":"Bitcoin Is In Steep Downtrend, But This Variable Can Trigger A New Rally"},"content":{"rendered":"<p><em>Bitcoin price followed a bearish path after it failed to surpass the $8,500 resistance against the US Dollar. BTC is now approaching a crucial support near $7,750 and $7,600.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading near a significant buy zone at $7,600-$7,750 against the US Dollar.<\/li>\n<li>The bulls are likely to gain control if they are able to protect $7,600.<\/li>\n<li>There is a short term declining channel forming with resistance near $7,880 support near $7,930 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could either bounce sharply above $8,000 or tumble below $7,750 and $7,600.<\/li>\n<\/ul>\n<h2>Bitcoin Approaching Key Support<\/h2>\n<p>Recently, <a href=\"https:\/\/wncen.com\/2020\/01\/09\/bitcoin-starts-corrective-decrease-but-bulls-not-out-of-woods-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin bears took control<\/a> and they were able to push the price below $8,000 against the US Dollar. Moreover, BTC settled below the $8,000 handle and the 100 hourly simple moving average.<\/p>\n<p>The price is now trading below the 50% Fib retracement level of the last major rally from the $7,302 low to $8,460 high. During the decline, there was a break below a key bullish trend line with support near $8,000 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_410412\" aria-describedby=\"caption-attachment-410412\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-410412\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-410412\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The pair is now trading near a significant buy zone at $7,600-$7,750. An immediate support is near the $7,750 level. Additionally, the 61.8% Fib retracement level of the last major rally from the $7,302 low to $8,460 high is at $7,744.<\/p>\n<p>The last key support is near the $7,600 area (<a href=\"https:\/\/wncen.com\/2020\/01\/08\/bitcoin-going-parabolic-to-10k\/\" target=\"_blank\" rel=\"noopener noreferrer \">the previous breakout zone<\/a>). Both $7,750 and $7,600 are important buy zones. Therefore, there are chances of a fresh rally above the $8,000 resistance.<\/p>\n<p>An initial resistance is near the $7,900 level. There is also a short term declining channel forming with resistance near $7,880 support near $7,930 on the same chart.<\/p>\n<p>A successful break above the $7,900 and $8,000 resistance levels could set the pace for a decent rally. The next key resistances are near $8,180 and $8,300.<\/p>\n<h2>Chances of Bearish Break in BTC Below $7,600<\/h2>\n<p>There are slight chances of a downside break below the $7,600 support. However, if the bears are successful, it could start a steady downtrend and the price might extend its decline towards $7,300 and $7,100.<\/p>\n<p>Looking at the chart, bitcoin price is losing bearish momentum below $8,000, but the $7,750 and $7,600 supports are important. Overall, the price could either bounce sharply above $8,000 or tumble below $7,750 and $7,600.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $7,750 followed by $7,600.<\/p>\n<p>Major Resistance Levels \u2013 $7,880, $8,000 and $8,180.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price followed a bearish path after it failed to surpass the $8,500 resistance against the US Dollar. BTC is now approaching a crucial support near $7,750 and $7,600. Bitcoin is trading near a significant buy zone at $7,600-$7,750 against the US Dollar. The bulls are likely to gain control if they are able to protect $7,600. There is a short term declining channel forming with resistance near $7,880 support near $7,930 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either bounce sharply above $8,000 or tumble below $7,750 and $7,600. Bitcoin Approaching Key Support Recently, bitcoin bears took control and they were able to push the price below $8,000 against the US Dollar. Moreover, BTC settled below the $8,000 handle and the 100 hourly simple moving average. The price is now trading below the 50% Fib retracement level of the last major rally from the $7,302 low to $8,460 high. During the decline, there was a break below a key bullish trend line with support near $8,000 on the hourly chart of the BTC\/USD pair. The pair is now trading near a significant buy zone at $7,600-$7,750. An immediate support is near the $7,750 level. Additionally, the 61.8% Fib retracement level of the last major rally from the $7,302 low to $8,460 high is at $7,744. The last key support is near the $7,600 area (the previous breakout zone). Both $7,750 and $7,600 are important buy zones. Therefore, there are chances of a fresh rally above the $8,000 resistance. An initial resistance is near the $7,900 level. There is also a short term declining channel forming with resistance near $7,880 support near $7,930 on the same chart. A successful break above the $7,900 and $8,000 resistance levels could set the pace for a decent rally. The next key resistances are near $8,180 and $8,300. Chances of Bearish Break in BTC Below $7,600 There are slight chances of a downside break below the $7,600 support. However, if the bears are successful, it could start a steady downtrend and the price might extend its decline towards $7,300 and $7,100. Looking at the chart, bitcoin price is losing bearish momentum below $8,000, but the $7,750 and $7,600 supports are important. Overall, the price could either bounce sharply above $8,000 or tumble below $7,750 and $7,600. Technical indicators: Hourly MACD \u2013 The MACD is likely to move into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining below the 40 level. Major Support Levels \u2013 $7,750 followed by $7,600. Major Resistance Levels \u2013 $7,880, $8,000 and $8,180.<\/p>\n","protected":false},"author":67,"featured_media":410413,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-410411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Is In Steep Downtrend, But This Variable Can Trigger A New Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price followed a bearish path after it failed to surpass the $8,500 resistance against the US Dollar. 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