{"id":410602,"date":"2020-01-12T06:00:11","date_gmt":"2020-01-12T06:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=410602"},"modified":"2024-06-11T13:40:20","modified_gmt":"2024-06-11T13:40:20","slug":"bitcoin-price-primed-for-fresh-rally-and-only-1-thing-is-holding-it-back","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-primed-for-fresh-rally-and-only-1-thing-is-holding-it-back\/","title":{"rendered":"Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back"},"content":{"rendered":"<p><em>Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. BTC could start another strong uptrend if it settles above $8,200.<\/em><\/p>\n<ul>\n<li>After a downside correction, bitcoin price found support near $7,700 against the US Dollar.<\/li>\n<li>The price is currently rising, but it is facing hurdles near $8,200 on the upside.<\/li>\n<li>There is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to rally if it climbs above $8,160 and successfully settles above the $8,200 barrier.<\/li>\n<\/ul>\n<h2>Bitcoin Could Rally Soon<\/h2>\n<p>This past week, bitcoin started a <a href=\"https:\/\/wncen.com\/2020\/01\/10\/bitcoin-in-downtrend-but-7600-can-trigger-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside correction<\/a> from the $8,473 high against the US Dollar. BTC price declined below the $8,200 and $8,000 support levels.<\/p>\n<p>However, the $7,700 and $7,600 levels acted as a <a href=\"https:\/\/wncen.com\/2020\/01\/09\/bitcoin-starts-corrective-decrease-but-bulls-not-out-of-woods-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong support<\/a>. Moreover, the price stayed well above $8,500 and the 100 simple moving average (4-hours). A swing low is formed near $7,659 and bitcoin price is currently trading higher.<\/p>\n<p>There was a break above the 50% Fib retracement level of the downward move from the $8,473 high to $7,659 low. The current wave is facing hurdles near the $8,200 resistance area.<\/p>\n<figure id=\"attachment_410603\" aria-describedby=\"caption-attachment-410603\" style=\"width: 1782px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-410603\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?resize=1782%2C762\" alt=\"Bitcoin Price\" width=\"1782\" height=\"762\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?w=1782 1782w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-9.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-410603\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Besides, there is a key breakout pattern forming with resistance near $8,160 on the 4-hours <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of the BTC\/USD pair. Finally, the 76.4% Fib retracement level of the downward move from the $8,473 high to $7,659 low is also near the $8,280 level.<\/p>\n<p>Therefore, a clear break above the $8,200 and $8,280 levels could set the pace for a fresh rally. In the mentioned bullish case, bitcoin price could surge towards $8,500 and $8,800.<\/p>\n<h2>Main Buy Zones for BTC<\/h2>\n<p>Conversely, there are chances of a downside break below the triangle support near $7,900 and $7,850. The main supports and buy zones are near $7,700 and $7,600.<\/p>\n<p>A successful close below the $7,600 support could start a substantial decline in the coming sessions. The next major support is near the 100 simple moving average (4-hours) at $7,530, below which the price is likely to drop towards the $7,000 level.<\/p>\n<p>Looking at the chart, bitcoin price is showing signs of a bullish break above the $8,200 resistance. The only thing holding it back is $8,280. A successful close above $8,280 could set the pace for a strong rise towards $8,500 and $8,800.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is likely to gain bullish momentum.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level.<\/p>\n<p>Major Support Level \u2013 $7,600<\/p>\n<p>Major Resistance Level \u2013 $8,280<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. BTC could start another strong uptrend if it settles above $8,200. After a downside correction, bitcoin price found support near $7,700 against the US Dollar. The price is currently rising, but it is facing hurdles near $8,200 on the upside. There is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The price is likely to rally if it climbs above $8,160 and successfully settles above the $8,200 barrier. Bitcoin Could Rally Soon This past week, bitcoin started a downside correction from the $8,473 high against the US Dollar. BTC price declined below the $8,200 and $8,000 support levels. However, the $7,700 and $7,600 levels acted as a strong support. Moreover, the price stayed well above $8,500 and the 100 simple moving average (4-hours). A swing low is formed near $7,659 and bitcoin price is currently trading higher. There was a break above the 50% Fib retracement level of the downward move from the $8,473 high to $7,659 low. The current wave is facing hurdles near the $8,200 resistance area. Besides, there is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC\/USD pair. Finally, the 76.4% Fib retracement level of the downward move from the $8,473 high to $7,659 low is also near the $8,280 level. Therefore, a clear break above the $8,200 and $8,280 levels could set the pace for a fresh rally. In the mentioned bullish case, bitcoin price could surge towards $8,500 and $8,800. Main Buy Zones for BTC Conversely, there are chances of a downside break below the triangle support near $7,900 and $7,850. The main supports and buy zones are near $7,700 and $7,600. A successful close below the $7,600 support could start a substantial decline in the coming sessions. The next major support is near the 100 simple moving average (4-hours) at $7,530, below which the price is likely to drop towards the $7,000 level. Looking at the chart, bitcoin price is showing signs of a bullish break above the $8,200 resistance. The only thing holding it back is $8,280. A successful close above $8,280 could set the pace for a strong rise towards $8,500 and $8,800. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is likely to gain bullish momentum. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level. Major Support Level \u2013 $7,600 Major Resistance Level \u2013 $8,280<\/p>\n","protected":false},"author":67,"featured_media":410604,"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-410602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. 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