{"id":410688,"date":"2020-01-13T05:56:06","date_gmt":"2020-01-13T05:56:06","guid":{"rendered":"https:\/\/wncen.com\/?p=410688"},"modified":"2024-06-11T13:40:23","modified_gmt":"2024-06-11T13:40:23","slug":"bitcoin-bulls-are-accumulating-important-levels-to-watch","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-are-accumulating-important-levels-to-watch\/","title":{"rendered":"This Key Sign Shows Bitcoin Bulls Are Accumulating: Important Levels to Watch"},"content":{"rendered":"<p><em>Bitcoin price is confined in a range below the key $8,200 resistance against the US Dollar, suggesting a short term accumulation phase. BTC could either rally above $8,200 or it might dip to $7,700 before a decent bounce.<\/em><\/p>\n<ul>\n<li>Bitcoin is moving in a range between $8,200 and $8,000 against the US Dollar.<\/li>\n<li>The bulls are likely aiming an upside break above the $8,200 resistance area.<\/li>\n<li>There is a key bearish trend line forming with resistance near $8,170 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could rally if there is a clear break above $8,200 and $8,250 in the next 2-3 sessions.<\/li>\n<\/ul>\n<h2>Bitcoin Eyes Upside Break<\/h2>\n<p>Despite all hurdles, <a href=\"https:\/\/wncen.com\/2020\/01\/12\/bitcoin-price-primed-for-fresh-rally-and-only-1-thing-is-holding-it-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin bullish were able to push the price above the $8,000 level<\/a> against the US Dollar. BTC price even settled above the 100 hourly simple moving average, but it is struggling to clear the $8,200 resistance.<\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> below, the price climbed nicely from the $7,668 swing low. It broke the $8,100 resistance and the 100 hourly simple moving average. A high was formed near $8,319 before the price started consolidating in a range.<\/p>\n<figure id=\"attachment_410689\" aria-describedby=\"caption-attachment-410689\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-410689\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-10.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-410689\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>It seems like bitcoin is in a short term accumulation phase and consolidating below the key $8,200 and $8,250 resistance levels. Besides, there is a key bearish trend line forming with resistance near $8,170 on the same chart of the BTC\/USD pair.<\/p>\n<p>On the upside, a <a href=\"https:\/\/wncen.com\/2020\/01\/10\/bitcoin-in-downtrend-but-7600-can-trigger-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">clear break above the $8,200 resistance could trigger a nice rally<\/a>. The next key hurdle is near the $8,460, above which the bulls are likely to aim a break of $8,500.<\/p>\n<h2>Chances of Short Term Pullbacks In BTC<\/h2>\n<p>Conversely, there are chances of a short term downside break below the range support at $8,000. Besides, the 100 hourly simple moving average is near $8,000 and the 50% Fib retracement level of the upward move from the $7,668 low to $8,319 high.<\/p>\n<p>If there is a downside break below $8,000, the price may perhaps dip towards the $7,700 support area. An intermediate support is near $7,820 and the 76.4% Fib retracement level of the upward move from the $7,668 low to $8,319 high.<\/p>\n<p>The main support for bitcoin is near the $7,600 area. The main support for bitcoin is near the $7,600 area. If there is a daily close below $7,600 and $7,500, it could negate the current bullish bias.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,000 followed by $7,820.<\/p>\n<p>Major Resistance Levels \u2013 $8,170, $8,200 and $8,250.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is confined in a range below the key $8,200 resistance against the US Dollar, suggesting a short term accumulation phase. BTC could either rally above $8,200 or it might dip to $7,700 before a decent bounce. Bitcoin is moving in a range between $8,200 and $8,000 against the US Dollar. The bulls are likely aiming an upside break above the $8,200 resistance area. There is a key bearish trend line forming with resistance near $8,170 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could rally if there is a clear break above $8,200 and $8,250 in the next 2-3 sessions. Bitcoin Eyes Upside Break Despite all hurdles, bitcoin bullish were able to push the price above the $8,000 level against the US Dollar. BTC price even settled above the 100 hourly simple moving average, but it is struggling to clear the $8,200 resistance. Looking at the chart below, the price climbed nicely from the $7,668 swing low. It broke the $8,100 resistance and the 100 hourly simple moving average. A high was formed near $8,319 before the price started consolidating in a range. It seems like bitcoin is in a short term accumulation phase and consolidating below the key $8,200 and $8,250 resistance levels. Besides, there is a key bearish trend line forming with resistance near $8,170 on the same chart of the BTC\/USD pair. On the upside, a clear break above the $8,200 resistance could trigger a nice rally. The next key hurdle is near the $8,460, above which the bulls are likely to aim a break of $8,500. Chances of Short Term Pullbacks In BTC Conversely, there are chances of a short term downside break below the range support at $8,000. Besides, the 100 hourly simple moving average is near $8,000 and the 50% Fib retracement level of the upward move from the $7,668 low to $8,319 high. If there is a downside break below $8,000, the price may perhaps dip towards the $7,700 support area. An intermediate support is near $7,820 and the 76.4% Fib retracement level of the upward move from the $7,668 low to $8,319 high. The main support for bitcoin is near the $7,600 area. The main support for bitcoin is near the $7,600 area. If there is a daily close below $7,600 and $7,500, it could negate the current bullish bias. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining below the 50 level. Major Support Levels \u2013 $8,000 followed by $7,820. Major Resistance Levels \u2013 $8,170, $8,200 and $8,250.<\/p>\n","protected":false},"author":67,"featured_media":410690,"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-410688","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>This Key Sign Shows Bitcoin Bulls Are Accumulating: Important Levels to Watch<\/title>\n<meta name=\"description\" content=\"Bitcoin price is confined in a range, suggesting a short term accumulation phase. 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