{"id":411041,"date":"2020-01-15T05:23:30","date_gmt":"2020-01-15T05:23:30","guid":{"rendered":"https:\/\/wncen.com\/?p=411041"},"modified":"2024-06-11T13:40:31","modified_gmt":"2024-06-11T13:40:31","slug":"bitcoin-bulls-must-wait-for-dip-for-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-must-wait-for-dip-for-rally\/","title":{"rendered":"Here\u2019s Why Bitcoin Bulls Must Wait For Dip To $8.3K For Another Rally"},"content":{"rendered":"<p><em>Bitcoin extended its rally above the $8,800 resistance against the US Dollar. However, BTC price might now correct lower towards $8,400 or $8,300 before a fresh increase.<\/em><\/p>\n<ul>\n<li>Bitcoin price climbed to a new 2020 high at $8,898 against the US Dollar.<\/li>\n<li>The price is now showing signs of a downside correction below $8,700 and $8,600.<\/li>\n<li>There is a key bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to find a strong support near $8,400 or $8,300 if it dips further.<\/li>\n<\/ul>\n<h2>Bitcoin Rally Pauses But Not Likely Over<\/h2>\n<p>Yesterday, bitcoin started a <a href=\"https:\/\/wncen.com\/2020\/01\/14\/bitcoin-smashes-resistance-next-bullish-levels\/\" target=\"_blank\" rel=\"noopener noreferrer \">nice uptrend above the $8,200 and $8,400 resistance levels<\/a> against the US Dollar. Later, BTC price traded in a range before rallying again above the $8,500 and $8,600 resistance levels.<\/p>\n<p>Moreover, the price jumped above the $8,800 level (as discussed yesterday) and settled nicely above the 100 hourly simple moving average. A new 2020 high is formed near $8,898 and the price is currently correcting lower.<\/p>\n<p>It already broke the 23.6% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. An initial support on the downside is near the $8,600 and $8,620 levels.<\/p>\n<p>The next support could be $8,460 or the 50% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. The <a href=\"https:\/\/wncen.com\/2020\/01\/13\/bitcoin-bulls-are-accumulating-important-levels-to-watch\/\" target=\"_blank\" rel=\"noopener noreferrer \">main support and buy zone<\/a> could be near the $8,400 and $8,300 levels.<\/p>\n<figure id=\"attachment_411042\" aria-describedby=\"caption-attachment-411042\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-411042\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-411042\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Additionally, there is a key bullish trend line forming with support near $8,300 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of the BTC\/USD pair. Therefore, dips in bitcoin towards the $8,400 and $8,300 may perhaps find solid bids.<\/p>\n<h2>Can BTC Rise To $9,200?<\/h2>\n<p>The current trend is very positive and the recent break above $8,600 was convincing. In the short term, there might be a downside correction towards $8,400.<\/p>\n<p>Once a correction phase is complete, BTC bulls are likely to make another attempt to clear the $8,800 and $9,000 resistance. The main hurdle for a larger move towards $10,000 is near the $9,200 level.<\/p>\n<p>If bitcoin price fails to clear $9,000 and $9,200, it is likely to start a larger decline towards the $7,200 and $7,000 support levels in the coming days.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now back in the bearish zone, with negative signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below 60 and it is likely to extend its decline.<\/p>\n<p>Major Support Levels \u2013 $8,460 followed by $8,300.<\/p>\n<p>Major Resistance Levels \u2013 $8,700, $8,800 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin extended its rally above the $8,800 resistance against the US Dollar. However, BTC price might now correct lower towards $8,400 or $8,300 before a fresh increase. Bitcoin price climbed to a new 2020 high at $8,898 against the US Dollar. The price is now showing signs of a downside correction below $8,700 and $8,600. There is a key bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong support near $8,400 or $8,300 if it dips further. Bitcoin Rally Pauses But Not Likely Over Yesterday, bitcoin started a nice uptrend above the $8,200 and $8,400 resistance levels against the US Dollar. Later, BTC price traded in a range before rallying again above the $8,500 and $8,600 resistance levels. Moreover, the price jumped above the $8,800 level (as discussed yesterday) and settled nicely above the 100 hourly simple moving average. A new 2020 high is formed near $8,898 and the price is currently correcting lower. It already broke the 23.6% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. An initial support on the downside is near the $8,600 and $8,620 levels. The next support could be $8,460 or the 50% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. The main support and buy zone could be near the $8,400 and $8,300 levels. Additionally, there is a key bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair. Therefore, dips in bitcoin towards the $8,400 and $8,300 may perhaps find solid bids. Can BTC Rise To $9,200? The current trend is very positive and the recent break above $8,600 was convincing. In the short term, there might be a downside correction towards $8,400. Once a correction phase is complete, BTC bulls are likely to make another attempt to clear the $8,800 and $9,000 resistance. The main hurdle for a larger move towards $10,000 is near the $9,200 level. If bitcoin price fails to clear $9,000 and $9,200, it is likely to start a larger decline towards the $7,200 and $7,000 support levels in the coming days. Technical indicators: Hourly MACD \u2013 The MACD is now back in the bearish zone, with negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below 60 and it is likely to extend its decline. Major Support Levels \u2013 $8,460 followed by $8,300. Major Resistance Levels \u2013 $8,700, $8,800 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":411043,"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-411041","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>Here\u2019s Why Bitcoin Bulls Must Wait For Dip To $8.3K For Another Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin extended its rally above the $8,800 resistance against the US Dollar. 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