{"id":411328,"date":"2020-01-17T05:12:12","date_gmt":"2020-01-17T05:12:12","guid":{"rendered":"https:\/\/wncen.com\/?p=411328"},"modified":"2024-06-11T13:40:38","modified_gmt":"2024-06-11T13:40:38","slug":"bitcoin-wont-go-down-quietly-newrally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-wont-go-down-quietly-newrally\/","title":{"rendered":"Sorry Bears, Bitcoin Won\u2019t Go Down Quietly And Here\u2019s Why It Could Rally"},"content":{"rendered":"<p><em>Bitcoin corrected lower below $8,700, but it found a strong support above $8,500 against the US Dollar. BTC price is currently rising and it could rally if it clears the $8,840-$8,900 resistance area.<\/em><\/p>\n<ul>\n<li>Bitcoin price might not go down quietly and it could rally above $8,800 against the US Dollar.<\/li>\n<li>The double top pattern is still valid unless the bulls clear the $8,900 resistance.<\/li>\n<li>There is a new breakout pattern forming with resistance near $8,825 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The main supports on the downside are near $8,580 and $8,500.<\/li>\n<\/ul>\n<h2>Bitcoin Bears Struggle To Gain Traction<\/h2>\n<p>Yesterday, we saw a downside correction in bitcoin after it was rejected near the $8,900 resistance against the US Dollar. BTC price declined below the $8,700 support level, but the bulls defended the $8,540 and $8,500 levels.<\/p>\n<p>The bears made many attempts to break the neckline support of the <a href=\"https:\/\/wncen.com\/2020\/01\/16\/bitcoin-forming-double-top-and-vulnerable-below-8500\/\" target=\"_blank\" rel=\"noopener noreferrer \">double top pattern<\/a> at $8,540, but they failed. As a result, the price started a decent increase and traded above the $8,700 resistance.<\/p>\n<p>Moreover, bitcoin climbed above the 50% Fib retracement level of the recent decline from the $8,866 high to $8,578 low. It is now approaching the $8,800 and $8,820 resistance levels.<\/p>\n<p>The 76.4% Fib retracement level of the recent decline from the $8,866 high to $8,578 low is also near $8,800. More importantly, there is a new breakout pattern forming with resistance near $8,825 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_411329\" aria-describedby=\"caption-attachment-411329\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-411329\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?resize=1828%2C868\" alt=\"Bitcoin price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Bitcoin-14.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-411329\" class=\"wp-caption-text\">Bitcoin price<\/figcaption><\/figure>\n<p>If the bulls manage to push the price above the triangle resistance and $8,840, there are <a href=\"https:\/\/wncen.com\/2020\/01\/15\/bitcoin-bulls-must-wait-for-dip-for-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">high chances of more upsides<\/a> above the $8,900 resistance. In the mentioned case, the double top pattern is likely to invalidate and the price might rally above $9,000 in the near term.<\/p>\n<h2>What If BTC Stays Below $8,900<\/h2>\n<p>If BTC price fails to climb above the triangle resistance and $8,840, it is likely to move down. The first key support is near the triangle at $8,640.<\/p>\n<p>If there is a downside break, the bears may perhaps aim a clear break below the key $8,540 and $8,500 support levels. If they succeed, the price is likely to decline towards $8,200.<\/p>\n<p>Overall, bitcoin bulls are giving a tough fight and it seems like a breakdown below the $8,540 and $8,500 support levels won\u2019t be easy.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is back above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,640 followed by $8,540.<\/p>\n<p>Major Resistance Levels \u2013 $8,825, $8,840 and $8,900.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin corrected lower below $8,700, but it found a strong support above $8,500 against the US Dollar. BTC price is currently rising and it could rally if it clears the $8,840-$8,900 resistance area. Bitcoin price might not go down quietly and it could rally above $8,800 against the US Dollar. The double top pattern is still valid unless the bulls clear the $8,900 resistance. There is a new breakout pattern forming with resistance near $8,825 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The main supports on the downside are near $8,580 and $8,500. Bitcoin Bears Struggle To Gain Traction Yesterday, we saw a downside correction in bitcoin after it was rejected near the $8,900 resistance against the US Dollar. BTC price declined below the $8,700 support level, but the bulls defended the $8,540 and $8,500 levels. The bears made many attempts to break the neckline support of the double top pattern at $8,540, but they failed. As a result, the price started a decent increase and traded above the $8,700 resistance. Moreover, bitcoin climbed above the 50% Fib retracement level of the recent decline from the $8,866 high to $8,578 low. It is now approaching the $8,800 and $8,820 resistance levels. The 76.4% Fib retracement level of the recent decline from the $8,866 high to $8,578 low is also near $8,800. More importantly, there is a new breakout pattern forming with resistance near $8,825 on the hourly chart of the BTC\/USD pair. If the bulls manage to push the price above the triangle resistance and $8,840, there are high chances of more upsides above the $8,900 resistance. In the mentioned case, the double top pattern is likely to invalidate and the price might rally above $9,000 in the near term. What If BTC Stays Below $8,900 If BTC price fails to climb above the triangle resistance and $8,840, it is likely to move down. The first key support is near the triangle at $8,640. If there is a downside break, the bears may perhaps aim a clear break below the key $8,540 and $8,500 support levels. If they succeed, the price is likely to decline towards $8,200. Overall, bitcoin bulls are giving a tough fight and it seems like a breakdown below the $8,540 and $8,500 support levels won\u2019t be easy. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is back above the 50 level. Major Support Levels \u2013 $8,640 followed by $8,540. Major Resistance Levels \u2013 $8,825, $8,840 and $8,900.<\/p>\n","protected":false},"author":67,"featured_media":411330,"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-411328","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>Sorry Bears, Bitcoin Won\u2019t Go Down Quietly And Here\u2019s Why It Could Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin corrected lower below $8,700, but it found a strong support above $8,500 against the US Dollar. 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