{"id":411742,"date":"2020-01-21T01:00:52","date_gmt":"2020-01-21T01:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=411742"},"modified":"2024-06-11T13:40:48","modified_gmt":"2024-06-11T13:40:48","slug":"bitcoin-just-closed-beneath-this-key-level-and-it-isnt-good-for-bulls","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-just-closed-beneath-this-key-level-and-it-isnt-good-for-bulls\/","title":{"rendered":"Bitcoin Just Closed Beneath This Key Level and It Isn\u2019t Good for Bulls"},"content":{"rendered":"

Bitcoin has had a rocky past few days, surging to highs of $9,200 this past Saturday before meeting insurmountable resistance that has sparked a short-term downtrend. This downtrend has led BTC into the mid-$8,000 region, but the losses may not end here.<\/p>\n

One analyst is now noting that Bitcoin recently closed beneath a key technical resistance line, which may signal that it will ultimately make a move down to its key support within the lower-$8,000 region.<\/p>\n

Bitcoin Struggles to Build Upwards Momentum as the Case for Further Bullishness Weakens<\/strong>\u00a0<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down marginally at its current price of $8,650, which marks a slight decline from daily highs of just under $8,800.<\/p>\n

It is important to note that Bitcoin has been able to bounce at $8,500 on multiple occasions over the past couple of days, signaling that this region could be a demand zone for the cryptocurrency in the near-term.<\/p>\n

In spite of this, BTC\u2019s recent rejection at $9,200 has damaged the cryptocurrency\u2019s near-term technical strength, potentially signaling that it will continue dropping lower before it finds enough support to catalyze its next uptrend.<\/p>\n

HornHairs, a popular cryptocurrency analyst on Twitter, believes that BTC could drop as low as the last weekly open at roughly $8,200 before it finds any meaningful support.<\/p>\n

\u201cBack in the lab, plans for the day: Play the sweep of either side of the current range created by this initial bounce, or short the breakdown back to last week’s open. Eye’s on the blue boxes as inefficient moves in which mostly one side is filled are typically retraced,\u201d he noted while referencing the levels seen on the below chart.<\/p><\/blockquote>\n

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$BTC<\/a><\/p>\n

Back in the lab, plans for the day:<\/p>\n

Play the sweep of either side of the current range created by this initial bounce, or short the breakdown back to last week's open.<\/p>\n

Eye's on the blue boxes as inefficient moves in which mostly one side is filled are typically retraced. pic.twitter.com\/gIvpZ3se79<\/a><\/p>\n

— HornHairs \ud83c\udf0a (@CryptoHornHairs) January 20, 2020<\/a><\/p><\/blockquote>\n