{"id":413195,"date":"2020-02-03T05:48:20","date_gmt":"2020-02-03T05:48:20","guid":{"rendered":"https:\/\/wncen.com\/?p=413195"},"modified":"2024-06-11T13:41:23","modified_gmt":"2024-06-11T13:41:23","slug":"bitcoin-defies-gravity-failed-head-and-shoulders-could-trigger-massive-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-defies-gravity-failed-head-and-shoulders-could-trigger-massive-rally\/","title":{"rendered":"Bitcoin Defies Gravity: Failed Head And Shoulders Could Trigger Massive Rally"},"content":{"rendered":"<p><em>Bitcoin price jumped above the $9,550 resistance to invalidate a key head and shoulders pattern against the US Dollar. It seems like BTC is primed for a massive rally above $10,000.<\/em><\/p>\n<ul>\n<li>Bitcoin bears failed to push the price below the main $9,150 support against the US Dollar.<\/li>\n<li>The bulls gained control, resulting in a fresh increase above $9,500.<\/li>\n<li>There is a connecting bullish trend line forming with support near $9,280 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>On the upside, the $9,500 and $9,580 levels hold the key for the next major rally.<\/li>\n<\/ul>\n<h2>Bitcoin Stuck In a Range<\/h2>\n<p>In yesterday\u2019s weekly analysis, we saw a <a href=\"https:\/\/wncen.com\/2020\/02\/02\/bitcoin-bulls-alert-inverse-head-shoulders-pattern-forming\/\" target=\"_blank\" rel=\"noopener noreferrer \">possible head and shoulders pattern<\/a> for bitcoin below $9,500 against the US Dollar. BTC declined below $9,300, but the bears failed to push the price below the main $9,150 support.<\/p>\n<p>As a result, the bulls regained control and pumped the price back above $9,400. Moreover, the price broke the $9,500 resistance and the 100 hourly simple moving average.<\/p>\n<p>A new 2020 high is formed near $9,609 before the price trimmed gains. It revisited the $9,250 area and a low is formed near $9,232. Bitcoin is currently climbing higher and trading above the 23.3% Fib retracement level of the recent drop from the $9,609 high to $9,232 low.<\/p>\n<p>Besides, there is a connecting bullish trend line forming with support near $9,280 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, it seems like the price is well supported on the downside near the $9,280 and $9,240 levels.<\/p>\n<figure id=\"attachment_413196\" aria-describedby=\"caption-attachment-413196\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-413196\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?resize=1828%2C868\" alt=\"Bitcoin price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-1.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-413196\" class=\"wp-caption-text\">Bitcoin price<\/figcaption><\/figure>\n<p>The main support is still near the $9,150 level, below which there is a risk of a larger downside correction to $8,800 or even $8,600.<\/p>\n<h2>Major Hurdle for BTC<\/h2>\n<p>The <a href=\"https:\/\/wncen.com\/2020\/01\/31\/are-bitcoin-bulls-giving-up-btc-shows-correction-signs\/\" target=\"_blank\" rel=\"noopener noreferrer \">$9,500 and $9,550 resistance levels<\/a> are very important. A successful close above the mentioned levels is must for upside continuation towards the $10,000 resistance area.<\/p>\n<p>Any further gains above the $10,000 handle may perhaps lead the price towards the $10,400 resistance level in the coming sessions. Conversely, if bitcoin continues to struggle near the $9,500 and $9,550 resistance levels, there is a risk of a strong decline below the $9,240 and $9,150 support levels in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising and it is just above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $9,240 followed by $9,150.<\/p>\n<p>Major Resistance Levels \u2013 $9,500, $9,550 and $10,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price jumped above the $9,550 resistance to invalidate a key head and shoulders pattern against the US Dollar. It seems like BTC is primed for a massive rally above $10,000. Bitcoin bears failed to push the price below the main $9,150 support against the US Dollar. The bulls gained control, resulting in a fresh increase above $9,500. There is a connecting bullish trend line forming with support near $9,280 on the hourly chart of the BTC\/USD pair (data feed from Kraken). On the upside, the $9,500 and $9,580 levels hold the key for the next major rally. Bitcoin Stuck In a Range In yesterday\u2019s weekly analysis, we saw a possible head and shoulders pattern for bitcoin below $9,500 against the US Dollar. BTC declined below $9,300, but the bears failed to push the price below the main $9,150 support. As a result, the bulls regained control and pumped the price back above $9,400. Moreover, the price broke the $9,500 resistance and the 100 hourly simple moving average. A new 2020 high is formed near $9,609 before the price trimmed gains. It revisited the $9,250 area and a low is formed near $9,232. Bitcoin is currently climbing higher and trading above the 23.3% Fib retracement level of the recent drop from the $9,609 high to $9,232 low. Besides, there is a connecting bullish trend line forming with support near $9,280 on the hourly chart of the BTC\/USD pair. Therefore, it seems like the price is well supported on the downside near the $9,280 and $9,240 levels. The main support is still near the $9,150 level, below which there is a risk of a larger downside correction to $8,800 or even $8,600. Major Hurdle for BTC The $9,500 and $9,550 resistance levels are very important. A successful close above the mentioned levels is must for upside continuation towards the $10,000 resistance area. Any further gains above the $10,000 handle may perhaps lead the price towards the $10,400 resistance level in the coming sessions. Conversely, if bitcoin continues to struggle near the $9,500 and $9,550 resistance levels, there is a risk of a strong decline below the $9,240 and $9,150 support levels in the near term. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising and it is just above the 50 level. Major Support Levels \u2013 $9,240 followed by $9,150. Major Resistance Levels \u2013 $9,500, $9,550 and $10,000.<\/p>\n","protected":false},"author":67,"featured_media":413197,"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-413195","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>Bitcoin Defies Gravity: Failed Head And Shoulders Could Trigger Massive Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price jumped above the $9,550 resistance to invalidate a key head and shoulders pattern. 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