{"id":413351,"date":"2020-02-04T05:18:27","date_gmt":"2020-02-04T05:18:27","guid":{"rendered":"https:\/\/wncen.com\/?p=413351"},"modified":"2024-06-11T13:41:26","modified_gmt":"2024-06-11T13:41:26","slug":"bitcoin-breakdown-could-spark-vertical-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-breakdown-could-spark-vertical-drop\/","title":{"rendered":"Bitcoin Reaches Crucial Juncture: Breakdown Below This Level Could Spark Vertical Drop"},"content":{"rendered":"<p><em>Bitcoin price failed to continue above the $9,500 resistance and declined recently against the US Dollar. BTC could either bounce back from $9,150 or it might decline heavily.<\/em><\/p>\n<ul>\n<li>Bitcoin bulls are fighting hard to protect the key $9,200 and $9,150 support levels against the US Dollar.<\/li>\n<li>The price remains at a risk of a sharp decline if there is a break below $9,150.<\/li>\n<li>There is a declining channel forming with resistance near $9,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The bulls need to gain momentum above $9,500 to avoid a breakdown below $9,150.<\/li>\n<\/ul>\n<h2>Bitcoin Testing Key Support<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2020\/02\/03\/bitcoin-defies-gravity-failed-head-and-shoulders-could-trigger-massive-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">short term spike<\/a> in bitcoin above the $9,500 resistance against the US Dollar. BTC even climbed above the $9,600 level and traded to a new 2020 high at $9,609.<\/p>\n<p>However, the bulls failed to keep the price above the key $9,500 resistance. As a result, there was a fresh decline below the $9,400 level and the 100 hourly simple moving average.<\/p>\n<p>Bitcoin price even traded below the $9,300 level and tested the $9,200 support area. A low is formed near $9,223 and the price is currently consolidating above the $9,220 and $9,200 support levels.<\/p>\n<p>On the upside, an initial resistance is near the $9,320 level. Besides, the 23.3% Fib retracement level of the recent decline from the $9,609 high to $9,223 low is also near $9,320. More importantly, there is a declining channel forming with resistance near $9,320 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_413352\" aria-describedby=\"caption-attachment-413352\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-413352\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-2.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-413352\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>On the downside, there is a confluence of supports forming near the $9,200 level. If bitcoin fails to stay above the $9,200 and $9,150 support levels, there is a risk of a breakdown.<\/p>\n<p>In the mentioned case, the price is likely to slide below the $9,000 support area. The next major support is near the $8,800 level, where the bulls are likely to take a stand.<\/p>\n<h2>Chances of Upside Break?<\/h2>\n<p>To start a decent upward move, bitcoin must climb above $9,300 and the channel resistance. The next resistance is seen near the $9,420 level. It coincides with the 50% Fib retracement level of the recent decline from the $9,609 high to $9,223 low.<\/p>\n<p>A clear break above $9,420 and a close above the 100 hourly SMA might increase the <a href=\"https:\/\/wncen.com\/2020\/02\/02\/bitcoin-bulls-alert-inverse-head-shoulders-pattern-forming\/\" target=\"_blank\" rel=\"noopener noreferrer \">chances of upside continuation<\/a> above the $9,500 and $9,600 levels in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently sliding towards the 40 level.<\/p>\n<p>Major Support Levels \u2013 $9,200 followed by $9,150.<\/p>\n<p>Major Resistance Levels \u2013 $9,320, $9,420 and $9,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to continue above the $9,500 resistance and declined recently against the US Dollar. BTC could either bounce back from $9,150 or it might decline heavily. Bitcoin bulls are fighting hard to protect the key $9,200 and $9,150 support levels against the US Dollar. The price remains at a risk of a sharp decline if there is a break below $9,150. There is a declining channel forming with resistance near $9,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The bulls need to gain momentum above $9,500 to avoid a breakdown below $9,150. Bitcoin Testing Key Support Yesterday, we saw a short term spike in bitcoin above the $9,500 resistance against the US Dollar. BTC even climbed above the $9,600 level and traded to a new 2020 high at $9,609. However, the bulls failed to keep the price above the key $9,500 resistance. As a result, there was a fresh decline below the $9,400 level and the 100 hourly simple moving average. Bitcoin price even traded below the $9,300 level and tested the $9,200 support area. A low is formed near $9,223 and the price is currently consolidating above the $9,220 and $9,200 support levels. On the upside, an initial resistance is near the $9,320 level. Besides, the 23.3% Fib retracement level of the recent decline from the $9,609 high to $9,223 low is also near $9,320. More importantly, there is a declining channel forming with resistance near $9,320 on the hourly chart of the BTC\/USD pair. On the downside, there is a confluence of supports forming near the $9,200 level. If bitcoin fails to stay above the $9,200 and $9,150 support levels, there is a risk of a breakdown. In the mentioned case, the price is likely to slide below the $9,000 support area. The next major support is near the $8,800 level, where the bulls are likely to take a stand. Chances of Upside Break? To start a decent upward move, bitcoin must climb above $9,300 and the channel resistance. The next resistance is seen near the $9,420 level. It coincides with the 50% Fib retracement level of the recent decline from the $9,609 high to $9,223 low. A clear break above $9,420 and a close above the 100 hourly SMA might increase the chances of upside continuation above the $9,500 and $9,600 levels in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently sliding towards the 40 level. Major Support Levels \u2013 $9,200 followed by $9,150. Major Resistance Levels \u2013 $9,320, $9,420 and $9,500.<\/p>\n","protected":false},"author":67,"featured_media":413353,"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-413351","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 Reaches Crucial Juncture: Breakdown Below This Level Could Spark Vertical Drop<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to continue above the $9,500 resistance and declined recently against the US Dollar. 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