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{"id":414790,"date":"2020-02-16T05:48:23","date_gmt":"2020-02-16T05:48:23","guid":{"rendered":"https:\/\/wncen.com\/?p=414790"},"modified":"2024-06-11T13:42:01","modified_gmt":"2024-06-11T13:42:01","slug":"bitcoin-highly-bullish-despite-selloff","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-highly-bullish-despite-selloff\/","title":{"rendered":"Bitcoin Highly Bullish Despite Selloff; Here\u2019s What Could Propel it to $11,000"},"content":{"rendered":"

Bitcoin corrected lower sharply from the $10,500 resistance against the US Dollar. However, BTC is still above the key $9,800 support and it could soon rally again.<\/em><\/p>\n

\n
After trading to a new 2020 high, bitcoin price corrected lower from $10,507 against the US Dollar.<\/li>\n
The price declined below the $10,200 and $10,000 support levels.<\/li>\n
There is a key bullish trend line forming with support near $9,800 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is well supported above $9,800 and the 100 simple moving average (4-hours).<\/li>\n<\/ul>\n
Bitcoin Could Rally Again<\/h2>\n
This past week, bitcoin maintained a bullish bias above the $10,300 area<\/a> against the US Dollar. BTC price extended its rally towards the $10,500 level and settled above the 100 simple moving average (4-hours).<\/p>\n
Finally, the price traded to a new 2020 high at $10,507 before starting a downside correction. It seems like the price made a couple of attempts to gain pace above $10,500, but the bulls failed.<\/p>\n
As a result, there was a bearish reaction below the $10,400 and $10,300 levels. Besides, the price declined below the $10,200 support area. More importantly, there was a spike below the $10,000 support area.<\/p>\n
However, bitcoin found a strong support near $9,800 (the last breakout zone<\/a>) along with the 100 simple moving average (4-hours). A swing low is formed near $9,764 and the price is currently rising.<\/p>\n
Additionally, there is a key bullish trend line forming with support near $9,800 on the 4-hours chart<\/a> of the BTC\/USD pair. It is now trading above the 23.6% Fib retracement level of the recent correction from the $10,507 high to $9,764 low.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
On the upside, an initial hurdle for the bulls is near the $10,140 level. It coincides with the 50% Fib retracement level of the recent correction from the $10,507 high to $9,764 low.<\/p>\n
Therefore, a clear break above the $10,140 and $10,200 levels could open the doors for a larger upward move in the coming sessions. In the mentioned case, the bulls may perhaps eye a break above $10,500 and a test of the $11,000 area.<\/p>\n
More Downsides?<\/h2>\n
On the downside, the $9,800 support and the 100 simple moving average (4-hours) hold the key. If there is a daily close below the $9,800 support, bitcoin price may even struggle to stay above the $9,500 support.<\/p>\n
In the mentioned bearish case, the price is likely to extend its downside correction towards the $9,000 support area.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is losing pace in the bearish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 40 level.<\/p>\n
Major Support Level \u2013 $9,800<\/p>\n
Major Resistance Level \u2013 $10,200<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin corrected lower sharply from the $10,500 resistance against the US Dollar. However, BTC is still above the key $9,800 support and it could soon rally again. After trading to a new 2020 high, bitcoin price corrected lower from $10,507 against the US Dollar. The price declined below the $10,200 and $10,000 support levels. There is a key bullish trend line forming with support near $9,800 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is well supported above $9,800 and the 100 simple moving average (4-hours). Bitcoin Could Rally Again This past week, bitcoin maintained a bullish bias above the $10,300 area against the US Dollar. BTC price extended its rally towards the $10,500 level and settled above the 100 simple moving average (4-hours). Finally, the price traded to a new 2020 high at $10,507 before starting a downside correction. It seems like the price made a couple of attempts to gain pace above $10,500, but the bulls failed. As a result, there was a bearish reaction below the $10,400 and $10,300 levels. Besides, the price declined below the $10,200 support area. More importantly, there was a spike below the $10,000 support area. However, bitcoin found a strong support near $9,800 (the last breakout zone) along with the 100 simple moving average (4-hours). A swing low is formed near $9,764 and the price is currently rising. Additionally, there is a key bullish trend line forming with support near $9,800 on the 4-hours chart of the BTC\/USD pair. It is now trading above the 23.6% Fib retracement level of the recent correction from the $10,507 high to $9,764 low. On the upside, an initial hurdle for the bulls is near the $10,140 level. It coincides with the 50% Fib retracement level of the recent correction from the $10,507 high to $9,764 low. Therefore, a clear break above the $10,140 and $10,200 levels could open the doors for a larger upward move in the coming sessions. In the mentioned case, the bulls may perhaps eye a break above $10,500 and a test of the $11,000 area. More Downsides? On the downside, the $9,800 support and the 100 simple moving average (4-hours) hold the key. If there is a daily close below the $9,800 support, bitcoin price may even struggle to stay above the $9,500 support. In the mentioned bearish case, the price is likely to extend its downside correction towards the $9,000 support area. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is losing pace in the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 40 level. Major Support Level \u2013 $9,800 Major Resistance Level \u2013 $10,200<\/p>\n","protected":false},"author":67,"featured_media":414792,"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-414790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Highly Bullish Despite Selloff; Here\u2019s What Could Propel it to $11,000<\/title>\n<meta name=\"description\" content=\"Bitcoin corrected lower sharply from the $10,500 resistance. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Highly Bullish Despite Selloff; Here\u2019s What Could Propel it to $11,000","url":"http:\/\/wncen.com\/news\/bitcoin-highly-bullish-despite-selloff\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-highly-bullish-despite-selloff\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/shutterstock_1636650511.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/shutterstock_1636650511.jpg?fit=1000%2C615"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2020-02-16T05:48:23Z","datePublished":"2020-02-16T05:48:23Z","dateModified":"2024-06-11T13:42:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Highly Bullish Despite Selloff; Here\\u2019s What Could Propel it to $11,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-highly-bullish-despite-selloff\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-highly-bullish-despite-selloff\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/shutterstock_1636650511.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/shutterstock_1636650511.jpg?fit=1000%2C615\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2020-02-16T05:48:23Z\",\"datePublished\":\"2020-02-16T05:48:23Z\",\"dateModified\":\"2024-06-11T13:42:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/shutterstock_1636650511.jpg?fit=1000%2C615","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/414790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=414790"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/414790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/414792"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=414790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=414790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=414790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}