{"id":417063,"date":"2020-03-05T23:00:03","date_gmt":"2020-03-05T23:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=417063"},"modified":"2024-06-11T13:42:55","modified_gmt":"2024-06-11T13:42:55","slug":"heres-the-line-in-the-sand-that-will-mark-a-major-turning-point-for-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/heres-the-line-in-the-sand-that-will-mark-a-major-turning-point-for-bitcoin\/","title":{"rendered":"Here\u2019s the \u201cLine in the Sand\u201d That Will Mark a Major Turning Point for Bitcoin"},"content":{"rendered":"<p>Bitcoin bulls were able to propel the cryptocurrency past a key resistance level overnight, with BTC rallying up to highs of $9,200 before meeting some resistance that has since led it to dip slightly lower.<\/p>\n<p>It now appears that BTC is in the process of testing a key resistance level that marks a \u201cline in the sand,&#8221; with its reaction to this level setting the tone for where it trends in the year ahead.<\/p>\n<p>Technical analysis seems to suggest that the cryptocurrency is on the cusp of seeing significantly further momentum, which could mean that this critical resistance region will soon be decisively broken above.<\/p>\n<h2><strong>Bitcoin Rallies Past $9,000 as Technical Strength Grows<\/strong><\/h2>\n<p>Over the past few days, <a href=\"https:\/\/wncen.com\/2020\/02\/12\/new-bitcoin-all-time-high\/\">Bitcoin<\/a> had been caught within a firm bout of rangebound trading, which had led the <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">cryptocurrency<\/a> to trading between highs of $8,900 and lows of $8,400 for several days.<\/p>\n<p>Today\u2019s upwards movement marks a bullish resolution to this bout of sideways trading and may suggest that the crypto will see further upwards momentum due to the technical strength that was generated as a result of this upwards break.<\/p>\n<p>Rob Sluymer \u2013 a veteran institutional analyst \u2013 spoke about Bitcoin in a recent tweet, explaining that this recent rally is \u201cimportant\u201d because it comes close on the heels of a retracement to a key level.<\/p>\n<blockquote><p>\u201cBTC looks to be making a potentially important turn to the upside after: 1) Stalling, yet again, at resistance between a 50-62% retracement of the 2H 2019 rally 2) Retracing 50% of the December-February rally back to a support band between 8.1-8.4K with daily RSI bottoming,\u201d he explained while pointing to the below charts.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> looks to be making a potentially important turn to the upside after: <\/p>\n<p>1) Stalling, yet again, at resistance between a 50-62% retracement of the 2H 2019 rally<\/p>\n<p>2) Retracing 50% of the December-February rally back to a support band between 8.1-8.4K with daily RSI bottoming <a href=\"https:\/\/t.co\/QAtixsNo0r\" rel=\"nofollow\">pic.twitter.com\/QAtixsNo0r<\/a><\/p>\n<p>&mdash; Robert Sluymer (@rsluymer) <a href=\"https:\/\/twitter.com\/rsluymer\/status\/99491843?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 5, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>BTC is Pushing Against a Key \u201cLine in the Sand\u201d<\/strong><\/h2>\n<p>This potentially bullish bounce following Bitcoin\u2019s <a href=\"https:\/\/wncen.com\/2020\/02\/22\/economist-this-strange-occurrence-suggests-the-bitcoin-bottom-is-in\/\">intense retracement<\/a> is leading the cryptocurrency up against a critical resistance level, with its reaction to this level setting the tone for where it trends in the weeks and months ahead.<\/p>\n<p>Big Chonis, a well-respected analyst on Twitter, spoke about this level in a recent tweet, explaining that it is still acting as major resistance.<\/p>\n<blockquote><p>\u201cBTC &#8211; another backtest of this level of previous major support still acting as resistance&#8230; if there was ever a \u2018line in the sand\u2019 it\u2019s around this level&#8230;bitcoin daily chart,\u201d he explained.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> &#8211; another backtest of this level of previous major support still acting as resistance&#8230; if there was ever a \u201cline in the sand\u201d it\u2019s around this level&#8230;<a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> daily chart <a href=\"https:\/\/t.co\/IQebJsLC5Y\" rel=\"nofollow\">pic.twitter.com\/IQebJsLC5Y<\/a><\/p>\n<p>&mdash; BIG Chonis (@BigChonis) <a href=\"https:\/\/twitter.com\/BigChonis\/status\/73370881?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 5, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>If Bitcoin is able to decisively break above this level, it could give the <a href=\"https:\/\/wncen.com\/2020\/03\/02\/bitcoin-hashrate-races-to-all-time-highs-as-btc-shows-signs-of-vitality\/\">benchmark crypto<\/a> room to post a significant rally.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin bulls were able to propel the cryptocurrency past a key resistance level overnight, with BTC rallying up to highs of $9,200 before meeting some resistance that has since led it to dip slightly lower. It now appears that BTC is in the process of testing a key resistance level that marks a \u201cline in the sand,&#8221; with its reaction to this level setting the tone for where it trends in the year ahead. Technical analysis seems to suggest that the cryptocurrency is on the cusp of seeing significantly further momentum, which could mean that this critical resistance region will soon be decisively broken above. Bitcoin Rallies Past $9,000 as Technical Strength Grows Over the past few days, Bitcoin had been caught within a firm bout of rangebound trading, which had led the cryptocurrency to trading between highs of $8,900 and lows of $8,400 for several days. Today\u2019s upwards movement marks a bullish resolution to this bout of sideways trading and may suggest that the crypto will see further upwards momentum due to the technical strength that was generated as a result of this upwards break. Rob Sluymer \u2013 a veteran institutional analyst \u2013 spoke about Bitcoin in a recent tweet, explaining that this recent rally is \u201cimportant\u201d because it comes close on the heels of a retracement to a key level. \u201cBTC looks to be making a potentially important turn to the upside after: 1) Stalling, yet again, at resistance between a 50-62% retracement of the 2H 2019 rally 2) Retracing 50% of the December-February rally back to a support band between 8.1-8.4K with daily RSI bottoming,\u201d he explained while pointing to the below charts. $BTC looks to be making a potentially important turn to the upside after: 1) Stalling, yet again, at resistance between a 50-62% retracement of the 2H 2019 rally 2) Retracing 50% of the December-February rally back to a support band between 8.1-8.4K with daily RSI bottoming pic.twitter.com\/QAtixsNo0r &mdash; Robert Sluymer (@rsluymer) March 5, 2020 BTC is Pushing Against a Key \u201cLine in the Sand\u201d This potentially bullish bounce following Bitcoin\u2019s intense retracement is leading the cryptocurrency up against a critical resistance level, with its reaction to this level setting the tone for where it trends in the weeks and months ahead. Big Chonis, a well-respected analyst on Twitter, spoke about this level in a recent tweet, explaining that it is still acting as major resistance. \u201cBTC &#8211; another backtest of this level of previous major support still acting as resistance&#8230; if there was ever a \u2018line in the sand\u2019 it\u2019s around this level&#8230;bitcoin daily chart,\u201d he explained. $BTC &#8211; another backtest of this level of previous major support still acting as resistance&#8230; if there was ever a \u201cline in the sand\u201d it\u2019s around this level&#8230;#bitcoin daily chart pic.twitter.com\/IQebJsLC5Y &mdash; BIG Chonis (@BigChonis) March 5, 2020 If Bitcoin is able to decisively break above this level, it could give the benchmark crypto room to post a significant rally. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":417066,"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],"tags":[428,1119,6664],"class_list":["post-417063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Here\u2019s the \u201cLine in the Sand\u201d That Will Mark a Major Turning Point for Bitcoin<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) is testing a key resistance level that marks a \u201cline in the sand,\u201d with its reaction to this level setting the tone for the year ahead.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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