{"id":417128,"date":"2020-03-06T05:08:28","date_gmt":"2020-03-06T05:08:28","guid":{"rendered":"https:\/\/wncen.com\/?p=417128"},"modified":"2024-06-11T13:42:57","modified_gmt":"2024-06-11T13:42:57","slug":"bitcoin-btc-bulls-are-comfortable","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-bulls-are-comfortable\/","title":{"rendered":"Bitcoin Lacks Momentum Above $9k: Here&#8217;s Why Bulls Are Comfortable"},"content":{"rendered":"<p><em>Bitcoin finally managed to clear the $9,000 resistance zone against the US Dollar. BTC price must stay above the $8,950 and $8,860 support levels to continue higher in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading in a positive zone above the $8,950 and $9,000 levels against the US Dollar.<\/li>\n<li>The price traded as high as $9,172 and it is currently correcting lower.<\/li>\n<li>There is a key bullish trend line forming with support near $8,860 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct a few points, but it is likely to bounce back from $8,950 or $8,860.<\/li>\n<\/ul>\n<h2>Bitcoin Struggling To Gain Pace<\/h2>\n<p>After many failed attempts, bitcoin finally managed to pop above the <a href=\"https:\/\/wncen.com\/2020\/03\/05\/bitcoin-bullish-reversal-and-9k-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,950 and $9,000 resistance levels<\/a> against the US Dollar. BTC price settled nicely above the $9,000 level and the 100 hourly simple moving average.<\/p>\n<p>A new weekly high is formed near $9,172 and the price is currently correcting lower. The current technical structure suggests that the price is lacking strength above $9,000.<\/p>\n<p>It declined below the 23.6% Fib retracement level of the upward move from the $8,670 low to $9,172 high. However, the bulls need not to worry just yet as there are many supports on the downside near the $9,000 and $8,950 levels.<\/p>\n<p>The first key support is near the $8,950 level (the recent breakout zone). The next <a href=\"https:\/\/wncen.com\/2020\/03\/04\/fed-cut-triggered-bullish-bitcoin-reversal\/\" target=\"_blank\" rel=\"noopener noreferrer \">key support<\/a> is near the $8,920 level. It coincides with the 50% Fib retracement level of the upward move from the $8,670 low to $9,172 high.<\/p>\n<p>More importantly, there is key bullish trend line forming with support near $8,860 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of the BTC\/USD pair. If bitcoin price slides below the $9,000 and $8,950 support levels, there are high chances of it finding a strong buying interest near the trend line and the 100 hourly SMA.<\/p>\n<figure id=\"attachment_417129\" aria-describedby=\"caption-attachment-417129\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-417129\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-5.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-417129\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>On the upside, an initial resistance is near the $9,100 level. The first major barrier for the bulls is near the $9,200 level, above which they are likely to aim a test of the main $9,500 resistance area.<\/p>\n<h2>Chances of Downside Break<\/h2>\n<p>The trend line support near $8,860 and the 100 hourly simple moving average are very important for the current wave. If bitcoin price slides below the trend line, there is a risk of a fresh bearish wave below $8,800.<\/p>\n<p>The key support below $8,800 is near the $8,700 level. Any further losses could open the gates for a push towards the $8,500 level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,950 followed by $8,860.<\/p>\n<p>Major Resistance Levels \u2013 $9,100, $9,200 and $9,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin finally managed to clear the $9,000 resistance zone against the US Dollar. BTC price must stay above the $8,950 and $8,860 support levels to continue higher in the near term. Bitcoin is trading in a positive zone above the $8,950 and $9,000 levels against the US Dollar. The price traded as high as $9,172 and it is currently correcting lower. There is a key bullish trend line forming with support near $8,860 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct a few points, but it is likely to bounce back from $8,950 or $8,860. Bitcoin Struggling To Gain Pace After many failed attempts, bitcoin finally managed to pop above the $8,950 and $9,000 resistance levels against the US Dollar. BTC price settled nicely above the $9,000 level and the 100 hourly simple moving average. A new weekly high is formed near $9,172 and the price is currently correcting lower. The current technical structure suggests that the price is lacking strength above $9,000. It declined below the 23.6% Fib retracement level of the upward move from the $8,670 low to $9,172 high. However, the bulls need not to worry just yet as there are many supports on the downside near the $9,000 and $8,950 levels. The first key support is near the $8,950 level (the recent breakout zone). The next key support is near the $8,920 level. It coincides with the 50% Fib retracement level of the upward move from the $8,670 low to $9,172 high. More importantly, there is key bullish trend line forming with support near $8,860 on the hourly chart of the BTC\/USD pair. If bitcoin price slides below the $9,000 and $8,950 support levels, there are high chances of it finding a strong buying interest near the trend line and the 100 hourly SMA. On the upside, an initial resistance is near the $9,100 level. The first major barrier for the bulls is near the $9,200 level, above which they are likely to aim a test of the main $9,500 resistance area. Chances of Downside Break The trend line support near $8,860 and the 100 hourly simple moving average are very important for the current wave. If bitcoin price slides below the trend line, there is a risk of a fresh bearish wave below $8,800. The key support below $8,800 is near the $8,700 level. Any further losses could open the gates for a push towards the $8,500 level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 50 level. Major Support Levels \u2013 $8,950 followed by $8,860. Major Resistance Levels \u2013 $9,100, $9,200 and $9,500.<\/p>\n","protected":false},"author":67,"featured_media":417130,"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-417128","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 Lacks Momentum Above $9k: Here&#039;s Why Bulls Are Comfortable<\/title>\n<meta name=\"description\" content=\"Bitcoin finally managed to clear the $9,000 resistance zone. 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