{"id":417340,"date":"2020-03-08T05:48:03","date_gmt":"2020-03-08T05:48:03","guid":{"rendered":"https:\/\/wncen.com\/?p=417340"},"modified":"2024-06-11T13:43:03","modified_gmt":"2024-06-11T13:43:03","slug":"bitcoin-just-reversed-and-8400-is-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-just-reversed-and-8400-is-imminent\/","title":{"rendered":"Bitcoin Just Reversed and $8,400 Is Imminent, Here&#8217;s Why"},"content":{"rendered":"<p><em>Bitcoin failed to continue above the $9,200 resistance and it is down more than 4% against the US Dollar. BTC is now trading in a bearish zone and it could slide further below $8,700.<\/em><\/p>\n<ul>\n<li>After forming a short term top near $9,211, bitcoin price declined sharply below $8,880.<\/li>\n<li>The price is now trading well below $9,000 and the 100 simple moving average (4-hours).<\/li>\n<li>There is a crucial bearish trend line forming with resistance near $9,122 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to extend its decline below the $8,700 and $8,600 levels in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Turns Bearish Again<\/h2>\n<p>This past week, bitcoin <a href=\"https:\/\/wncen.com\/2020\/03\/06\/bitcoin-btc-bulls-are-comfortable\/\" target=\"_blank\" rel=\"noopener noreferrer \">started a steady rise<\/a> above the $8,700 and $8,880 resistance levels against the US Dollar. BTC price gained traction and it even managed to climb above the key $9,000 resistance.<\/p>\n<p>However, the bulls faced a strong resistance near the $9,200 area and the 100 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $9,122 on the 4-hours <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_417341\" aria-describedby=\"caption-attachment-417341\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-417341\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-417341\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>It seems like bitcoin failed to clear the trend line, $9,200, and the 100 SMA. As a result, there was a sharp decline below the $9,000 support level. The price is down around 4% and it even declined below the 50% Fib retracement level of the upward move from the $8,402 low to $9,212 high.<\/p>\n<p>It is now trading below the $8,800 level and testing the 61.8% Fib retracement level of the upward move from the $8,402 low to $9,212 high.<\/p>\n<p>If the bulls fail to protect the <a href=\"https:\/\/wncen.com\/2020\/03\/05\/bitcoin-bullish-reversal-and-9k-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,700 support level<\/a>, there is a risk of another decline. An initial support is near the $8,600 level, below which there is a risk of a drop towards the $8,400 support area.<\/p>\n<h2>Upside Correction<\/h2>\n<p>If the $8,700 support remains intact, bitcoin price might correct higher above $8,800. An initial resistance on the upside is near the $8,950 level, above which the bulls could aim a break above the trend line.<\/p>\n<p>If there is a clear break above the trend line and the $9,200 resistance, the price might start a strong rally towards the $9,500 and $9,800 levels in the near term. Overall, the trend is now negative and the price might slide further towards $8,400.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is now gaining pace in the bearish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n<p>Major Support Level \u2013 $8,800<\/p>\n<p>Major Resistance Level \u2013 $9,200<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin failed to continue above the $9,200 resistance and it is down more than 4% against the US Dollar. BTC is now trading in a bearish zone and it could slide further below $8,700. After forming a short term top near $9,211, bitcoin price declined sharply below $8,880. The price is now trading well below $9,000 and the 100 simple moving average (4-hours). There is a crucial bearish trend line forming with resistance near $9,122 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to extend its decline below the $8,700 and $8,600 levels in the near term. Bitcoin Turns Bearish Again This past week, bitcoin started a steady rise above the $8,700 and $8,880 resistance levels against the US Dollar. BTC price gained traction and it even managed to climb above the key $9,000 resistance. However, the bulls faced a strong resistance near the $9,200 area and the 100 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $9,122 on the 4-hours chart of the BTC\/USD pair. It seems like bitcoin failed to clear the trend line, $9,200, and the 100 SMA. As a result, there was a sharp decline below the $9,000 support level. The price is down around 4% and it even declined below the 50% Fib retracement level of the upward move from the $8,402 low to $9,212 high. It is now trading below the $8,800 level and testing the 61.8% Fib retracement level of the upward move from the $8,402 low to $9,212 high. If the bulls fail to protect the $8,700 support level, there is a risk of another decline. An initial support is near the $8,600 level, below which there is a risk of a drop towards the $8,400 support area. Upside Correction If the $8,700 support remains intact, bitcoin price might correct higher above $8,800. An initial resistance on the upside is near the $8,950 level, above which the bulls could aim a break above the trend line. If there is a clear break above the trend line and the $9,200 resistance, the price might start a strong rally towards the $9,500 and $9,800 levels in the near term. Overall, the trend is now negative and the price might slide further towards $8,400. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is now gaining pace in the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Level \u2013 $8,800 Major Resistance Level \u2013 $9,200<\/p>\n","protected":false},"author":67,"featured_media":417342,"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-417340","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 Just Reversed and $8,400 Is Imminent, Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to continue above the $9,200 resistance and it is down more than 4%. 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