{"id":417599,"date":"2020-03-10T05:08:23","date_gmt":"2020-03-10T05:08:23","guid":{"rendered":"https:\/\/wncen.com\/?p=417599"},"modified":"2024-06-11T13:43:09","modified_gmt":"2024-06-11T13:43:09","slug":"bitcoin-to-8200-where-bears-are-waiting","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-to-8200-where-bears-are-waiting\/","title":{"rendered":"This Pattern Could Send Bitcoin To $8,200 Where Bears Are Waiting"},"content":{"rendered":"<p><em>Bitcoin is currently correcting higher from the $7,638 monthly low against the US Dollar. BTC price could correct higher towards the $8,200 resistance area, where the bears are likely to appear.<\/em><\/p>\n<ul>\n<li>Bitcoin is showing a few recovery signs above the $7,800 level against the US Dollar.<\/li>\n<li>The price is currently forming a rounding pattern, which could lead the price towards $8,200.<\/li>\n<li>There was a break above a declining channel with resistance near $7,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to face a strong selling interest near the $8,200 and $8,220 levels.<\/li>\n<\/ul>\n<h2>Bitcoin Sighting Short Term Recovery<\/h2>\n<p>In the past few sessions, there was a <a href=\"https:\/\/wncen.com\/2020\/03\/08\/bitcoin-just-reversed-and-8400-is-imminent\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp decline<\/a> in bitcoin from well above the $8,200 level against the US Dollar. BTC price even broke the $8,000 support level and settled well below the 100 hourly simple moving average.<\/p>\n<p>A new monthly low is formed near $7,638 and the price is currently correcting higher. It surpassed the $7,800 and $7,850 resistance levels. More importantly, there was a break above a declining channel with resistance near $7,800 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_417600\" aria-describedby=\"caption-attachment-417600\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-417600\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-417600\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The pair is now trading just above the 23.6% Fib retracement level of the recent drop from the $8,755 high to $7,638 low. It seems like bitcoin is forming a rounding bottom pattern, which might spark a short term recovery.<\/p>\n<p>The pattern resistance is near the $7,980 and $8,000 levels. A successful break above the $8,000 resistance is likely to send the price towards the main $8,200 resistance level, where the bears are waiting.<\/p>\n<p>The 50% Fib retracement level of the recent drop from the $8,755 high to $7,638 low is also near the $8,200 area to act as a major hurdle for the bulls. Therefore, the price must settle above $8,200 to start a fresh increase towards the $8,500 and $8,650 levels.<\/p>\n<h2>Chances of More Losses<\/h2>\n<p>On the upside, bitcoin is facing two key resistances &#8211; $8,000 and $8,200. If it fails to clear either of them, there is a risk of more losses below the $7,800 level.<\/p>\n<p>An initial support is near the $7,640 level, below which the bears are likely to aim a test of the main $7,500 support area (as <a href=\"https:\/\/wncen.com\/2020\/03\/09\/bitcoin-just-broke-8k-here-are-important-supports\/\" target=\"_blank\" rel=\"noopener noreferrer \">discussed in yesterday\u2019s analysis using the daily chart<\/a>).<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now moving slowly in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is likely to move above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,800 followed by $7,640.<\/p>\n<p>Major Resistance Levels \u2013 $8,000, $8,200 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is currently correcting higher from the $7,638 monthly low against the US Dollar. BTC price could correct higher towards the $8,200 resistance area, where the bears are likely to appear. Bitcoin is showing a few recovery signs above the $7,800 level against the US Dollar. The price is currently forming a rounding pattern, which could lead the price towards $8,200. There was a break above a declining channel with resistance near $7,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to face a strong selling interest near the $8,200 and $8,220 levels. Bitcoin Sighting Short Term Recovery In the past few sessions, there was a sharp decline in bitcoin from well above the $8,200 level against the US Dollar. BTC price even broke the $8,000 support level and settled well below the 100 hourly simple moving average. A new monthly low is formed near $7,638 and the price is currently correcting higher. It surpassed the $7,800 and $7,850 resistance levels. More importantly, there was a break above a declining channel with resistance near $7,800 on the hourly chart of the BTC\/USD pair. The pair is now trading just above the 23.6% Fib retracement level of the recent drop from the $8,755 high to $7,638 low. It seems like bitcoin is forming a rounding bottom pattern, which might spark a short term recovery. The pattern resistance is near the $7,980 and $8,000 levels. A successful break above the $8,000 resistance is likely to send the price towards the main $8,200 resistance level, where the bears are waiting. The 50% Fib retracement level of the recent drop from the $8,755 high to $7,638 low is also near the $8,200 area to act as a major hurdle for the bulls. Therefore, the price must settle above $8,200 to start a fresh increase towards the $8,500 and $8,650 levels. Chances of More Losses On the upside, bitcoin is facing two key resistances &#8211; $8,000 and $8,200. If it fails to clear either of them, there is a risk of more losses below the $7,800 level. An initial support is near the $7,640 level, below which the bears are likely to aim a test of the main $7,500 support area (as discussed in yesterday\u2019s analysis using the daily chart). Technical indicators: Hourly MACD \u2013 The MACD is now moving slowly in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is likely to move above the 50 level. Major Support Levels \u2013 $7,800 followed by $7,640. Major Resistance Levels \u2013 $8,000, $8,200 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":417601,"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-417599","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>This Pattern Could Send Bitcoin To $8,200 Where Bears Are Waiting<\/title>\n<meta name=\"description\" content=\"Bitcoin is currently correcting higher from the $7,638 monthly low. 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