{"id":417703,"date":"2020-03-11T05:08:52","date_gmt":"2020-03-11T05:08:52","guid":{"rendered":"https:\/\/wncen.com\/?p=417703"},"modified":"2024-06-11T13:43:11","modified_gmt":"2024-06-11T13:43:11","slug":"do-or-die-for-bitcoin-bulls","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/do-or-die-for-bitcoin-bulls\/","title":{"rendered":"Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger Short Term Rebound"},"content":{"rendered":"
Bitcoin is facing a crucial resistance near $8,200 against the US Dollar (as discussed yesterday). BTC price could trade in a range for a few sessions before the next move.<\/em><\/p>\n Yesterday, we discussed the chances of a short term recovery<\/a> in bitcoin towards the $8,200 resistance area against the US Dollar. BTC price did start an upward move above the $8,000 and $8,100 levels.<\/p>\n However, the price failed to gain strength above the $8,180 and $8,200 resistance levels. A swing high was formed near $8,165 and the price remained well below the 100 hourly simple moving average.<\/p>\n It trimmed gains and tested the $7,700 support area. At the moment, bitcoin price seems to be trading in a contracting range below $8,000. The last swing high was near $8,034 before the price declined below the 23.6% Fib retracement level of the recent leg from the $7,728 low to $8,034 high.<\/p>\n On the downside, an initial support is near the $7,880 level. It is close to the 50% Fib retracement level of the recent leg from the $7,728 low to $8,034 high.<\/p>\n More importantly, there is a key contracting triangle forming with resistance near $7,950 on the hourly chart<\/a> of the BTC\/USD pair. If there is an upside break above the $7,950 and $8,000 levels, the price could make another attempt to surpass the main $8,200 resistance area in the near term.<\/p>\n\n
Bitcoin is Facing Hurdles<\/h2>\n