{"id":418503,"date":"2020-03-18T05:08:18","date_gmt":"2020-03-18T05:08:18","guid":{"rendered":"https:\/\/wncen.com\/?p=418503"},"modified":"2024-06-11T13:46:31","modified_gmt":"2024-06-11T13:46:31","slug":"bitcoin-bears-must-wait-for-6k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bears-must-wait-for-6k\/","title":{"rendered":"Here&#8217;s Why Bitcoin Bears Must Wait for $6K Considering A Correction Is Due"},"content":{"rendered":"<p><em>Bitcoin is showing signs of a decent recovery above $5,000 against the US Dollar. BTC price could recover further towards the $6,000 resistance, where the bears are likely to take a stand.<\/em><\/p>\n<ul>\n<li>Bitcoin is slowly rising and it is trading nicely above $5,200 against the US Dollar.<\/li>\n<li>A break above $5,600 is likely to lead the price towards the $6,000 resistance.<\/li>\n<li>There is a short term contracting triangle forming with resistance near $5,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could test the $6,000 resistance area, which is a major hurdle for more upsides.<\/li>\n<\/ul>\n<h2>Bitcoin Could Test and Fail Near $6,000<\/h2>\n<p>After a short term downside correction, bitcoin found support near the $4,350 area against the US Dollar. BTC price recovered in the past few sessions and climbed back above the $5,000 resistance level.<\/p>\n<p>The <a href=\"https:\/\/wncen.com\/2020\/03\/17\/bitcoin-btc-aim-run-towards-6000\/\" target=\"_blank\" rel=\"noopener noreferrer \">recent recovery was positive<\/a> since the price was able to clear the 50% Fib retracement level of the key drop from the $6,000 swing high to $4,333 low. The bulls were able to push the price above the $5,200 resistance and the 100 hourly simple moving average.<\/p>\n<p>Bitcoin is now trading in a positive zone above the $5,350 level. An initial resistance on the upside is near the $5,600 level. More importantly, there is a short term contracting triangle forming with resistance near $5,600 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_418504\" aria-describedby=\"caption-attachment-418504\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-418504\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-15.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-418504\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The triangle resistance is close to the 76.4% Fib retracement level of the key drop from the $6,000 swing high to $4,333 low. Therefore, a clear break above the $5,600 resistance could open the doors for a push towards the $6,000 level.<\/p>\n<p>Any further gains could lead the price towards the $6,395 level. It represents the 1.236 Fib extension level of the key drop from the $6,000 swing high to $4,333 low.<\/p>\n<h2>Recovery Remains Capped<\/h2>\n<p>If bitcoin corrects higher, it is likely to face hurdles near the $6,000 resistance zone. The bears are likely to take a strong stand near $6,000 and $6,050.<\/p>\n<p>The <a href=\"https:\/\/wncen.com\/2020\/03\/15\/bitcoin-trading-near-make-or-break-levels\/\" target=\"_blank\" rel=\"noopener noreferrer \">main hurdle is near the $6,400 and $6,500 levels<\/a>, above which the bulls are likely to have an upper hand. If they fail to lead the price above $6,000 and $6,500, there are high chances of another bearish wave in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising and it is above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $5,200 followed by $5,000.<\/p>\n<p>Major Resistance Levels \u2013 $5,600, $5,950 and $6,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is showing signs of a decent recovery above $5,000 against the US Dollar. BTC price could recover further towards the $6,000 resistance, where the bears are likely to take a stand. Bitcoin is slowly rising and it is trading nicely above $5,200 against the US Dollar. A break above $5,600 is likely to lead the price towards the $6,000 resistance. There is a short term contracting triangle forming with resistance near $5,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could test the $6,000 resistance area, which is a major hurdle for more upsides. Bitcoin Could Test and Fail Near $6,000 After a short term downside correction, bitcoin found support near the $4,350 area against the US Dollar. BTC price recovered in the past few sessions and climbed back above the $5,000 resistance level. The recent recovery was positive since the price was able to clear the 50% Fib retracement level of the key drop from the $6,000 swing high to $4,333 low. The bulls were able to push the price above the $5,200 resistance and the 100 hourly simple moving average. Bitcoin is now trading in a positive zone above the $5,350 level. An initial resistance on the upside is near the $5,600 level. More importantly, there is a short term contracting triangle forming with resistance near $5,600 on the hourly chart of the BTC\/USD pair. The triangle resistance is close to the 76.4% Fib retracement level of the key drop from the $6,000 swing high to $4,333 low. Therefore, a clear break above the $5,600 resistance could open the doors for a push towards the $6,000 level. Any further gains could lead the price towards the $6,395 level. It represents the 1.236 Fib extension level of the key drop from the $6,000 swing high to $4,333 low. Recovery Remains Capped If bitcoin corrects higher, it is likely to face hurdles near the $6,000 resistance zone. The bears are likely to take a strong stand near $6,000 and $6,050. The main hurdle is near the $6,400 and $6,500 levels, above which the bulls are likely to have an upper hand. If they fail to lead the price above $6,000 and $6,500, there are high chances of another bearish wave in the near term. Technical indicators: Hourly MACD \u2013 The MACD is about to move into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising and it is above the 50 level. Major Support Levels \u2013 $5,200 followed by $5,000. Major Resistance Levels \u2013 $5,600, $5,950 and $6,000.<\/p>\n","protected":false},"author":67,"featured_media":418505,"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-418503","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>Here&#039;s Why Bitcoin Bears Must Wait for $6K Considering A Correction Is Due<\/title>\n<meta name=\"description\" content=\"Bitcoin is showing signs of a decent recovery above $5,000 against the US Dollar. 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