{"id":420389,"date":"2020-04-10T03:48:03","date_gmt":"2020-04-10T03:48:03","guid":{"rendered":"https:\/\/wncen.com\/?p=420389"},"modified":"2024-06-11T13:47:19","modified_gmt":"2024-06-11T13:47:19","slug":"can-this-spark-bitcoin-btc-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/can-this-spark-bitcoin-btc-rally\/","title":{"rendered":"Can This Double Bottom Spark Bitcoin Rally Above $7,500?"},"content":{"rendered":"<p><em>Bitcoin is still struggling to clear the $7,400 and $7,500 resistances against the US Dollar. BTC price must stay above $7,080 to rally above $7,500. If not, it could decline heavily below $7,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading in a contracting range below the $7,400 resistance against the US Dollar.<\/li>\n<li>A crucial breakdown support is forming near the $7,080 level.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>It seems like there is likely a double bottom pattern forming near the $7,100 area.<\/li>\n<\/ul>\n<h2>Bitcoin Nearing Key Breakout<\/h2>\n<p>In the past few sessions, bitcoin price traded in a broad range below the $7,400 and $7,500 resistance levels against the US Dollar. BTC price declined recently below the $7,200 level, but losses were limited.<\/p>\n<p>The $7,080-$7,100 support area once again acted as a strong buy zone. More importantly, it seems like there is likely a double bottom pattern forming near the $7,100 area. A swing low is formed near $7,092 and the price climbed back above $7,300.<\/p>\n<p>The recent high was near $7,360 and the price is currently correcting lower below $7,300. There was a break below the 23.6% Fib retracement level of the recent wave from the $7,092 low to $7,360 high.<\/p>\n<p>Bitcoin is now testing the $7,220 area and the 100 hourly simple moving average. The 50% Fib retracement level of the recent wave from the $7,092 low to $7,360 high is also near the $7,226 level to act as a support.<\/p>\n<p>On the upside, the bulls are facing a strong resistance near the $7,400 level. There is also a major bearish trend line forming with resistance near $7,340 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_420390\" aria-describedby=\"caption-attachment-420390\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-420390\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-8.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-420390\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>If the highlighted double bottom pattern is valid, the price could break the trend line resistance and the $7,400 barrier. The main resistance is near the $7,500 level, above which the bulls are likely to aim $7,800 or $8,000.<\/p>\n<h2>Key Breakdown Support<\/h2>\n<p>On the downside, an initial support is near the $7,200 area. However, the key breakdown support for bitcoin is near the $7,080 level.<\/p>\n<p>If the bulls fail to protect the $7,080 support area, there is a risk of a downside break. The next support is near the $7,000 level, below which the bears are likely to aim a test of the $6,700 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is struggling to gain traction in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly moving below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,200 followed by $7,080.<\/p>\n<p>Major Resistance Levels \u2013 $7,340, $7,400 and $7,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is still struggling to clear the $7,400 and $7,500 resistances against the US Dollar. BTC price must stay above $7,080 to rally above $7,500. If not, it could decline heavily below $7,000. Bitcoin is trading in a contracting range below the $7,400 resistance against the US Dollar. A crucial breakdown support is forming near the $7,080 level. There is a major bearish trend line forming with resistance near $7,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken). It seems like there is likely a double bottom pattern forming near the $7,100 area. Bitcoin Nearing Key Breakout In the past few sessions, bitcoin price traded in a broad range below the $7,400 and $7,500 resistance levels against the US Dollar. BTC price declined recently below the $7,200 level, but losses were limited. The $7,080-$7,100 support area once again acted as a strong buy zone. More importantly, it seems like there is likely a double bottom pattern forming near the $7,100 area. A swing low is formed near $7,092 and the price climbed back above $7,300. The recent high was near $7,360 and the price is currently correcting lower below $7,300. There was a break below the 23.6% Fib retracement level of the recent wave from the $7,092 low to $7,360 high. Bitcoin is now testing the $7,220 area and the 100 hourly simple moving average. The 50% Fib retracement level of the recent wave from the $7,092 low to $7,360 high is also near the $7,226 level to act as a support. On the upside, the bulls are facing a strong resistance near the $7,400 level. There is also a major bearish trend line forming with resistance near $7,340 on the hourly chart of the BTC\/USD pair. If the highlighted double bottom pattern is valid, the price could break the trend line resistance and the $7,400 barrier. The main resistance is near the $7,500 level, above which the bulls are likely to aim $7,800 or $8,000. Key Breakdown Support On the downside, an initial support is near the $7,200 area. However, the key breakdown support for bitcoin is near the $7,080 level. If the bulls fail to protect the $7,080 support area, there is a risk of a downside break. The next support is near the $7,000 level, below which the bears are likely to aim a test of the $6,700 level. Technical indicators: Hourly MACD \u2013 The MACD is struggling to gain traction in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly moving below the 50 level. Major Support Levels \u2013 $7,200 followed by $7,080. Major Resistance Levels \u2013 $7,340, $7,400 and $7,500.<\/p>\n","protected":false},"author":67,"featured_media":420391,"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":[428,1119,1144],"class_list":["post-420389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Can This Double Bottom Spark Bitcoin Rally Above $7,500?<\/title>\n<meta name=\"description\" content=\"Bitcoin is still struggling to clear the $7,400 and $7,500 resistances. BTC must stay above $7,080 to rally above $7,500. 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BTC must stay above $7,080 to rally above $7,500. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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