{"id":420840,"date":"2020-04-15T03:38:03","date_gmt":"2020-04-15T03:38:03","guid":{"rendered":"https:\/\/wncen.com\/?p=420840"},"modified":"2024-06-11T13:47:30","modified_gmt":"2024-06-11T13:47:30","slug":"bitcoin-btc-showing-signs-of-recovery","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-showing-signs-of-recovery\/","title":{"rendered":"Bitcoin Showing Signs of Recovery But This Trend Line Could Be Game Changer"},"content":{"rendered":"<p><em>Bitcoin is showing a few recovery signs above the $6,760 support against the US Dollar. However, BTC price is still trading below a key bearish trend line and $7,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is currently correcting higher and trading above $6,800 against the US Dollar.<\/li>\n<li>The bulls are showing a lot of resilience above $6,600, but the price is still facing many hurdles.<\/li>\n<li>This week\u2019s key bearish trend line is active with resistance near $7,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must gain strength above $7,000 and $7,040 to continue higher in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Approaching Key Resistance<\/h2>\n<p>In the past three sessions, bitcoin bulls remained active above the $6,600 and $6,700 levels against the US Dollar. BTC price managed to settle above the $6,760 pivot zone and recently settled above the <a href=\"https:\/\/wncen.com\/2020\/04\/14\/bitcoin-lacks-momentum-above-100-sma\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>There was a close above the 50% Fib retracement level of the main decline from the $7,218 swing high to $6,557 swing low. The price made an attempt to climb above the $6,950 and $7,000 resistance levels, but it failed.<\/p>\n<p>It seems like the 61.8% Fib retracement level of the main decline from the $7,218 swing high to $6,557 swing low is acting as a strong resistance. More importantly, this week\u2019s key bearish trend line is active with resistance near $7,040 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_420841\" aria-describedby=\"caption-attachment-420841\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-420841\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-420841\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Bitcoin is clearly facing a couple of key hurdles near $6,950 and $7,040. A successful break above the trend line resistance could lead the price towards the main $7,200 resistance area.<\/p>\n<p>If the bulls are able to clear the $7,200 resistance area, there are high chances of a <a href=\"https:\/\/wncen.com\/2020\/04\/12\/bitcoin-100-sma-produce-new-rally\/\" target=\"_blank\" rel=\"noopener \">strong rise<\/a> in the coming sessions. The next major resistances are near $7,500 and $7,660.<\/p>\n<h2>Downside Reaction<\/h2>\n<p>If bitcoin struggles to clear the $6,950 and $7,040 resistance levels, there might be a bearish reaction. On the downside, an initial support is near the $6,750-$6,760 zone.<\/p>\n<p>If the bulls fail to protect the $6,750-$6,760 support zone, the bears are likely to take control. In the mentioned bearish case, the price is likely to slide back towards the $6,560 zone in the near term. Any further losses may perhaps call for a test of the $6,200 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $6,760 followed by $6,560.<\/p>\n<p>Major Resistance Levels \u2013 $6,950, $7,040 and $7,200.<\/p>\n<p><em><span style=\"text-decoration: underline\">Image from unsplash<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is showing a few recovery signs above the $6,760 support against the US Dollar. However, BTC price is still trading below a key bearish trend line and $7,000. Bitcoin is currently correcting higher and trading above $6,800 against the US Dollar. The bulls are showing a lot of resilience above $6,600, but the price is still facing many hurdles. This week\u2019s key bearish trend line is active with resistance near $7,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must gain strength above $7,000 and $7,040 to continue higher in the near term. Bitcoin Approaching Key Resistance In the past three sessions, bitcoin bulls remained active above the $6,600 and $6,700 levels against the US Dollar. BTC price managed to settle above the $6,760 pivot zone and recently settled above the 100 hourly simple moving average. There was a close above the 50% Fib retracement level of the main decline from the $7,218 swing high to $6,557 swing low. The price made an attempt to climb above the $6,950 and $7,000 resistance levels, but it failed. It seems like the 61.8% Fib retracement level of the main decline from the $7,218 swing high to $6,557 swing low is acting as a strong resistance. More importantly, this week\u2019s key bearish trend line is active with resistance near $7,040 on the hourly chart of the BTC\/USD pair. Bitcoin is clearly facing a couple of key hurdles near $6,950 and $7,040. A successful break above the trend line resistance could lead the price towards the main $7,200 resistance area. If the bulls are able to clear the $7,200 resistance area, there are high chances of a strong rise in the coming sessions. The next major resistances are near $7,500 and $7,660. Downside Reaction If bitcoin struggles to clear the $6,950 and $7,040 resistance levels, there might be a bearish reaction. On the downside, an initial support is near the $6,750-$6,760 zone. If the bulls fail to protect the $6,750-$6,760 support zone, the bears are likely to take control. In the mentioned bearish case, the price is likely to slide back towards the $6,560 zone in the near term. Any further losses may perhaps call for a test of the $6,200 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level. Major Support Levels \u2013 $6,760 followed by $6,560. Major Resistance Levels \u2013 $6,950, $7,040 and $7,200. Image from unsplash<\/p>\n","protected":false},"author":67,"featured_media":420843,"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-420840","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>Bitcoin Showing Signs of Recovery But This Trend Line Could Be Game Changer<\/title>\n<meta name=\"description\" content=\"Bitcoin is showing a few recovery signs above the $6,760 support. 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