{"id":420963,"date":"2020-04-16T03:28:44","date_gmt":"2020-04-16T03:28:44","guid":{"rendered":"https:\/\/wncen.com\/?p=420963"},"modified":"2024-06-11T13:47:33","modified_gmt":"2024-06-11T13:47:33","slug":"bitcoin-btc-vulnerable-to-6k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-vulnerable-to-6k\/","title":{"rendered":"Bitcoin Vulnerable For Bigger Decline To $6K After This Technical Rejection"},"content":{"rendered":"<p><em>Bitcoin failed to surpass the $6,900 and $7,000 resistance levels against the US Dollar. BTC price is back in a bearish zone and it could continue lower towards $6,200 or $6,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is down around 4% and it is now trading well below the $6,800 level against the US Dollar.<\/li>\n<li>There was a break below the $6,555 support and the price traded to a new weekly low at $6,476.<\/li>\n<li>There are two key bearish trend lines forming with resistance near $6,790 and $6,960 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to remain in a downtrend and it could even decline towards $6,200 or $6,000.<\/li>\n<\/ul>\n<h2>Bitcoin Resumes Decline<\/h2>\n<p>Yesterday, we discussed the chances of a <a href=\"https:\/\/wncen.com\/2020\/04\/15\/bitcoin-btc-showing-signs-of-recovery\/\" target=\"_blank\" rel=\"noopener \">bearish rejection<\/a> in bitcoin near $6,950 or $7,000 against the US Dollar. BTC price did fail to surpass the $7,000 resistance area and started a fresh decline.<\/p>\n<p>There was a sharp drop below the $6,800 level and the 100 hourly simple moving average. It opened the doors for more losses and the price broke the $6,555 support area. It traded to a new weekly low at $6,476 and currently correcting higher.<\/p>\n<p>Bitcoin is back above the $6,555 and $6,600 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $6,984 high to $6,476 low.<\/p>\n<p>However, there are <a href=\"https:\/\/wncen.com\/2020\/04\/14\/bitcoin-lacks-momentum-above-100-sma\/\" target=\"_blank\" rel=\"noopener \">many hurdles on the upside for the bulls<\/a>, starting with $6,730. It represents the 50% Fib retracement level of the recent decline from the $6,984 high to $6,476 low. The first key resistance is near the $6,800 level and the 100 hourly simple moving average.<\/p>\n<p>There are also two key bearish trend lines forming with resistance near $6,790 and $6,960 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair. If the pair corrects higher from the current levels, it is likely to face a strong selling interest near $6,800.<\/p>\n<figure id=\"attachment_420964\" aria-describedby=\"caption-attachment-420964\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-420964\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-13.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-420964\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>To move into a positive zone, the bulls need to clear the $6,800 resistance and gain momentum above the $7,000 resistance area.<\/p>\n<h2>More Downsides<\/h2>\n<p>Once the current correction wave is complete, bitcoin is likely to resume its decline below the $6,600 level. An initial support is near the $6,555 level, below which the price might struggle to stay above $6,476.<\/p>\n<p>Any further losses are likely to lead the price towards the $6,200 support level or the $6,000 pivot zone 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 recovering towards the 40 level.<\/p>\n<p>Major Support Levels \u2013 $6,555 followed by $6,475.<\/p>\n<p>Major Resistance Levels \u2013 $6,730, $6,800 and $7,000.<\/p>\n<p><em>Image from unsplash<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin failed to surpass the $6,900 and $7,000 resistance levels against the US Dollar. BTC price is back in a bearish zone and it could continue lower towards $6,200 or $6,000. Bitcoin is down around 4% and it is now trading well below the $6,800 level against the US Dollar. There was a break below the $6,555 support and the price traded to a new weekly low at $6,476. There are two key bearish trend lines forming with resistance near $6,790 and $6,960 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to remain in a downtrend and it could even decline towards $6,200 or $6,000. Bitcoin Resumes Decline Yesterday, we discussed the chances of a bearish rejection in bitcoin near $6,950 or $7,000 against the US Dollar. BTC price did fail to surpass the $7,000 resistance area and started a fresh decline. There was a sharp drop below the $6,800 level and the 100 hourly simple moving average. It opened the doors for more losses and the price broke the $6,555 support area. It traded to a new weekly low at $6,476 and currently correcting higher. Bitcoin is back above the $6,555 and $6,600 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $6,984 high to $6,476 low. However, there are many hurdles on the upside for the bulls, starting with $6,730. It represents the 50% Fib retracement level of the recent decline from the $6,984 high to $6,476 low. The first key resistance is near the $6,800 level and the 100 hourly simple moving average. There are also two key bearish trend lines forming with resistance near $6,790 and $6,960 on the hourly chart of the BTC\/USD pair. If the pair corrects higher from the current levels, it is likely to face a strong selling interest near $6,800. To move into a positive zone, the bulls need to clear the $6,800 resistance and gain momentum above the $7,000 resistance area. More Downsides Once the current correction wave is complete, bitcoin is likely to resume its decline below the $6,600 level. An initial support is near the $6,555 level, below which the price might struggle to stay above $6,476. Any further losses are likely to lead the price towards the $6,200 support level or the $6,000 pivot zone 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 recovering towards the 40 level. Major Support Levels \u2013 $6,555 followed by $6,475. Major Resistance Levels \u2013 $6,730, $6,800 and $7,000. Image from unsplash<\/p>\n","protected":false},"author":67,"featured_media":420965,"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":[428,1144],"class_list":["post-420963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Vulnerable For Bigger Decline To $6K After This Technical Rejection<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to surpass the $6,900 and $7,000 resistance levels. 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BTC price is back in a bearish zone and it could continue lower towards $6,200 or $6,000.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-btc-vulnerable-to-6k\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Vulnerable For Bigger Decline To $6K After This Technical Rejection","og_description":"Bitcoin failed to surpass the $6,900 and $7,000 resistance levels. 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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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