{"id":421049,"date":"2020-04-17T03:38:08","date_gmt":"2020-04-17T03:38:08","guid":{"rendered":"https:\/\/wncen.com\/?p=421049"},"modified":"2024-06-11T13:47:35","modified_gmt":"2024-06-11T13:47:35","slug":"bitcoin-btc-larger-downtrend-below-100-day-sma","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-larger-downtrend-below-100-day-sma\/","title":{"rendered":"Bitcoin Is Still In Larger Downtrend Unless It Clears 100-Day SMA"},"content":{"rendered":"<p><em>Bitcoin is currently trading in a broad range above the $6,500 support against the US Dollar. BTC is facing a major resistance near $7,500 and the 100-day simple moving average.<\/em><\/p>\n<ul>\n<li>Bitcoin is still in a larger downtrend below the $7,500 resistance against the US Dollar.<\/li>\n<li>The price is currently consolidating above the $6,500 support area.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,580 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The bulls are likely to face a strong resistance near $7,500 and the 100-day simple moving average.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Approaching Major Hurdle<\/h2>\n<p>In the past few days, bitcoin mostly traded in a broad range above the $6,400 and $6,500 support levels against the US Dollar. BTC price seems to be well bid above the $6,500 level, but it is facing a lot of hurdles on the upside.<\/p>\n<p>The <a href=\"https:\/\/wncen.com\/2020\/04\/16\/bitcoin-btc-vulnerable-to-6k\/\" target=\"_blank\" rel=\"noopener \">first key resistance is near the $7,240 level<\/a>. It represents the 50% Fib retracement level of the crucial drop from the $10,561 high to $3,920 swing low. The bulls already made an attempt to clear the $7,240 resistance, but they failed.<\/p>\n<p>More importantly, there is a major bearish trend line forming with resistance near $7,580 on the daily <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair. Above the trend line, the next key resistance area is visible near the $8,000 level and the 100-day simple moving average.<\/p>\n<figure id=\"attachment_421050\" aria-describedby=\"caption-attachment-421050\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-421050\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-14.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-421050\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The 61.8% Fib retracement level of the crucial drop from the $10,561 high to $3,920 swing low is also near the $8,000 resistance area. Therefore, bitcoin seems to be facing two major hurdles near $7,500 and $8,000.<\/p>\n<p>To move into a strong uptrend, the bulls need to gain strength above $7,500, with a follow up move above the $8,000 barrier. If they succeed, the price could surge towards the $9,500 and $10,000 levels in the coming days.<\/p>\n<h2>Fresh Decline?<\/h2>\n<p>If bitcoin price fails to continue above the $7,500 resistance or the $8,000 barrier, it could start a fresh decline. An <a href=\"https:\/\/wncen.com\/2020\/04\/14\/bitcoin-lacks-momentum-above-100-sma\/\" target=\"_blank\" rel=\"noopener \">initial support on the downside is near the $6,400 level<\/a>.<\/p>\n<p>If the price fails to stay above the $6,400 support, it may perhaps retest the $6,000 support. Any further losses could start another significant decline towards the $5,000 support area in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Daily MACD \u2013 The MACD is struggling to gain momentum in the bullish zone.<\/p>\n<p>Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $6,400 followed by $6,000.<\/p>\n<p>Major Resistance Levels \u2013 $7,240, $7,500 and $8,000.<\/p>\n<p><em>Image from unsplash.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is currently trading in a broad range above the $6,500 support against the US Dollar. BTC is facing a major resistance near $7,500 and the 100-day simple moving average. Bitcoin is still in a larger downtrend below the $7,500 resistance against the US Dollar. The price is currently consolidating above the $6,500 support area. There is a major bearish trend line forming with resistance near $7,580 on the daily chart of the BTC\/USD pair (data feed from Kraken). The bulls are likely to face a strong resistance near $7,500 and the 100-day simple moving average. Bitcoin Price is Approaching Major Hurdle In the past few days, bitcoin mostly traded in a broad range above the $6,400 and $6,500 support levels against the US Dollar. BTC price seems to be well bid above the $6,500 level, but it is facing a lot of hurdles on the upside. The first key resistance is near the $7,240 level. It represents the 50% Fib retracement level of the crucial drop from the $10,561 high to $3,920 swing low. The bulls already made an attempt to clear the $7,240 resistance, but they failed. More importantly, there is a major bearish trend line forming with resistance near $7,580 on the daily chart of the BTC\/USD pair. Above the trend line, the next key resistance area is visible near the $8,000 level and the 100-day simple moving average. The 61.8% Fib retracement level of the crucial drop from the $10,561 high to $3,920 swing low is also near the $8,000 resistance area. Therefore, bitcoin seems to be facing two major hurdles near $7,500 and $8,000. To move into a strong uptrend, the bulls need to gain strength above $7,500, with a follow up move above the $8,000 barrier. If they succeed, the price could surge towards the $9,500 and $10,000 levels in the coming days. Fresh Decline? If bitcoin price fails to continue above the $7,500 resistance or the $8,000 barrier, it could start a fresh decline. An initial support on the downside is near the $6,400 level. If the price fails to stay above the $6,400 support, it may perhaps retest the $6,000 support. Any further losses could start another significant decline towards the $5,000 support area in the near term. Technical indicators: Daily MACD \u2013 The MACD is struggling to gain momentum in the bullish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level. Major Support Levels \u2013 $6,400 followed by $6,000. Major Resistance Levels \u2013 $7,240, $7,500 and $8,000. Image from unsplash.<\/p>\n","protected":false},"author":67,"featured_media":421051,"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-421049","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 Is Still In Larger Downtrend Unless It Clears 100-Day SMA<\/title>\n<meta name=\"description\" content=\"Bitcoin is currently trading in a broad range above the $6,500 support. 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