{"id":421367,"date":"2020-04-21T03:28:43","date_gmt":"2020-04-21T03:28:43","guid":{"rendered":"https:\/\/wncen.com\/?p=421367"},"modified":"2024-06-11T13:47:44","modified_gmt":"2024-06-11T13:47:44","slug":"bitcoin-btc-bullish-case-intact-6550","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-bullish-case-intact-6550\/","title":{"rendered":"Bitcoin Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact"},"content":{"rendered":"<p><em>Bitcoin failed to surpass the $7,200 resistance and declined below $7,000 against the US Dollar. BTC price is showing a few bearish signs, but the bulls are likely to protect $6,555.<\/em><\/p>\n<ul>\n<li>Bitcoin is declining and trading below the $7,000 support zone against the US Dollar.<\/li>\n<li>It is testing a major support near the $6,750-$6,800 region.<\/li>\n<li>There was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to find a strong buying interest if it corrects further towards the $6,555 support.<\/li>\n<\/ul>\n<h2>Bitcoin Correcting Gains<\/h2>\n<p>After a couple of <a href=\"https:\/\/wncen.com\/2020\/04\/20\/bitcoin-btc-gearing-lift-off-to-8k\/\" target=\"_blank\" rel=\"noopener \">failed attempts above $7,200<\/a>, bitcoin price reacted to the downside against the US Dollar. BTC started a downside correction from the $7,229 swing high and traded below the $7,100 support.<\/p>\n<p>The price declined sharply below the $7,000 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $7,110 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_421368\" aria-describedby=\"caption-attachment-421368\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-421368\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?resize=1828%2C868\" alt=\"Bitcoin price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-17.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-421368\" class=\"wp-caption-text\">Bitcoin price<\/figcaption><\/figure>\n<p>The pair even spiked below the $6,800 support and tested $6,750. A low is formed near $6,761 and the price is correcting consolidating losses.<\/p>\n<p>Bitcoin price is testing the 23.6% Fib retracement level of the recent drop from the $7,226 high to $6,761 low. An initial resistance on the upside is near the $7,000 handle (the recent breakdown zone).<\/p>\n<p>The 50% Fib retracement level of the recent drop from the $7,226 high to $6,761 low is also near the $7,000 zone to act as a major hurdle for the bulls.<\/p>\n<p>The main resistance is now forming near the $7,100 level and the 100 hourly simple moving average. Any further gains could open the doors for a strong increase above the $7,200 resistance area.<\/p>\n<h2>Bulls in Action?<\/h2>\n<p>On the downside, an immediate support is near the $6,750-$6,800 zone. If bitcoin slides below the $6,750 support, there is a risk of an extended decline in the near term.<\/p>\n<p>The <a href=\"https:\/\/wncen.com\/2020\/04\/17\/bitcoin-btc-larger-downtrend-below-100-day-sma\/\" target=\"_blank\" rel=\"noopener \">key support is seen near the $6,555 level<\/a>, where the bulls are likely to take a stand. Any further losses may perhaps start a substantial decline towards the $6,200 and $6,000 levels in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $6,750 followed by $6,555.<\/p>\n<p>Major Resistance Levels \u2013 $7,000, $7,100 and $7,200.<\/p>\n<p><em>Image from unsplash<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin failed to surpass the $7,200 resistance and declined below $7,000 against the US Dollar. BTC price is showing a few bearish signs, but the bulls are likely to protect $6,555. Bitcoin is declining and trading below the $7,000 support zone against the US Dollar. It is testing a major support near the $6,750-$6,800 region. There was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest if it corrects further towards the $6,555 support. Bitcoin Correcting Gains After a couple of failed attempts above $7,200, bitcoin price reacted to the downside against the US Dollar. BTC started a downside correction from the $7,229 swing high and traded below the $7,100 support. The price declined sharply below the $7,000 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC\/USD pair. The pair even spiked below the $6,800 support and tested $6,750. A low is formed near $6,761 and the price is correcting consolidating losses. Bitcoin price is testing the 23.6% Fib retracement level of the recent drop from the $7,226 high to $6,761 low. An initial resistance on the upside is near the $7,000 handle (the recent breakdown zone). The 50% Fib retracement level of the recent drop from the $7,226 high to $6,761 low is also near the $7,000 zone to act as a major hurdle for the bulls. The main resistance is now forming near the $7,100 level and the 100 hourly simple moving average. Any further gains could open the doors for a strong increase above the $7,200 resistance area. Bulls in Action? On the downside, an immediate support is near the $6,750-$6,800 zone. If bitcoin slides below the $6,750 support, there is a risk of an extended decline in the near term. The key support is seen near the $6,555 level, where the bulls are likely to take a stand. Any further losses may perhaps start a substantial decline towards the $6,200 and $6,000 levels in the near term. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 40 level. Major Support Levels \u2013 $6,750 followed by $6,555. Major Resistance Levels \u2013 $7,000, $7,100 and $7,200. Image from unsplash<\/p>\n","protected":false},"author":67,"featured_media":421369,"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-421367","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 Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to surpass the $7,200 resistance and declined below $7,000. 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