{"id":421877,"date":"2020-04-26T04:38:33","date_gmt":"2020-04-26T04:38:33","guid":{"rendered":"https:\/\/wncen.com\/?p=421877"},"modified":"2024-06-11T10:38:37","modified_gmt":"2024-06-11T10:38:37","slug":"bitcoin-btc-rally-isnt-over-yet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-rally-isnt-over-yet\/","title":{"rendered":"Bitcoin Gearing For Lift-Off to $8,000: Rally Isn&#8217;t Over Yet"},"content":{"rendered":"<p><em>Bitcoin is trading in a bullish zone above the $7,450 and $7,400 support levels against the US Dollar. BTC might dip a few points, but it remains well bid for a rally to $8,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is showing a lot of positive signs above the $7,400 and $7,200 support levels.<\/li>\n<li>A clear break above the $7,650 resistance could open the doors for a fresh rally.<\/li>\n<li>There is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct a few points, but the bulls are likely to protect the $7,400 support<\/li>\n<\/ul>\n<h2>Bitcoin is Back in Uptrend<\/h2>\n<p>This past week, bitcoin started a strong rise from the $7,028 swing low against the US Dollar. BTC price gained bullish momentum and broke the key $7,200 resistance level.<\/p>\n<p>It opened the doors for a decent increase above the <a href=\"https:\/\/wncen.com\/2020\/04\/23\/bitcoin-price-btc-primed-upsurge-to-8000\/\" target=\"_blank\" rel=\"noopener \">$7,400 resistance<\/a> and the 100 simple moving average (4-hours). The price even climbed above the $7,500 hurdle and traded to a new weekly high at $7,788.<\/p>\n<p>Recently, there was a downside correction below the $7,600 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high.<\/p>\n<p>On the downside, the $7,400 support area is acting as a strong buy zone (the previous breakout zone). The 50% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high is also near $7,408 and acting as a decent support base.<\/p>\n<p>It seems like the price is currently consolidating above the $7,400 support. More importantly, there is a short term contracting triangle forming with resistance near $7,625 on the 4-hours <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_421878\" aria-describedby=\"caption-attachment-421878\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-421878\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-21.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-421878\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>If there is an upside break above the $7,625 and $7,650 resistance levels, the price is likely to resume its uptrend. An initial resistance is near the $7,800 level, above which it could test the <a href=\"https:\/\/wncen.com\/2020\/04\/24\/bitcoin-btc-rally-at-risk-near-8k-100dsma\/\" target=\"_blank\" rel=\"noopener \">key $8,000 resistance area<\/a>.<\/p>\n<h2>Downside Correction<\/h2>\n<p>If bitcoin fails to continue above the $7,650 resistance level, it could extend its correction. The first major support is near the $7,400 level, where the bulls are likely to emerge.<\/p>\n<p>Any further losses may perhaps lead the price towards the next key support at $7,200 or a connecting bullish trend line on the same chart.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly losing pace in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the 65 level.<\/p>\n<p>Major Support Level \u2013 $7,400<\/p>\n<p>Major Resistance Level \u2013 $7,800<\/p>\n<p><a href=\"https:\/\/www.plus500.com\/?id=121277&amp;pl=2\" target=\"_blank\" rel=\"noopener nofollow\">Take advantage of the trading opportunities with Plus500<\/a><\/p>\n<p>Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is trading in a bullish zone above the $7,450 and $7,400 support levels against the US Dollar. BTC might dip a few points, but it remains well bid for a rally to $8,000. Bitcoin is showing a lot of positive signs above the $7,400 and $7,200 support levels. A clear break above the $7,650 resistance could open the doors for a fresh rally. There is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could correct a few points, but the bulls are likely to protect the $7,400 support Bitcoin is Back in Uptrend This past week, bitcoin started a strong rise from the $7,028 swing low against the US Dollar. BTC price gained bullish momentum and broke the key $7,200 resistance level. It opened the doors for a decent increase above the $7,400 resistance and the 100 simple moving average (4-hours). The price even climbed above the $7,500 hurdle and traded to a new weekly high at $7,788. Recently, there was a downside correction below the $7,600 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high. On the downside, the $7,400 support area is acting as a strong buy zone (the previous breakout zone). The 50% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high is also near $7,408 and acting as a decent support base. It seems like the price is currently consolidating above the $7,400 support. More importantly, there is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above the $7,625 and $7,650 resistance levels, the price is likely to resume its uptrend. An initial resistance is near the $7,800 level, above which it could test the key $8,000 resistance area. Downside Correction If bitcoin fails to continue above the $7,650 resistance level, it could extend its correction. The first major support is near the $7,400 level, where the bulls are likely to emerge. Any further losses may perhaps lead the price towards the next key support at $7,200 or a connecting bullish trend line on the same chart. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly losing pace in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the 65 level. Major Support Level \u2013 $7,400 Major Resistance Level \u2013 $7,800 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":421879,"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-421877","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 Gearing For Lift-Off to $8,000: Rally Isn&#039;t Over Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading in a bullish zone above the $7,450 and $7,400 support levels. 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