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{"id":426462,"date":"2020-06-07T04:08:26","date_gmt":"2020-06-07T04:08:26","guid":{"rendered":"https:\/\/wncen.com\/?p=426462"},"modified":"2024-06-11T14:03:42","modified_gmt":"2024-06-11T14:03:42","slug":"bitcoin-btc-new-rally-above-9700","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-new-rally-above-9700\/","title":{"rendered":"This Simple Technical Breakout Pattern Could Trigger New Bitcoin Rally"},"content":{"rendered":"

Bitcoin corrected lower, but it remained well bid above the $9,300 level against the US Dollar. BTC is currently consolidating and preparing for the next key break.<\/em><\/p>\n

\n
Bitcoin is facing a couple of key hurdles near the $9,700 and $9,800 levels.<\/li>\n
The price is likely to find a strong support near the $9,400 level and the 100 simple moving average (4-hours).<\/li>\n
There is a crucial contracting triangle forming with resistance near $9,700 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to surge towards $10,000 if there is a clear break above the $9,700 level.<\/li>\n<\/ul>\n
Bitcoin Remains In Uptrend<\/h2>\n
This past week, bitcoin started a downside correction from the $10,360 zone against the US Dollar. BTC price broke the $10,000 support zone and it even spiked below the $9,500 support.<\/p>\n
However, the bulls were able to protect the $9,300 region<\/a> and the 100 simple moving average (4-hours). A low is formed near the $9,308 level and it recently started a fresh increase.<\/p>\n
There was a break above the 23.6% Fib retracement level of the downward move from the $10,361 high to $9,308 low. Bitcoin even climbed above the $9,500 and $9,600 levels. On the upside, the $9,800 zone seems to be acting as a strong barrier<\/a>.<\/p>\n
The 50% Fib retracement level of the downward move from the $10,361 high to $9,308 low also prevented more upsides. The price is now trading in a range above the $9,600 level.<\/p>\n
There is also a crucial contracting triangle forming with resistance near $9,700 on the 4-hours chart<\/a> of the BTC\/USD pair. If there is a clear break above the triangle resistance near $9,700 and then $9,800, the price could accelerate higher towards $10,000.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
Any further gains could open the doors for a larger upward move towards the $10,200 and $10,300 levels in the near term.<\/p>\n
Downsides Could be Limited in BTC<\/h2>\n
If bitcoin breaks the triangle support zone, it could correct again below the $9,500 level. The first major support is near the $9,400 level and the 100 simple moving average (4-hours).<\/p>\n
The main support is near the $9,300 level, below which the bears are likely to gain strength and the price might dive towards the $8,800 level.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is about to move into the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently nicely above the 50 level.<\/p>\n
Major Support Level \u2013 $9,300<\/p>\n
Major Resistance Level \u2013 $9,800<\/p>\n
Take advantage of the trading opportunities with Plus500<\/a><\/p>\n
Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin corrected lower, but it remained well bid above the $9,300 level against the US Dollar. BTC is currently consolidating and preparing for the next key break. Bitcoin is facing a couple of key hurdles near the $9,700 and $9,800 levels. The price is likely to find a strong support near the $9,400 level and the 100 simple moving average (4-hours). There is a crucial contracting triangle forming with resistance near $9,700 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to surge towards $10,000 if there is a clear break above the $9,700 level. Bitcoin Remains In Uptrend This past week, bitcoin started a downside correction from the $10,360 zone against the US Dollar. BTC price broke the $10,000 support zone and it even spiked below the $9,500 support. However, the bulls were able to protect the $9,300 region and the 100 simple moving average (4-hours). A low is formed near the $9,308 level and it recently started a fresh increase. There was a break above the 23.6% Fib retracement level of the downward move from the $10,361 high to $9,308 low. Bitcoin even climbed above the $9,500 and $9,600 levels. On the upside, the $9,800 zone seems to be acting as a strong barrier. The 50% Fib retracement level of the downward move from the $10,361 high to $9,308 low also prevented more upsides. The price is now trading in a range above the $9,600 level. There is also a crucial contracting triangle forming with resistance near $9,700 on the 4-hours chart of the BTC\/USD pair. If there is a clear break above the triangle resistance near $9,700 and then $9,800, the price could accelerate higher towards $10,000. Any further gains could open the doors for a larger upward move towards the $10,200 and $10,300 levels in the near term. Downsides Could be Limited in BTC If bitcoin breaks the triangle support zone, it could correct again below the $9,500 level. The first major support is near the $9,400 level and the 100 simple moving average (4-hours). The main support is near the $9,300 level, below which the bears are likely to gain strength and the price might dive towards the $8,800 level. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is about to move into the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently nicely above the 50 level. Major Support Level \u2013 $9,300 Major Resistance Level \u2013 $9,800 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":426464,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-426462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nThis Simple Technical Breakout Pattern Could Trigger New Bitcoin Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin corrected lower, but it remained well bid above the $9,300 level against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. 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. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Simple Technical Breakout Pattern Could Trigger New Bitcoin Rally","url":"http:\/\/wncen.com\/news\/bitcoin-btc-new-rally-above-9700\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-new-rally-above-9700\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_116285482.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_116285482.jpg?fit=1000%2C813"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-06-07T04:08:26Z","datePublished":"2020-06-07T04:08:26Z","dateModified":"2024-06-11T14:03:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Simple Technical Breakout Pattern Could Trigger New Bitcoin Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-new-rally-above-9700\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-new-rally-above-9700\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_116285482.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_116285482.jpg?fit=1000%2C813\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-06-07T04:08:26Z\",\"datePublished\":\"2020-06-07T04:08:26Z\",\"dateModified\":\"2024-06-11T14:03:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_116285482.jpg?fit=1000%2C813","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/426462"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=426462"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/426462\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/426464"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=426462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=426462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=426462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}