{"id":429941,"date":"2020-07-08T03:58:36","date_gmt":"2020-07-08T03:58:36","guid":{"rendered":"https:\/\/wncen.com\/?p=429941"},"modified":"2024-06-12T09:20:14","modified_gmt":"2024-06-12T09:20:14","slug":"bitcoin-target-fresh-high-9400","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-target-fresh-high-9400\/","title":{"rendered":"Technicals Suggest Bitcoin Likely To Target Fresh Monthly High Above $9,400"},"content":{"rendered":"
Bitcoin traded as high as $9,377 before starting a downside correction against the US Dollar. BTC is currently up holding the $9,200 support and it could continue to rise steadily.<\/em><\/p>\n Yesterday, there was a decent upward move<\/a> in bitcoin above the $9,200 resistance against the US Dollar. BTC even surged above the $9,300 level and the 100 hourly simple moving average.<\/p>\n A high was formed near $9,377 before the price started a downside correction. The price declined below the $9,320 and $9,300 support levels. However, it remained well bid above the $9,200 level and the 100 hourly SMA.<\/p>\n A low is formed near $9,205 and the price is currently rising. It broke the 23.6% Fib retracement level of the recent downside correction from the $9,377 high to $9,205 low. On the upside, the $9,300 level is once again acting as a resistance for the bulls<\/a>.<\/p>\n <\/a><\/p>\n The 50% Fib retracement level of the recent downside correction from the $9,377 high to $9,205 low is also preventing more gains. It seems like there is a key bullish trend line forming with support near $9,250 on the hourly chart of the BTC\/USD pair.<\/p>\n If the pair continues higher above the $9,300 and $9,320 levels, it is likely to break the $9,377 high and target a new high. The next immediate resistance is near $9,400, above which the bulls are likely to aim a test of the $9,500 level in the near term.<\/p>\n On the downside, the trend line support is a major buy zone, followed by the $9,200 support zone. If the price fails to stay above $9,200, it could test the 100 hourly SMA.<\/p>\n Any further losses below the 100 hourly SMA or the $9,150 level could push the price back towards the $9,000 support level in the near term.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly moving into the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising towards the 60 level.<\/p>\n Major Support Levels \u2013 $9,250, followed by $9,200.<\/p>\n Major Resistance Levels \u2013 $9,320, $9,400 and $9,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin traded as high as $9,377 before starting a downside correction against the US Dollar. BTC is currently up holding the $9,200 support and it could continue to rise steadily. Bitcoin is trading in a positive zone above the $9,200 and $9,180 support levels. The price is likely to resume its upward move above the $9,300 and $9,320 levels. There is a key bullish trend line forming with support near $9,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The bulls are likely to aim a fresh monthly high above the $9,400 level in the coming sessions. Bitcoin Price Could Test $9,500 Yesterday, there was a decent upward move in bitcoin above the $9,200 resistance against the US Dollar. BTC even surged above the $9,300 level and the 100 hourly simple moving average. A high was formed near $9,377 before the price started a downside correction. The price declined below the $9,320 and $9,300 support levels. However, it remained well bid above the $9,200 level and the 100 hourly SMA. A low is formed near $9,205 and the price is currently rising. It broke the 23.6% Fib retracement level of the recent downside correction from the $9,377 high to $9,205 low. On the upside, the $9,300 level is once again acting as a resistance for the bulls. Bitcoin price holding $9,200: Source: TradingView.com The 50% Fib retracement level of the recent downside correction from the $9,377 high to $9,205 low is also preventing more gains. It seems like there is a key bullish trend line forming with support near $9,250 on the hourly chart of the BTC\/USD pair. If the pair continues higher above the $9,300 and $9,320 levels, it is likely to break the $9,377 high and target a new high. The next immediate resistance is near $9,400, above which the bulls are likely to aim a test of the $9,500 level in the near term. Bearish Reaction in BTC On the downside, the trend line support is a major buy zone, followed by the $9,200 support zone. If the price fails to stay above $9,200, it could test the 100 hourly SMA. Any further losses below the 100 hourly SMA or the $9,150 level could push the price back towards the $9,000 support level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising towards the 60 level. Major Support Levels \u2013 $9,250, followed by $9,200. Major Resistance Levels \u2013 $9,320, $9,400 and $9,500.<\/p>\n","protected":false},"author":67,"featured_media":429943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-429941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Could Test $9,500<\/h2>\n
Bitcoin price holding $9,200: Source: TradingView.com<\/a><\/pre>\n
Bearish Reaction in BTC<\/h2>\n