{"id":431082,"date":"2020-07-17T03:58:01","date_gmt":"2020-07-17T03:58:01","guid":{"rendered":"https:\/\/wncen.com\/?p=431082"},"modified":"2024-06-11T14:05:17","modified_gmt":"2024-06-11T14:05:17","slug":"bitcoin-trading-near-last-line-of-defense","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-trading-near-last-line-of-defense\/","title":{"rendered":"Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?"},"content":{"rendered":"<p><em>Bitcoin failed to climb above the $9,300 resistance and extended its decline against the US Dollar. BTC is currently showing bearish signs and it might struggle to stay above the $9,000 support.<\/em><\/p>\n<ul>\n<li>Bitcoin declined below the $9,120 support and traded close to the $9,000 support.<\/li>\n<li>The price is currently recovering, but it is facing a lot of hurdles near $9,150.<\/li>\n<li>There is a crucial bearish trend line forming with resistance near $9,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must clear the $9,150 and $9,200 resistance levels to start a decent upward move.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Showing Bearish Signs<\/h2>\n<p>In the past few sessions, bitcoin followed a bearish path below the <a href=\"https:\/\/wncen.com\/2020\/07\/15\/bitcoin-vulnerable-unless-surges-past-9300\/\" target=\"_blank\" rel=\"noopener \">$9,300 resistance<\/a> against the US Dollar. BTC traded below the $9,200 support level and the 100 hourly simple moving average.<\/p>\n<p>It even broke the $9,120 support level and traded towards the $9,000 level. A low is formed near the $9,022 level and the price is currently correcting higher. There was a break above the $9,100 level. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $9,275 high to $9,022 low.<\/p>\n<p>On the upside, the $9,150 level seems to be acting as a strong resistance. There is also a crucial bearish trend line forming with resistance near $9,150 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-431083\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?resize=1828%2C868\" alt=\"Bitcoin\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-14.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price below $9,200: Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>The trend line coincides with the 50% Fib retracement level of the recent decline from the $9,275 high to $9,022 low. Therefore, the price must clear the trend line resistance to recover towards the $9,200 resistance or the 100 hourly simple moving average.<\/p>\n<p>The main resistance on the upside is still near the $9,300 level, above which the bulls are likely to aim a strong rally in the coming sessions.<\/p>\n<h2>More Losses in BTC<\/h2>\n<p>If bitcoin price fails to recover above the $9,150 and $9,200 resistance levels, it could resume its decline. The first support on the downside is near the $9,000 level.<\/p>\n<p>The main uptrend support is near the $8,800 level and the 100-day SMA (<a href=\"https:\/\/wncen.com\/2020\/07\/16\/bullish-breakout-for-bitcoin-100-dsma\/\" target=\"_blank\" rel=\"noopener \">as discussed yesterday<\/a>). A successful break below the $8,800 support may perhaps start a sustained downward move.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to move above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $9,020, followed by $9,000.<\/p>\n<p>Major Resistance Levels \u2013 $9,150, $9,200 and $9,300.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin failed to climb above the $9,300 resistance and extended its decline against the US Dollar. BTC is currently showing bearish signs and it might struggle to stay above the $9,000 support. Bitcoin declined below the $9,120 support and traded close to the $9,000 support. The price is currently recovering, but it is facing a lot of hurdles near $9,150. There is a crucial bearish trend line forming with resistance near $9,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must clear the $9,150 and $9,200 resistance levels to start a decent upward move. Bitcoin Price is Showing Bearish Signs In the past few sessions, bitcoin followed a bearish path below the $9,300 resistance against the US Dollar. BTC traded below the $9,200 support level and the 100 hourly simple moving average. It even broke the $9,120 support level and traded towards the $9,000 level. A low is formed near the $9,022 level and the price is currently correcting higher. There was a break above the $9,100 level. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $9,275 high to $9,022 low. On the upside, the $9,150 level seems to be acting as a strong resistance. There is also a crucial bearish trend line forming with resistance near $9,150 on the hourly chart of the BTC\/USD pair. Bitcoin price below $9,200: Source: TradingView.com The trend line coincides with the 50% Fib retracement level of the recent decline from the $9,275 high to $9,022 low. Therefore, the price must clear the trend line resistance to recover towards the $9,200 resistance or the 100 hourly simple moving average. The main resistance on the upside is still near the $9,300 level, above which the bulls are likely to aim a strong rally in the coming sessions. More Losses in BTC If bitcoin price fails to recover above the $9,150 and $9,200 resistance levels, it could resume its decline. The first support on the downside is near the $9,000 level. The main uptrend support is near the $8,800 level and the 100-day SMA (as discussed yesterday). A successful break below the $8,800 support may perhaps start a sustained downward move. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to move above the 50 level. Major Support Levels \u2013 $9,020, followed by $9,000. Major Resistance Levels \u2013 $9,150, $9,200 and $9,300.<\/p>\n","protected":false},"author":67,"featured_media":431084,"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-431082","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<title>Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to climb above the $9,300 resistance and extended its decline against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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":"Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?","url":"http:\/\/wncen.com\/news\/bitcoin-trading-near-last-line-of-defense\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-trading-near-last-line-of-defense\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/shutterstock_65884069.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/shutterstock_65884069.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","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":"2020-07-17T03:58:01Z","datePublished":"2020-07-17T03:58:01Z","dateModified":"2024-06-11T14:05:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-trading-near-last-line-of-defense\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-trading-near-last-line-of-defense\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/shutterstock_65884069.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/shutterstock_65884069.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"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\":\"2020-07-17T03:58:01Z\",\"datePublished\":\"2020-07-17T03:58:01Z\",\"dateModified\":\"2024-06-11T14:05:17Z\"}<\/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\/07\/shutterstock_65884069.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/431082","targetHints":{"allow":["GET"]}}],"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=431082"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/431082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/431084"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=431082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=431082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=431082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}