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{"id":436729,"date":"2020-08-31T04:21:55","date_gmt":"2020-08-31T04:21:55","guid":{"rendered":"https:\/\/wncen.com\/?p=436729"},"modified":"2024-06-11T14:15:45","modified_gmt":"2024-06-11T14:15:45","slug":"bitcoin-shows-signs-of-reversal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-shows-signs-of-reversal\/","title":{"rendered":"Bitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally"},"content":{"rendered":"

Bitcoin price is showing reversal signs above the $11,550 resistance against the US Dollar. BTC must surpass the $12,000 resistance for a sustained upward move.<\/em><\/p>\n

\n
Bitcoin started a steady rise above the $11,500 and $11,550 resistance levels.<\/li>\n
The price traded as high as $11,731 and it settled above the 100 hourly simple moving average.<\/li>\n
There is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to accelerate higher if it clears the $11,800 and $12,000 resistance levels.<\/li>\n<\/ul>\n
Bitcoin Price Recovering Steadily<\/h2>\n
After forming a support base above $11,400 and $11,200, bitcoin price started a fresh increase<\/a> against the US Dollar. BTC broke the main $11,500 hurdle and the 100 hourly simple moving average to move into a positive zone.<\/p>\n
It even surpassed the $11,650 level and traded as high as $11,731. The price is currently consolidating gains and trading near the $11,680 level. An initial support on the downside is near the $11,650 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high.<\/p>\n
Moreover, there is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC\/USD pair. If there is a downside break below the channel support, the price could test the $11,550 support zone.<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price trades above $11,650. Source: TradingView.com<\/a><\/pre>\n
The 50% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high is also near the $11,568 level. On the upside, the price is facing a couple of short-term hurdles near the $11,800 level.<\/p>\n
The main hurdle for the bulls is near the $12,000 level, above which the price is likely to start a strong rally. In the mentioned case, bitcoin is likely to hit the $12,500 level.<\/p>\n
Downside Correction in BTC?<\/h2>\n
If bitcoin fails to continue higher above the $11,800 and $11,850 levels, there could be a short-term downside correction. The first key support is near the channel lower trend line near $11,650.<\/p>\n
The main support is now forming near the $11,550 and $11,500 levels<\/a>, below which the price is likely to resume its decline towards the $11,000 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is correcting lower towards the 50 level.<\/p>\n
Major Support Levels \u2013 $11,650, followed by $11,550.<\/p>\n
Major Resistance Levels \u2013 $11,800, $11,850 and $12,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is showing reversal signs above the $11,550 resistance against the US Dollar. BTC must surpass the $12,000 resistance for a sustained upward move. Bitcoin started a steady rise above the $11,500 and $11,550 resistance levels. The price traded as high as $11,731 and it settled above the 100 hourly simple moving average. There is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate higher if it clears the $11,800 and $12,000 resistance levels. Bitcoin Price Recovering Steadily After forming a support base above $11,400 and $11,200, bitcoin price started a fresh increase against the US Dollar. BTC broke the main $11,500 hurdle and the 100 hourly simple moving average to move into a positive zone. It even surpassed the $11,650 level and traded as high as $11,731. The price is currently consolidating gains and trading near the $11,680 level. An initial support on the downside is near the $11,650 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high. Moreover, there is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC\/USD pair. If there is a downside break below the channel support, the price could test the $11,550 support zone. Bitcoin price trades above $11,650. Source: TradingView.com The 50% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high is also near the $11,568 level. On the upside, the price is facing a couple of short-term hurdles near the $11,800 level. The main hurdle for the bulls is near the $12,000 level, above which the price is likely to start a strong rally. In the mentioned case, bitcoin is likely to hit the $12,500 level. Downside Correction in BTC? If bitcoin fails to continue higher above the $11,800 and $11,850 levels, there could be a short-term downside correction. The first key support is near the channel lower trend line near $11,650. The main support is now forming near the $11,550 and $11,500 levels, below which the price is likely to resume its decline towards the $11,000 level. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is correcting lower towards the 50 level. Major Support Levels \u2013 $11,650, followed by $11,550. Major Resistance Levels \u2013 $11,800, $11,850 and $12,000.<\/p>\n","protected":false},"author":67,"featured_media":436731,"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-436729","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":"\nBitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing reversal signs above the $11,550 resistance. 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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":"Bitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally","url":"http:\/\/wncen.com\/news\/bitcoin-shows-signs-of-reversal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-shows-signs-of-reversal\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_793954189.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_793954189.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":"2020-08-31T04:21:55Z","datePublished":"2020-08-31T04:21:55Z","dateModified":"2024-06-11T14:15:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-shows-signs-of-reversal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-shows-signs-of-reversal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_793954189.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_793954189.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\":\"2020-08-31T04:21:55Z\",\"datePublished\":\"2020-08-31T04:21:55Z\",\"dateModified\":\"2024-06-11T14:15:45Z\"}<\/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\/08\/shutterstock_793954189.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436729","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=436729"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436731"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Downside Correction in BTC?<\/h2>\nIf bitcoin fails to continue higher above the $11,800 and $11,850 levels, there could be a short-term downside correction. The first key support is near the channel lower trend line near $11,650.<\/p>\n