{"id":437827,"date":"2020-09-09T03:48:22","date_gmt":"2020-09-09T03:48:22","guid":{"rendered":"https:\/\/wncen.com\/?p=437827"},"modified":"2024-06-11T14:16:08","modified_gmt":"2024-06-11T14:16:08","slug":"do-or-die-for-bitcoin-bulls-2","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/do-or-die-for-bitcoin-bulls-2\/","title":{"rendered":"Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline"},"content":{"rendered":"<p><em>Bitcoin price struggled to gain momentum above $10,400 against the US Dollar. BTC is currently trading near the $10,000 support and remains at a risk of a sharp decline.<\/em><\/p>\n<ul>\n<li>Bitcoin is currently struggling to stay above the $10,000 and $9,900 support levels.<\/li>\n<li>The price is now facing a major hurdle near $10,200 and the 100 hourly simple moving average.<\/li>\n<li>There is a new declining channel forming with resistance near $10,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could decline heavily if it settles below the recent swing low at $9,860.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains At Risk<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2020\/09\/08\/bitcoin-could-recover-above-10500\/\" target=\"_blank\" rel=\"noopener \">few positive signs above $10,200 for bitcoin price<\/a> against the US Dollar. However, BTC struggled to gain bullish momentum above the $10,300 and $10,400 levels.<\/p>\n<p>It declined below the $10,200 support and settled below the 100 hourly simple moving average. It is now struggling to stay above the $10,000 and $9,900 support levels. An initial resistance on the upside is near the $10,120 level.<\/p>\n<p>The 50% Fib retracement level of the recent decline from the $10,419 high to $9,855 low is also acting as a resistance. More importantly, there is a new declining channel forming with resistance near $10,150 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-437828\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?resize=1828%2C868\" alt=\"Bitcoin\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-7.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price trades near $10,000. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>The main resistance is near the $10,200 level and the 100 hourly SMA. It coincides with the 61.8% Fib retracement level of the recent decline from the $10,419 high to $9,855 low.<\/p>\n<p>To avoid a sharp decline, the price must break the channel resistance and then gain strength above the $10,200 level. The next major resistance is near the $10,400 level, above which the bulls might attempt a clear break above the $10,500 resistance.<\/p>\n<h2>Sharp Decline in BTC?<\/h2>\n<p>If bitcoin fails to clear the $10,200 resistance, there is a risk of a massive decline. The main breakdown support is near the $9,900 and $9,850 levels.<\/p>\n<p>A close below the $9,850 support could start a <a href=\"https:\/\/wncen.com\/2020\/09\/07\/bitcoin-risk-of-breakdown-below-10000\/\" target=\"_blank\" rel=\"noopener \">sharp decline<\/a>. In the stated case, the price might decline heavily towards the $9,500 and $9,200 in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is struggling to gain momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 40 level.<\/p>\n<p>Major Support Levels \u2013 $9,900, followed by $9,850.<\/p>\n<p>Major Resistance Levels \u2013 $10,150, $10,200 and $10,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price struggled to gain momentum above $10,400 against the US Dollar. BTC is currently trading near the $10,000 support and remains at a risk of a sharp decline. Bitcoin is currently struggling to stay above the $10,000 and $9,900 support levels. The price is now facing a major hurdle near $10,200 and the 100 hourly simple moving average. There is a new declining channel forming with resistance near $10,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the recent swing low at $9,860. Bitcoin Price Remains At Risk Yesterday, we saw a few positive signs above $10,200 for bitcoin price against the US Dollar. However, BTC struggled to gain bullish momentum above the $10,300 and $10,400 levels. It declined below the $10,200 support and settled below the 100 hourly simple moving average. It is now struggling to stay above the $10,000 and $9,900 support levels. An initial resistance on the upside is near the $10,120 level. The 50% Fib retracement level of the recent decline from the $10,419 high to $9,855 low is also acting as a resistance. More importantly, there is a new declining channel forming with resistance near $10,150 on the hourly chart of the BTC\/USD pair. Bitcoin price trades near $10,000. Source: TradingView.com The main resistance is near the $10,200 level and the 100 hourly SMA. It coincides with the 61.8% Fib retracement level of the recent decline from the $10,419 high to $9,855 low. To avoid a sharp decline, the price must break the channel resistance and then gain strength above the $10,200 level. The next major resistance is near the $10,400 level, above which the bulls might attempt a clear break above the $10,500 resistance. Sharp Decline in BTC? If bitcoin fails to clear the $10,200 resistance, there is a risk of a massive decline. The main breakdown support is near the $9,900 and $9,850 levels. A close below the $9,850 support could start a sharp decline. In the stated case, the price might decline heavily towards the $9,500 and $9,200 in the near term. Technical indicators: Hourly MACD \u2013 The MACD is struggling to gain momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 40 level. Major Support Levels \u2013 $9,900, followed by $9,850. Major Resistance Levels \u2013 $10,150, $10,200 and $10,400.<\/p>\n","protected":false},"author":67,"featured_media":437829,"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-437827","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>Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin price struggled to gain momentum above $10,400. 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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":"Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline","url":"http:\/\/wncen.com\/news\/do-or-die-for-bitcoin-bulls-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/do-or-die-for-bitcoin-bulls-2\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/crypto-market-altcoins-decline-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/crypto-market-altcoins-decline-2.jpg?fit=1075%2C768"},"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":"2020-09-09T03:48:22Z","datePublished":"2020-09-09T03:48:22Z","dateModified":"2024-06-11T14:16:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Do or Die For Bitcoin Bulls: Here\\u2019s What Could Trigger A Sharp Decline\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/do-or-die-for-bitcoin-bulls-2\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/do-or-die-for-bitcoin-bulls-2\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/crypto-market-altcoins-decline-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/crypto-market-altcoins-decline-2.jpg?fit=1075%2C768\"},\"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\":\"2020-09-09T03:48:22Z\",\"datePublished\":\"2020-09-09T03:48:22Z\",\"dateModified\":\"2024-06-11T14:16:08Z\"}<\/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\/09\/crypto-market-altcoins-decline-2.jpg?fit=1075%2C768","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/437827"}],"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=437827"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/437827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/437829"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=437827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=437827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=437827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}