{"id":450936,"date":"2020-11-27T03:48:27","date_gmt":"2020-11-27T03:48:27","guid":{"rendered":"https:\/\/wncen.com\/?p=450936"},"modified":"2024-06-11T14:08:47","modified_gmt":"2024-06-11T14:08:47","slug":"bitcoin-rally-if-it-clears-17-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rally-if-it-clears-17-5k\/","title":{"rendered":"TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k"},"content":{"rendered":"<p><em>Bitcoin price declined heavily, but it found support near $16,300 against the US Dollar. BTC is likely forming a double bottom pattern and it could rally if it clears $17,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is holding the $16,300 support zone and trading above $17,000.<\/li>\n<li>The price is facing a strong resistance near $17,500 and it is well below the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $17,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>A possible double bottom pattern is emerging with support near $16,300.<\/li>\n<\/ul>\n<h2>Bitcoin Price Likely To Rally Again<\/h2>\n<p>There was <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-corrects-5-pc\/\" target=\"_blank\" rel=\"noopener \">sharp decline in bitcoin price<\/a> below the $18,000 and $17,200 levels. BTC even spiked below $16,500 before the bulls protected the $16,300 support zone.<\/p>\n<p>There were two attempts by the bears to push the price below $16,300 and $16,200, but they failed. A swing low is formed near $16,219 and the price is currently rising. It is trading above the 23.6% Fib retracement level of the recent decline from the $19,500 swing high to $16,219 low.<\/p>\n<p>It seems like there is a possible double bottom pattern emerging with support near $16,300. The breakout resistance is forming near the $17,500 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-450937\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-23.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>There is also a key bearish trend line forming with resistance near $17,500 on the hourly chart of the BTC\/USD pair. The next major resistance is near the $17,850 or the 50% Fib retracement level of the recent decline from the $19,500 swing high to $16,219 low.<\/p>\n<p>Bitcoin price is likely to start a strong increase if it clears the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-resistance-turned-support-18-8\/\" target=\"_blank\" rel=\"noopener \">breakout resistance<\/a> at $17,500 and then gains pace above $17,850. The next major resistance sits near the $18,400 level or the 100 hourly simple moving average.<\/p>\n<h2>Failure in BTC?<\/h2>\n<p>If bitcoin fails to clear the breakout resistance at $17,500, there is a risk of a fresh decline. An initial support on the downside is near the $16,800 level.<\/p>\n<p>The first major support is near the $16,500 level. The main support is near the double bottom zone at $16,300. A daily close below the $16,300 and $16,200 levels could open the doors for another slide.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering and approaching the 50 level.<\/p>\n<p>Major Support Levels \u2013 $16,800, followed by $16,300.<\/p>\n<p>Major Resistance Levels \u2013 $17,500, $17,850 and $18,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined heavily, but it found support near $16,300 against the US Dollar. BTC is likely forming a double bottom pattern and it could rally if it clears $17,500. Bitcoin is holding the $16,300 support zone and trading above $17,000. The price is facing a strong resistance near $17,500 and it is well below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $17,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). A possible double bottom pattern is emerging with support near $16,300. Bitcoin Price Likely To Rally Again There was sharp decline in bitcoin price below the $18,000 and $17,200 levels. BTC even spiked below $16,500 before the bulls protected the $16,300 support zone. There were two attempts by the bears to push the price below $16,300 and $16,200, but they failed. A swing low is formed near $16,219 and the price is currently rising. It is trading above the 23.6% Fib retracement level of the recent decline from the $19,500 swing high to $16,219 low. It seems like there is a possible double bottom pattern emerging with support near $16,300. The breakout resistance is forming near the $17,500 level. Source: BTCUSD on TradingView.com There is also a key bearish trend line forming with resistance near $17,500 on the hourly chart of the BTC\/USD pair. The next major resistance is near the $17,850 or the 50% Fib retracement level of the recent decline from the $19,500 swing high to $16,219 low. Bitcoin price is likely to start a strong increase if it clears the breakout resistance at $17,500 and then gains pace above $17,850. The next major resistance sits near the $18,400 level or the 100 hourly simple moving average. Failure in BTC? If bitcoin fails to clear the breakout resistance at $17,500, there is a risk of a fresh decline. An initial support on the downside is near the $16,800 level. The first major support is near the $16,500 level. The main support is near the double bottom zone at $16,300. A daily close below the $16,300 and $16,200 levels could open the doors for another slide. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering and approaching the 50 level. Major Support Levels \u2013 $16,800, followed by $16,300. Major Resistance Levels \u2013 $17,500, $17,850 and $18,400.<\/p>\n","protected":false},"author":67,"featured_media":450938,"comment_status":"closed","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-450936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined heavily, but it found support near $16,300. 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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":"TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k","url":"http:\/\/wncen.com\/news\/bitcoin-rally-if-it-clears-17-5k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-rally-if-it-clears-17-5k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/shutterstock_519464068.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/shutterstock_519464068.jpg?fit=1000%2C636"},"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":"2020-11-27T03:48:27Z","datePublished":"2020-11-27T03:48:27Z","dateModified":"2024-06-11T14:08:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rally-if-it-clears-17-5k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rally-if-it-clears-17-5k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/shutterstock_519464068.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/shutterstock_519464068.jpg?fit=1000%2C636\"},\"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\":\"2020-11-27T03:48:27Z\",\"datePublished\":\"2020-11-27T03:48:27Z\",\"dateModified\":\"2024-06-11T14:08:47Z\"}<\/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\/11\/shutterstock_519464068.jpg?fit=1000%2C636","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/450936","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=450936"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/450936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/450938"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=450936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=450936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=450936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}