{"id":383067,"date":"2019-05-21T06:00:11","date_gmt":"2019-05-21T06:00:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=383067"},"modified":"2024-06-11T12:51:36","modified_gmt":"2024-06-11T12:51:36","slug":"bitcoin-btc-price-watch-breakout-or-further-decline","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-watch-breakout-or-further-decline\/","title":{"rendered":"Bitcoin (BTC) Price Watch: Breakout or Further Decline?"},"content":{"rendered":"<ul>\n<li>Bitcoin price started a downside correction after tagging the $8,300 resistance against the US Dollar.<\/li>\n<li>The price tested the $7,575-7,600 support area and recently rebounded towards $8,100.<\/li>\n<li>Yesterday\u2019s highlighted important bullish trend line is intact with support near $7,810 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to trade in a range before the next move either towards $8,300 or below $7,575.<\/li>\n<\/ul>\n<p><em>Bitcoin price is holding a couple of important supports near $7,600 against the US Dollar. BTC could either climb above $8,100 and $8,300 or start another decline below the $7,575 low.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After a strong rebound, bitcoin price tested the key <a href=\"https:\/\/uniquehot.com\/2019\/05\/20\/bitcoin-btc-price-targets-additional-gains\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,300 resistance area<\/a> against the US Dollar. The BTC\/USD pair traded as high as $8,301 and later corrected lower. It traded below the $8,000 and $7,800 support levels. However, the pair found a strong buying interest near the $7,600 support level and a swing low was formed at $7,575. Recently, the price recovered above the $7,800 level and stayed well above the 100 hourly simple moving average.<\/p>\n<p>Moreover, there was a break above the 50% Fib retracement level of the last decline from the $8,301 high to $7,575 low. The price traded above the $8,000 level, but it failed to gain momentum above the $8,120 level. Besides, the 76.4% Fib retracement level of the last decline from the $8,301 high to $7,575 low acted as a strong resistance. The price is currently trading below $8,000, with many supports near the $7,800 and $7,850 levels. More importantly, yesterday\u2019s highlighted <a href=\"https:\/\/uniquehot.com\/2019\/05\/19\/bitcoin-btc-price-weekly-prediction-rally-to-9000\/\" target=\"_blank\" rel=\"noopener noreferrer \">important bullish trend line<\/a> is intact with support near $7,810 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The main support on the downside is near the $7,600 area and the 100 hourly simple moving average. If there is a successful close below the 100 hourly SMA, there could be additional losses towards the $7,300 or $7,200 support. On the upside, a convincing break above the $8,120 level may open the doors for more gains. The main hurdle for the bulls is near the $8,300 level, above which there could be a solid rally towards $8,500.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-383069\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/05\/Bitcoin-21.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly trading above the key $7,800 and $7,600 support levels. As long as there is no close below $7,600, there are high chances of an upside break above the $8,120 and $8,300 resistance levels in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slightly placed in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level, with a flat structure.<\/p>\n<p>Major Support Levels \u2013 $7,810 followed by $7,600.<\/p>\n<p>Major Resistance Levels \u2013 $8,120, $8,250 and $8,300.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction after tagging the $8,300 resistance against the US Dollar. The price tested the $7,575-7,600 support area and recently rebounded towards $8,100. Yesterday\u2019s highlighted important bullish trend line is intact with support near $7,810 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to trade in a range before the next move either towards $8,300 or below $7,575. Bitcoin price is holding a couple of important supports near $7,600 against the US Dollar. BTC could either climb above $8,100 and $8,300 or start another decline below the $7,575 low. Bitcoin Price Analysis After a strong rebound, bitcoin price tested the key $8,300 resistance area against the US Dollar. The BTC\/USD pair traded as high as $8,301 and later corrected lower. It traded below the $8,000 and $7,800 support levels. However, the pair found a strong buying interest near the $7,600 support level and a swing low was formed at $7,575. Recently, the price recovered above the $7,800 level and stayed well above the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last decline from the $8,301 high to $7,575 low. The price traded above the $8,000 level, but it failed to gain momentum above the $8,120 level. Besides, the 76.4% Fib retracement level of the last decline from the $8,301 high to $7,575 low acted as a strong resistance. The price is currently trading below $8,000, with many supports near the $7,800 and $7,850 levels. More importantly, yesterday\u2019s highlighted important bullish trend line is intact with support near $7,810 on the hourly chart of the BTC\/USD pair. The main support on the downside is near the $7,600 area and the 100 hourly simple moving average. If there is a successful close below the 100 hourly SMA, there could be additional losses towards the $7,300 or $7,200 support. On the upside, a convincing break above the $8,120 level may open the doors for more gains. The main hurdle for the bulls is near the $8,300 level, above which there could be a solid rally towards $8,500. Looking at the chart, bitcoin price is clearly trading above the key $7,800 and $7,600 support levels. As long as there is no close below $7,600, there are high chances of an upside break above the $8,120 and $8,300 resistance levels in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slightly placed in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level, with a flat structure. Major Support Levels \u2013 $7,810 followed by $7,600. Major Resistance Levels \u2013 $8,120, $8,250 and $8,300.<\/p>\n","protected":false},"author":67,"featured_media":344598,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-383067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Watch: Breakout or Further Decline?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is holding a couple of important supports near $7,600 against the US Dollar. 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