{"id":385672,"date":"2019-06-11T04:00:04","date_gmt":"2019-06-11T04:00:04","guid":{"rendered":"https:\/\/uniquehot.com\/?p=385672"},"modified":"2024-06-11T13:44:01","modified_gmt":"2024-06-11T13:44:01","slug":"bitcoin-btc-price-recovers-sharply-is-this-a-real-bullish-move","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-recovers-sharply-is-this-a-real-bullish-move\/","title":{"rendered":"Bitcoin (BTC) Price Recovers Sharply: Is This A Real Bullish Move?"},"content":{"rendered":"<ul>\n<li>Bitcoin price started a fresh upward move after trading as low as $7,519 against the US Dollar.<\/li>\n<li>The price gained pace above the $7,700 resistance and even traded above $7,800.<\/li>\n<li>Yesterday\u2019s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is showing positive signs above the $7,800 support and the 100 hourly simple moving average.<\/li>\n<\/ul>\n<p><em>Bitcoin price started a strong rebound above $7,700 and $7,800 against the US Dollar. However, BTC must gain pace above the $8,000 barrier to move into a positive zone.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, bitcoin price <a href=\"https:\/\/uniquehot.com\/2019\/06\/10\/bitcoin-btc-price-turns-bearish-bulls-could-face-resistance-near-7800\/\" target=\"_blank\" rel=\"noopener noreferrer \">traded to a new weekly swing low<\/a> close to $7,500 against the US Dollar. The BTC\/USD pair found support near $7,500 and recently started a decent upward move. It broke the $7,600 and $7,700 resistance levels to start a recovery. There was a break above the 50% Fib retracement level of the key drop from the $8,130 high to $7,515 swing low. It opened the doors for more gains above the $7,800 level and the 100 hourly simple moving average.<\/p>\n<p>Moreover, yesterday\u2019s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC\/USD pair. The pair even spiked above the $8,000 level, but it <a href=\"https:\/\/uniquehot.com\/2019\/06\/09\/bitcoin-btc-price-weekly-forecast-bulls-facing-uphill-task\/\" target=\"_blank\" rel=\"noopener noreferrer \">failed to gain bullish momentum<\/a> above the $8,050 level. A swing high was formed near $8,080 and the price is currently consolidating gain. An initial support is near the 23.6% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high. Besides, there is a short term contracting triangle forming with resistance near $8,050. If there is an upside break, the price could continue to rise in the near term.<\/p>\n<p>Conversely, if there is a downside break below $7,900, the price could test the $7,850 support area. The 100 hourly SMA is also just above $7,850 to act as a support. The next support is close to the $7,800 level. It represents the 50% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-385673\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.png?resize=1508%2C654\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1508\" height=\"654\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.png?w=1508 1508w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/Bitcoin-9.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 trading with a positive bias above the $7,850 and $7,800. As long as there is no downside break below $7,800, the price might continue to rise. On the upside, a follow through above $8,000 and $8,080 might push the price towards $8,300.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,850 followed by $7,800.<\/p>\n<p>Major Resistance Levels \u2013 $8,000, $8,080 and $8,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a fresh upward move after trading as low as $7,519 against the US Dollar. The price gained pace above the $7,700 resistance and even traded above $7,800. Yesterday\u2019s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is showing positive signs above the $7,800 support and the 100 hourly simple moving average. Bitcoin price started a strong rebound above $7,700 and $7,800 against the US Dollar. However, BTC must gain pace above the $8,000 barrier to move into a positive zone. Bitcoin Price Analysis Recently, bitcoin price traded to a new weekly swing low close to $7,500 against the US Dollar. The BTC\/USD pair found support near $7,500 and recently started a decent upward move. It broke the $7,600 and $7,700 resistance levels to start a recovery. There was a break above the 50% Fib retracement level of the key drop from the $8,130 high to $7,515 swing low. It opened the doors for more gains above the $7,800 level and the 100 hourly simple moving average. Moreover, yesterday\u2019s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC\/USD pair. The pair even spiked above the $8,000 level, but it failed to gain bullish momentum above the $8,050 level. A swing high was formed near $8,080 and the price is currently consolidating gain. An initial support is near the 23.6% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high. Besides, there is a short term contracting triangle forming with resistance near $8,050. If there is an upside break, the price could continue to rise in the near term. Conversely, if there is a downside break below $7,900, the price could test the $7,850 support area. The 100 hourly SMA is also just above $7,850 to act as a support. The next support is close to the $7,800 level. It represents the 50% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high. Looking at the chart, bitcoin price is trading with a positive bias above the $7,850 and $7,800. As long as there is no downside break below $7,800, the price might continue to rise. On the upside, a follow through above $8,000 and $8,080 might push the price towards $8,300. Technical indicators: Hourly MACD \u2013 The MACD is losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower towards the 50 level. Major Support Levels \u2013 $7,850 followed by $7,800. Major Resistance Levels \u2013 $8,000, $8,080 and $8,200.<\/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-385672","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 Recovers Sharply: Is This A Real Bullish Move?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a strong rebound above $7,700 and $7,800 against the US Dollar. 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