{"id":391445,"date":"2019-07-29T06:00:41","date_gmt":"2019-07-29T06:00:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=391445"},"modified":"2024-06-11T12:54:15","modified_gmt":"2024-06-11T12:54:15","slug":"bitcoin-price-btc-near-inflection-point","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-near-inflection-point\/","title":{"rendered":"Bitcoin Price (BTC) Trading Near Inflection Point, Can Bulls Make It?"},"content":{"rendered":"<ul>\n<li>Bitcoin price declined heavily below the $9,800 and $9,500 support levels against the US Dollar.<\/li>\n<li>The price traded to a new weekly low at $9,118 and it is currently correcting higher.<\/li>\n<li>There is a crucial contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could either climb above $9,700 and $9,800 or decline sharply towards $9,000.<\/li>\n<\/ul>\n<p><em>Bitcoin price is holding the $9,300 support level against the US Dollar. However, BTC price remains at a risk of a fresh drop if it fails to break the $9,700 and $9,800 resistances.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past two days, there bearish <a href=\"https:\/\/uniquehot.com\/2019\/07\/28\/bitcoin-btc-price-weekly-forecast-risk-of-significant-downside-break\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp bearish moves<\/a> in bitcoin price below $10,000 against the US Dollar. The BTC\/USD pair broke the $9,800 and $9,500 support levels to enter a bearish zone. Moreover, the pair spiked below the $9,300 support and settled below the 100 hourly simple moving average. Finally, the price traded close to the $9,100 level and formed a new weekly low at $9,118 before correcting higher.<\/p>\n<p>It recovered above the $9,300 level plus the 23.6% Fib retracement level of the downward move from the $10,209 high to $9,118 low. The upward move was positive as the price climbed above the $9,500 level. However, the price is now facing a strong resistance near the $9,700 level. More importantly, there is a crucial contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Additionally, the 50% Fib retracement level of the downward move from the $10,209 high to $9,118 low is also acting as a strong resistance. Above the $9,700 level, the 100 hourly simple moving average is near the $9,750 level to act as a resistance. The <a href=\"https:\/\/uniquehot.com\/2019\/07\/27\/bitcoin-price-btc-primed-to-climb-further-above-10200\/\" target=\"_blank\" rel=\"noopener noreferrer \">next key resistance<\/a> is near the $9,800 level, above which the price could stage a decent recovery towards the $10,200 resistance or $10,400.<\/p>\n<p>Conversely, if there is no upside break above $9,700 or $9,800, the price could start a fresh decrease. An immediate support is near the $9,500 level and the triangle support. A clear break below $9,500 might call for a solid drop towards the $9,000 handle in the near term.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-391446\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-29.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 facing a strong resistance near $9,700. Therefore, if there is a clear break above $9,700 and a follow through above the 100 hourly SMA, the price could continue to rise positively. If not, there is a risk of another strong decline towards the $9,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is placed nicely in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 60 level, with positive signs.<\/p>\n<p>Major Support Levels \u2013 $9,500 followed by $9,300.<\/p>\n<p>Major Resistance Levels \u2013 $9,700, $9,800 and $10,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined heavily below the $9,800 and $9,500 support levels against the US Dollar. The price traded to a new weekly low at $9,118 and it is currently correcting higher. There is a crucial contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could either climb above $9,700 and $9,800 or decline sharply towards $9,000. Bitcoin price is holding the $9,300 support level against the US Dollar. However, BTC price remains at a risk of a fresh drop if it fails to break the $9,700 and $9,800 resistances. Bitcoin Price Analysis In the past two days, there bearish sharp bearish moves in bitcoin price below $10,000 against the US Dollar. The BTC\/USD pair broke the $9,800 and $9,500 support levels to enter a bearish zone. Moreover, the pair spiked below the $9,300 support and settled below the 100 hourly simple moving average. Finally, the price traded close to the $9,100 level and formed a new weekly low at $9,118 before correcting higher. It recovered above the $9,300 level plus the 23.6% Fib retracement level of the downward move from the $10,209 high to $9,118 low. The upward move was positive as the price climbed above the $9,500 level. However, the price is now facing a strong resistance near the $9,700 level. More importantly, there is a crucial contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC\/USD pair. Additionally, the 50% Fib retracement level of the downward move from the $10,209 high to $9,118 low is also acting as a strong resistance. Above the $9,700 level, the 100 hourly simple moving average is near the $9,750 level to act as a resistance. The next key resistance is near the $9,800 level, above which the price could stage a decent recovery towards the $10,200 resistance or $10,400. Conversely, if there is no upside break above $9,700 or $9,800, the price could start a fresh decrease. An immediate support is near the $9,500 level and the triangle support. A clear break below $9,500 might call for a solid drop towards the $9,000 handle in the near term. Looking at the chart, bitcoin price is facing a strong resistance near $9,700. Therefore, if there is a clear break above $9,700 and a follow through above the 100 hourly SMA, the price could continue to rise positively. If not, there is a risk of another strong decline towards the $9,000 level. Technical indicators: Hourly MACD \u2013 The MACD is placed nicely in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 60 level, with positive signs. Major Support Levels \u2013 $9,500 followed by $9,300. Major Resistance Levels \u2013 $9,700, $9,800 and $10,200.<\/p>\n","protected":false},"author":67,"featured_media":338321,"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-391445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Trading Near Inflection Point, Can Bulls Make It?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is holding the $9,300 support level against the US Dollar. 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