{"id":393311,"date":"2019-08-16T06:00:40","date_gmt":"2019-08-16T06:00:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=393311"},"modified":"2024-06-11T13:24:24","modified_gmt":"2024-06-11T13:24:24","slug":"bitcoin-btc-price-recovery-could-fade-fresh-decrease-likely","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-recovery-could-fade-fresh-decrease-likely\/","title":{"rendered":"Bitcoin (BTC) Price Recovery Could Fade, Fresh Decrease Likely"},"content":{"rendered":"<ul>\n<li>Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar.<\/li>\n<li>The price is facing a strong resistance near the $10,350 and $10,400 levels.<\/li>\n<li>There is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to resume its decline as long as it is trading below the $10,500 resistance.<\/li>\n<\/ul>\n<p><em>Bitcoin price is facing many hurdles on the upside near $10,400 against the US Dollar. BTC price is likely to extend its decline below the $10,000 and $9,950 supports.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>There was a <a href=\"https:\/\/uniquehot.com\/2019\/08\/15\/bitcoin-btc-price-final-target-but-decline-far-from-over\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside extension<\/a> in bitcoin price below the $9,600 and $9,500 levels against the US Dollar. The BTC\/USD pair traded as low as $9,483 and settled well below the 100 hourly simple moving average. Recently, the price started an upside correction above the $9,500 and $9,800 levels. Moreover, there was a break above the key $10,000 resistance area.<\/p>\n<p>The price even climbed above the $10,200 resistance and traded close to the $10,500 level. A swing high was formed near $10,439 and the price is currently declining. It seems like the price is forming a strong resistance near the $10,300 and $10,400 levels. An immediate support is near the $10,000 level. The 50% Fib retracement level of the recent recovery from the $9,483 low to $10,439 high is also a decent support near $9,960.<\/p>\n<p>The next key support is near the $9,850 level. It represents the 61.8% Fib retracement level of the recent recovery from the $9,483 low to $10,439 high. If there is a downside break below the $9,850 support, bitcoin price is likely to <a href=\"https:\/\/uniquehot.com\/2019\/08\/14\/bitcoin-btc-price-hits-weekly-bearish-target-10k-could-be-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">resume its decline<\/a>. In the mentioned bearish case, the price could revisit the $9,500 and $9,480 levels. Any further losses might push the price towards the $9,220 level.<\/p>\n<p>On the upside, an immediate resistance is near the $10,250 level. Moreover, there is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC\/USD pair. If there is an upside break above the trend line and the $10,400 resistance, the price could recover further in the near term.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-393312\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-14.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 seems to be facing a strong resistance near the $10,300 and $10,400 levels. If it continues to struggle near $10,250 and $10,400, there are chances of more downsides below $10,000 and $9,850 in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $9,960 followed by $9,850.<\/p>\n<p>Major Resistance Levels \u2013 $10,250, $10,300 and $10,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar. The price is facing a strong resistance near the $10,350 and $10,400 levels. There is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely to resume its decline as long as it is trading below the $10,500 resistance. Bitcoin price is facing many hurdles on the upside near $10,400 against the US Dollar. BTC price is likely to extend its decline below the $10,000 and $9,950 supports. Bitcoin Price Analysis There was a downside extension in bitcoin price below the $9,600 and $9,500 levels against the US Dollar. The BTC\/USD pair traded as low as $9,483 and settled well below the 100 hourly simple moving average. Recently, the price started an upside correction above the $9,500 and $9,800 levels. Moreover, there was a break above the key $10,000 resistance area. The price even climbed above the $10,200 resistance and traded close to the $10,500 level. A swing high was formed near $10,439 and the price is currently declining. It seems like the price is forming a strong resistance near the $10,300 and $10,400 levels. An immediate support is near the $10,000 level. The 50% Fib retracement level of the recent recovery from the $9,483 low to $10,439 high is also a decent support near $9,960. The next key support is near the $9,850 level. It represents the 61.8% Fib retracement level of the recent recovery from the $9,483 low to $10,439 high. If there is a downside break below the $9,850 support, bitcoin price is likely to resume its decline. In the mentioned bearish case, the price could revisit the $9,500 and $9,480 levels. Any further losses might push the price towards the $9,220 level. On the upside, an immediate resistance is near the $10,250 level. Moreover, there is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC\/USD pair. If there is an upside break above the trend line and the $10,400 resistance, the price could recover further in the near term. Looking at the chart, bitcoin price seems to be facing a strong resistance near the $10,300 and $10,400 levels. If it continues to struggle near $10,250 and $10,400, there are chances of more downsides below $10,000 and $9,850 in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining below the 50 level. Major Support Levels \u2013 $9,960 followed by $9,850. Major Resistance Levels \u2013 $10,250, $10,300 and $10,400.<\/p>\n","protected":false},"author":67,"featured_media":393313,"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-393311","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 Recovery Could Fade, Fresh Decrease Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing many hurdles on the upside near $10,400 against the US Dollar. 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