{"id":400490,"date":"2019-10-04T06:00:06","date_gmt":"2019-10-04T06:00:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=400490"},"modified":"2024-06-11T12:51:51","modified_gmt":"2024-06-11T12:51:51","slug":"bitcoin-price-btc-downside-thrust-underway-before-fresh-rise","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-downside-thrust-underway-before-fresh-rise\/","title":{"rendered":"Bitcoin Price (BTC) Downside Thrust Underway Before Fresh Rise"},"content":{"rendered":"<ul>\n<li>Bitcoin price is currently declining after it failed to surpass the $8,400 resistance against the US Dollar.<\/li>\n<li>The price is trading near the $8,000 support level, with a minor bearish angle.<\/li>\n<li>There is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is at a risk of a downside break below the $8,000 support in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is struggling to hold the key $8,000 support against the US Dollar. BTC might dip towards the $7,800 support area before it could start a decent recovery.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past two sessions, there were bearish moves in bitcoin below $8,300 against the US Dollar. The BTC\/USD pair followed a bearish path and broke the <a href=\"https:\/\/uniquehot.com\/2019\/10\/03\/bitcoin-price-btc-primed-for-lift-off-towards-8800\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,200 support area<\/a>. Moreover, there was a close below the $8,200 level and the 100 hourly simple moving average. The last swing high was formed near $8,300 before the price broke $8,200 support.<\/p>\n<p>Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,659 low to $8,539 high. The recent decline was such that the price tested the $8,000 support area. More importantly, the price tested the 61.8% Fib retracement level of the upward move from the $7,659 low to $8,539 high. At the moment, the price is struggling to hold the $8,000 support area.<\/p>\n<p>It seems like there is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC\/USD pair. Thus, if there is a downside break below the <a href=\"https:\/\/uniquehot.com\/2019\/09\/29\/bitcoin-btc-price-weekly-forecast-downtrend-intact-below-9k\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,000 support<\/a>, the price could accelerate its decline towards the $7,800 support area. Besides, an intermediate support is near $7,850 or the 76.4% Fib retracement level of the upward move from the $7,659 low to $8,539 high.<\/p>\n<p>On the upside, there is a solid resistance forming near the $8,250 level and the 100 hourly SMA. Therefore, if there is an upside break above $8,250 and $8,300, the price could trade towards the main $8,500 resistance level in the near term.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-400491\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-3.png?w=1140 1140w\" sizes=\"auto, (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 is clearly struggling to climb above the $8,300 level. Therefore, there is a risk of a downside break below the $8,000 support. In the mentioned case, the price could test the $7,800 support or trade to a new monthly low before it starts a decent recovery towards $9,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,000 followed by $7,800.<\/p>\n<p>Major Resistance Levels \u2013 $8,250, $8,300 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently declining after it failed to surpass the $8,400 resistance against the US Dollar. The price is trading near the $8,000 support level, with a minor bearish angle. There is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is at a risk of a downside break below the $8,000 support in the near term. Bitcoin price is struggling to hold the key $8,000 support against the US Dollar. BTC might dip towards the $7,800 support area before it could start a decent recovery. Bitcoin Price Analysis In the past two sessions, there were bearish moves in bitcoin below $8,300 against the US Dollar. The BTC\/USD pair followed a bearish path and broke the $8,200 support area. Moreover, there was a close below the $8,200 level and the 100 hourly simple moving average. The last swing high was formed near $8,300 before the price broke $8,200 support. Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,659 low to $8,539 high. The recent decline was such that the price tested the $8,000 support area. More importantly, the price tested the 61.8% Fib retracement level of the upward move from the $7,659 low to $8,539 high. At the moment, the price is struggling to hold the $8,000 support area. It seems like there is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC\/USD pair. Thus, if there is a downside break below the $8,000 support, the price could accelerate its decline towards the $7,800 support area. Besides, an intermediate support is near $7,850 or the 76.4% Fib retracement level of the upward move from the $7,659 low to $8,539 high. On the upside, there is a solid resistance forming near the $8,250 level and the 100 hourly SMA. Therefore, if there is an upside break above $8,250 and $8,300, the price could trade towards the main $8,500 resistance level in the near term. Looking at the chart, bitcoin is clearly struggling to climb above the $8,300 level. Therefore, there is a risk of a downside break below the $8,000 support. In the mentioned case, the price could test the $7,800 support or trade to a new monthly low before it starts a decent recovery towards $9,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level. Major Support Levels \u2013 $8,000 followed by $7,800. Major Resistance Levels \u2013 $8,250, $8,300 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":344596,"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-400490","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) Downside Thrust Underway Before Fresh Rise<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to hold the key $8,000 support against the US Dollar. 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