{"id":401001,"date":"2019-10-10T06:00:23","date_gmt":"2019-10-10T06:00:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=401001"},"modified":"2024-06-11T13:30:56","modified_gmt":"2024-06-11T13:30:56","slug":"bitcoin-btc-shows-signs-of-important-reversal-8-8k-next","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-shows-signs-of-important-reversal-8-8k-next\/","title":{"rendered":"Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?"},"content":{"rendered":"<ul>\n<li>Bitcoin price is up more than 5% and it broke the key $8,500 resistance against the US Dollar.<\/li>\n<li>The price is currently consolidating gains above the $8,500 and $8,400 support levels.<\/li>\n<li>There is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is showing a lot of positive signs and it could continue to rise above $8,600 and $8,750.<\/li>\n<\/ul>\n<p><em>Bitcoin price is back in a positive zone above $8,500 against the US Dollar. BTC could correct in the short term, but it remains well supported above $8,350.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also <a href=\"https:\/\/uniquehot.com\/2019\/10\/09\/bitcoin-price-btc-holding-8k-and-likely-to-bounce-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">discussed a possible bounce<\/a> as long as the price holds the $8,000 support area and the 100 hourly simple moving average. The price did stay above $8,000 and recently started a strong upward move. It is up more than 5% and surpassed the $8,350 resistance. Moreover, there was a break above the <a href=\"https:\/\/uniquehot.com\/2019\/10\/06\/bitcoin-btc-price-weekly-forecast-bears-remain-in-full-control\/\" target=\"_blank\" rel=\"noopener noreferrer \">key $8,500 resistance area<\/a>.<\/p>\n<p>A new weekly high was formed near $8,691 and the price is currently consolidating gains. It corrected below the $8,600 level. However, the 23.6% Fib retracement level of the recent rally from the $8124 low to $8,691 high is acting as a decent support. Additionally, there is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is a downside break below the $8,540 and $8,500 support levels, the price could extend its correction. The next key support is near the $8,400 level. Moreover, the 50% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,407 level. If there are any additional losses, the price may perhaps test the $8,350 support area (the recent key resistance).<\/p>\n<p>The 61.8% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,340 level to provide support. On the upside, an immediate resistance is near the $8,620 level. If there is an upside break above $8,620 and $8,650, the price is likely to accelerate towards the $8,800 level.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401002\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/10\/Bitcoin-8.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 is clearly trading in a positive zone above the $8,500 pivot level. In the short term, there could be a downside correction, but the $8,400 and $8,350 levels are likely to protect losses.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 60 level.<\/p>\n<p>Major Support Levels \u2013 $8,540 followed by $8,400.<\/p>\n<p>Major Resistance Levels \u2013 $8,620, $8,700 and $8,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is up more than 5% and it broke the key $8,500 resistance against the US Dollar. The price is currently consolidating gains above the $8,500 and $8,400 support levels. There is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is showing a lot of positive signs and it could continue to rise above $8,600 and $8,750. Bitcoin price is back in a positive zone above $8,500 against the US Dollar. BTC could correct in the short term, but it remains well supported above $8,350. Bitcoin Price Analysis Yesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also discussed a possible bounce as long as the price holds the $8,000 support area and the 100 hourly simple moving average. The price did stay above $8,000 and recently started a strong upward move. It is up more than 5% and surpassed the $8,350 resistance. Moreover, there was a break above the key $8,500 resistance area. A new weekly high was formed near $8,691 and the price is currently consolidating gains. It corrected below the $8,600 level. However, the 23.6% Fib retracement level of the recent rally from the $8124 low to $8,691 high is acting as a decent support. Additionally, there is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC\/USD pair. If there is a downside break below the $8,540 and $8,500 support levels, the price could extend its correction. The next key support is near the $8,400 level. Moreover, the 50% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,407 level. If there are any additional losses, the price may perhaps test the $8,350 support area (the recent key resistance). The 61.8% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,340 level to provide support. On the upside, an immediate resistance is near the $8,620 level. If there is an upside break above $8,620 and $8,650, the price is likely to accelerate towards the $8,800 level. Looking at the chart, bitcoin is clearly trading in a positive zone above the $8,500 pivot level. In the short term, there could be a downside correction, but the $8,400 and $8,350 levels are likely to protect losses. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 60 level. Major Support Levels \u2013 $8,540 followed by $8,400. Major Resistance Levels \u2013 $8,620, $8,700 and $8,800.<\/p>\n","protected":false},"author":67,"featured_media":393411,"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-401001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is back in a positive zone above $8,500 against the US Dollar. 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