{"id":407180,"date":"2019-12-13T06:00:45","date_gmt":"2019-12-13T06:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=407180"},"modified":"2024-06-11T12:49:30","modified_gmt":"2024-06-11T12:49:30","slug":"bitcoin-btc-flirts-with-key-resistance","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-flirts-with-key-resistance\/","title":{"rendered":"Bitcoin (BTC) Flirts With Key Resistance, Bears In Control"},"content":{"rendered":"
Bitcoin price is trading in a bearish zone below $7,400<\/a> against the US Dollar. BTC could continue to move down unless there is a break above $7,280 and $7,400.<\/em><\/p>\n In the past few days, there was a steady decline in bitcoin price below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7.280 support and the 100 hourly simple moving average.<\/p>\n Finally, the price traded below the $7,200 support and formed a new monthly low at $7,078. Recently, it started an upside correction above the $7,120 and $7,150 levels.<\/p>\n Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $7,664 high to $7,078 low. However, the price seems to be facing a lot of hurdles<\/a> near the $7,260 and $7,280 levels.<\/p>\n An immediate resistance for bitcoin is near the $7,280 level (the recent breakdown support). Additionally, the 100 hourly simple moving average is also near the $7,280 level.<\/p>\n More importantly, there is a short term rising channel forming with resistance near $7,290 on the hourly chart of the BTC\/USD pair. If there is an upside break above the $7,280 resistance and the 100 hourly SMA, the price could correct higher towards the $7,400 barrier.<\/p>\n An intermediate resistance is near the 50% Fib retracement level of the downward move from the $7,664 high to $7,078 low. A successful close above the $7,400 resistance is needed to start a fresh uptrend towards $8,000.<\/p>\n On the downside, an initial support is near the channel support at $7,180. If there is a downside break below the $7,180 area, the price is likely to revisit the $7,080 level in the near term.<\/p>\nBitcoin Price Analysis<\/h2>\n