{"id":407558,"date":"2019-12-17T06:00:09","date_gmt":"2019-12-17T06:00:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=407558"},"modified":"2024-06-11T12:48:11","modified_gmt":"2024-06-11T12:48:11","slug":"bitcoin-breakdown-looks-real-6-2k-on-the-horizon","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-breakdown-looks-real-6-2k-on-the-horizon\/","title":{"rendered":"Bitcoin Breakdown Looks Real, $6.2K On The Horizon?"},"content":{"rendered":"<ul>\n<li>Bitcoin price is down around 4% and it broke the key $7,000 support against the US Dollar.<\/li>\n<li>The price is likely to continue lower towards $6,500 or $6,200 in the near term.<\/li>\n<li>There is a short term contracting triangle forming with resistance near $6,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could gather momentum once it breaks the $6,800 support area.<\/li>\n<\/ul>\n<p><em>Bitcoin (BTC) price is showing signs of bearish continuation below $6,800 against the US Dollar. BTC bears seems to be eyeing a test of the $6,500 support or $6,200.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After consolidating above the $7,000 support, <a href=\"https:\/\/uniquehot.com\/2019\/12\/16\/bitcoin-btc-breakdown-below-7k-looms-can-bulls-bounce-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin bears gained strength<\/a> against the US Dollar. As a result, BTC price nosedived below the $7,000 support and settled well below the 100 hourly simple moving average.<\/p>\n<p>The price is down around 4% and it even broke the $6,880 support area. A new monthly low is formed near $6,800 and the price is currently consolidating losses.<\/p>\n<p>An immediate resistance is near the $6,880 level. Besides, the 23.6% Fib retracement level of the recent downward move from the $7,135 high to $6,800 low is also near the $6,880 area.<\/p>\n<p>More importantly, there is a short term contracting triangle forming with resistance near $6,880 on the hourly chart of the BTC\/USD pair. Therefore, an upside break above $6,880 level might start a short term upside correction.<\/p>\n<p>The next resistance is near the $6,980 level. Additionally, the 50% Fib retracement level of the recent downward move from the $7,135 high to $6,800 low is also near the $6,980 level.<\/p>\n<p>However, the main resistance is seen near the $7,000 and $7,015 levels (the recent breakdown zone). A successful daily close above $7,015 is needed to start a substantial recovery in the near term.<\/p>\n<p>Conversely, the price is likely to accelerate lower below the $6,840 and $6,820 levels. If bitcoin breaks the $6,800 low, the next stop for the <a href=\"https:\/\/uniquehot.com\/2019\/12\/15\/bitcoin-weekly-forecast-btc-trend-overwhelmingly-bearish\/\" target=\"_blank\" rel=\"noopener noreferrer \">bears could be near $6,600 or $6,500<\/a>.<\/p>\n<p>Any further losses may perhaps lead the price towards the key $6,200 support area, where the bulls are likely to take a stand.<\/p>\n<figure id=\"attachment_407559\" aria-describedby=\"caption-attachment-407559\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407559\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-14.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407559\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is sliding heavily below $7,000 and $6,880. Thus, there are high chances of more downsides as long as the price is trading below the $7,000 and $7,015 resistance levels in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently showing signs of an upside correction.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly recovering and it is near the 30 level.<\/p>\n<p>Major Support Levels \u2013 $6,800 followed by $6,500.<\/p>\n<p>Major Resistance Levels \u2013 $6,880, $7,000 and $7,015.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is down around 4% and it broke the key $7,000 support against the US Dollar. The price is likely to continue lower towards $6,500 or $6,200 in the near term. There is a short term contracting triangle forming with resistance near $6,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could gather momentum once it breaks the $6,800 support area. Bitcoin (BTC) price is showing signs of bearish continuation below $6,800 against the US Dollar. BTC bears seems to be eyeing a test of the $6,500 support or $6,200. Bitcoin Price Analysis After consolidating above the $7,000 support, bitcoin bears gained strength against the US Dollar. As a result, BTC price nosedived below the $7,000 support and settled well below the 100 hourly simple moving average. The price is down around 4% and it even broke the $6,880 support area. A new monthly low is formed near $6,800 and the price is currently consolidating losses. An immediate resistance is near the $6,880 level. Besides, the 23.6% Fib retracement level of the recent downward move from the $7,135 high to $6,800 low is also near the $6,880 area. More importantly, there is a short term contracting triangle forming with resistance near $6,880 on the hourly chart of the BTC\/USD pair. Therefore, an upside break above $6,880 level might start a short term upside correction. The next resistance is near the $6,980 level. Additionally, the 50% Fib retracement level of the recent downward move from the $7,135 high to $6,800 low is also near the $6,980 level. However, the main resistance is seen near the $7,000 and $7,015 levels (the recent breakdown zone). A successful daily close above $7,015 is needed to start a substantial recovery in the near term. Conversely, the price is likely to accelerate lower below the $6,840 and $6,820 levels. If bitcoin breaks the $6,800 low, the next stop for the bears could be near $6,600 or $6,500. Any further losses may perhaps lead the price towards the key $6,200 support area, where the bulls are likely to take a stand. Looking at the chart, bitcoin price is sliding heavily below $7,000 and $6,880. Thus, there are high chances of more downsides as long as the price is trading below the $7,000 and $7,015 resistance levels in the near term. Technical indicators: Hourly MACD \u2013 The MACD is currently showing signs of an upside correction. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly recovering and it is near the 30 level. Major Support Levels \u2013 $6,800 followed by $6,500. Major Resistance Levels \u2013 $6,880, $7,000 and $7,015.<\/p>\n","protected":false},"author":67,"featured_media":394322,"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-407558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Breakdown Looks Real, $6.2K On The Horizon?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) price is showing signs of bearish continuation below $6,800 against the US Dollar. 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