{"id":409586,"date":"2020-01-03T05:48:41","date_gmt":"2020-01-03T05:48:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=409586"},"modified":"2024-06-11T13:36:09","modified_gmt":"2024-06-11T13:36:09","slug":"bitcoin-just-reversed-likely-heading-7400","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-just-reversed-likely-heading-7400\/","title":{"rendered":"Bitcoin Just Reversed And Its Likely Heading $7,400"},"content":{"rendered":"
Bitcoin price is climbing with a bullish angle above $7,000 against the US Dollar. BTC is likely to accelerate higher if it clears the $7,260 resistance.<\/em><\/p>\n Recently, there was a downside extension in bitcoin<\/a> below the $7,100 and $7,000 support levels against the US Dollar. BTC price spiked towards the $6,880 support and traded to a new 2020 low at $6,863.<\/p>\n However, the bulls took a stand, resulting in a sharp upward move above the $7,000 resistance. Besides, there was a break above the $7,080 resistance area. More importantly, there was a break above a key bearish trend line with resistance near $7,120 on the hourly chart of the BTC\/USD pair.<\/p>\n The pair spiked above the 50% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Though, the upward move was capped by the $7,260 resistance area.<\/p>\n Additionally, the price is facing hurdles near the 61.8% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Bitcoin is currently correcting lower below $7,200.<\/p>\n On the downside, an initial support is near the $7,120 level and the broken trend line. The next major support is near the $7,080 level, below which the price is likely to resume its downtrend.<\/p>\n Conversely, the price might continue to rise above the $7,260 resistance. The next major resistance is near the $7,400 level<\/a>. An intermediate resistance is the 76.4% Fib retracement level of the downward move from the $7,530 high to $6,863 low.<\/p>\n If the price continues to rise above $7,380 and $7,400, the next stop for the bulls may perhaps be $7,460 and $7,500. Any further gains could lead the price towards the $7,500 resistance area in the coming sessions.<\/p>\nBitcoin Price Analysis<\/h2>\n