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{"id":411041,"date":"2020-01-15T05:23:30","date_gmt":"2020-01-15T05:23:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=411041"},"modified":"2024-06-11T13:40:31","modified_gmt":"2024-06-11T13:40:31","slug":"bitcoin-bulls-must-wait-for-dip-for-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bulls-must-wait-for-dip-for-rally\/","title":{"rendered":"Here\u2019s Why Bitcoin Bulls Must Wait For Dip To $8.3K For Another Rally"},"content":{"rendered":"

Bitcoin extended its rally above the $8,800 resistance against the US Dollar. However, BTC price might now correct lower towards $8,400 or $8,300 before a fresh increase.<\/em><\/p>\n

\n
Bitcoin price climbed to a new 2020 high at $8,898 against the US Dollar.<\/li>\n
The price is now showing signs of a downside correction below $8,700 and $8,600.<\/li>\n
There is a key bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to find a strong support near $8,400 or $8,300 if it dips further.<\/li>\n<\/ul>\n
Bitcoin Rally Pauses But Not Likely Over<\/h2>\n
Yesterday, bitcoin started a nice uptrend above the $8,200 and $8,400 resistance levels<\/a> against the US Dollar. Later, BTC price traded in a range before rallying again above the $8,500 and $8,600 resistance levels.<\/p>\n
Moreover, the price jumped above the $8,800 level (as discussed yesterday) and settled nicely above the 100 hourly simple moving average. A new 2020 high is formed near $8,898 and the price is currently correcting lower.<\/p>\n
It already broke the 23.6% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. An initial support on the downside is near the $8,600 and $8,620 levels.<\/p>\n
The next support could be $8,460 or the 50% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. The main support and buy zone<\/a> could be near the $8,400 and $8,300 levels.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
Additionally, there is a key bullish trend line forming with support near $8,300 on the hourly chart<\/a> of the BTC\/USD pair. Therefore, dips in bitcoin towards the $8,400 and $8,300 may perhaps find solid bids.<\/p>\n
Can BTC Rise To $9,200?<\/h2>\n
The current trend is very positive and the recent break above $8,600 was convincing. In the short term, there might be a downside correction towards $8,400.<\/p>\n
Once a correction phase is complete, BTC bulls are likely to make another attempt to clear the $8,800 and $9,000 resistance. The main hurdle for a larger move towards $10,000 is near the $9,200 level.<\/p>\n
If bitcoin price fails to clear $9,000 and $9,200, it is likely to start a larger decline towards the $7,200 and $7,000 support levels in the coming days.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now back in the bearish zone, with negative signs.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below 60 and it is likely to extend its decline.<\/p>\n
Major Support Levels \u2013 $8,460 followed by $8,300.<\/p>\n
Major Resistance Levels \u2013 $8,700, $8,800 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin extended its rally above the $8,800 resistance against the US Dollar. However, BTC price might now correct lower towards $8,400 or $8,300 before a fresh increase. Bitcoin price climbed to a new 2020 high at $8,898 against the US Dollar. The price is now showing signs of a downside correction below $8,700 and $8,600. There is a key bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong support near $8,400 or $8,300 if it dips further. Bitcoin Rally Pauses But Not Likely Over Yesterday, bitcoin started a nice uptrend above the $8,200 and $8,400 resistance levels against the US Dollar. Later, BTC price traded in a range before rallying again above the $8,500 and $8,600 resistance levels. Moreover, the price jumped above the $8,800 level (as discussed yesterday) and settled nicely above the 100 hourly simple moving average. A new 2020 high is formed near $8,898 and the price is currently correcting lower. It already broke the 23.6% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. An initial support on the downside is near the $8,600 and $8,620 levels. The next support could be $8,460 or the 50% Fib retracement level of the recent surge from the $8,038 low to $8,898 high. The main support and buy zone could be near the $8,400 and $8,300 levels. Additionally, there is a key bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair. Therefore, dips in bitcoin towards the $8,400 and $8,300 may perhaps find solid bids. Can BTC Rise To $9,200? The current trend is very positive and the recent break above $8,600 was convincing. In the short term, there might be a downside correction towards $8,400. Once a correction phase is complete, BTC bulls are likely to make another attempt to clear the $8,800 and $9,000 resistance. The main hurdle for a larger move towards $10,000 is near the $9,200 level. If bitcoin price fails to clear $9,000 and $9,200, it is likely to start a larger decline towards the $7,200 and $7,000 support levels in the coming days. Technical indicators: Hourly MACD \u2013 The MACD is now back in the bearish zone, with negative signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below 60 and it is likely to extend its decline. Major Support Levels \u2013 $8,460 followed by $8,300. Major Resistance Levels \u2013 $8,700, $8,800 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":411043,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-411041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nHere\u2019s Why Bitcoin Bulls Must Wait For Dip To $8.3K For Another Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin extended its rally above the $8,800 resistance against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here\u2019s Why Bitcoin Bulls Must Wait For Dip To $8.3K For Another Rally","url":"http:\/\/uniquehot.com\/news\/bitcoin-bulls-must-wait-for-dip-for-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-bulls-must-wait-for-dip-for-rally\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/shutterstock_1489955045.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/shutterstock_1489955045.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2020-01-15T05:23:30Z","datePublished":"2020-01-15T05:23:30Z","dateModified":"2024-06-11T13:40:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s Why Bitcoin Bulls Must Wait For Dip To $8.3K For Another Rally\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-bulls-must-wait-for-dip-for-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-bulls-must-wait-for-dip-for-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_1489955045.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_1489955045.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2020-01-15T05:23:30Z\",\"datePublished\":\"2020-01-15T05:23:30Z\",\"dateModified\":\"2024-06-11T13:40:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/shutterstock_1489955045.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/411041"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=411041"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/411041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/411043"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=411041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=411041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=411041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}