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{"id":411191,"date":"2020-01-16T05:28:22","date_gmt":"2020-01-16T05:28:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=411191"},"modified":"2024-06-11T13:40:35","modified_gmt":"2024-06-11T13:40:35","slug":"bitcoin-forming-double-top-and-vulnerable-below-8500","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-forming-double-top-and-vulnerable-below-8500\/","title":{"rendered":"Bitcoin Forming Double Top And It’s Vulnerable Below $8,500"},"content":{"rendered":"

Bitcoin struggled to break the $8,900 resistance on two occasions against the US Dollar. BTC price is showing a few bearish signs and it seems like it could decline towards $8,300 or $8,200.<\/em><\/p>\n

\n
Bitcoin price is likely forming a double top pattern near the $8,900 resistance against the US Dollar.<\/li>\n
The price is down 3% and it is now trading below the $8,700 support.<\/li>\n
There was a break below a key bullish trend line with support near $8,660 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair seems to be vulnerable and it could break the $8,500 support in the near term.<\/li>\n<\/ul>\n
Bitcoin Could Correct Towards $8,200<\/h2>\n
Yesterday, bitcoin extended its rally above the $8,500 resistance<\/a> against the US Dollar. BTC price climbed towards $9,000, but it struggled to clear the $8,900 resistance area.<\/p>\n
The bulls made two attempts to surpass the $8,900 resistance area, but they failed. As a result, there was a bearish reaction below the $8,700 and $8,660 support levels.<\/p>\n
Moreover, there was a break below a key bullish trend line with support near $8,660 on the hourly chart<\/a> of the BTC\/USD pair. It is now trading below the 23.6% Fib retracement level of the upward move from the $8,040 swing low to $8,898 high.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
An immediate support is another bullish trend line at $8,610 on the same chart. The first key support is near the $8,540 level (the previous breakout zone<\/a>). If the price breaks the $8,540 support, it will most likely carve a double top near the $8,900 area.<\/p>\n
In the mentioned bearish case, bitcoin price is likely to slide below the 50% Fib retracement level of the upward move from the $8,040 swing low to $8,898 high.<\/p>\n
The main target for the bears may perhaps be near the $8,240 and $8,200 support levels (double top target levels). Any further losses could lead BTC price towards $8,000.<\/p>\n
What If BTC Stays Above $8,540?<\/h2>\n
If BTC stays above the neckline support at $8,540 and $8,500, it would invalidate the double top pattern. On the upside, an initial resistance is near the $8,700.<\/p>\n
The key hurdle for bitcoin is near $8,900, above which the bulls are likely to target the next important hurdle near the $9,200 and $9,250 levels.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below 50 and it is showing a few bearish signs.<\/p>\n
Major Support Levels \u2013 $8,610 followed by $8,500.<\/p>\n
Major Resistance Levels \u2013 $8,700, $8,900 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin struggled to break the $8,900 resistance on two occasions against the US Dollar. BTC price is showing a few bearish signs and it seems like it could decline towards $8,300 or $8,200. Bitcoin price is likely forming a double top pattern near the $8,900 resistance against the US Dollar. The price is down 3% and it is now trading below the $8,700 support. There was a break below a key bullish trend line with support near $8,660 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair seems to be vulnerable and it could break the $8,500 support in the near term. Bitcoin Could Correct Towards $8,200 Yesterday, bitcoin extended its rally above the $8,500 resistance against the US Dollar. BTC price climbed towards $9,000, but it struggled to clear the $8,900 resistance area. The bulls made two attempts to surpass the $8,900 resistance area, but they failed. As a result, there was a bearish reaction below the $8,700 and $8,660 support levels. Moreover, there was a break below a key bullish trend line with support near $8,660 on the hourly chart of the BTC\/USD pair. It is now trading below the 23.6% Fib retracement level of the upward move from the $8,040 swing low to $8,898 high. An immediate support is another bullish trend line at $8,610 on the same chart. The first key support is near the $8,540 level (the previous breakout zone). If the price breaks the $8,540 support, it will most likely carve a double top near the $8,900 area. In the mentioned bearish case, bitcoin price is likely to slide below the 50% Fib retracement level of the upward move from the $8,040 swing low to $8,898 high. The main target for the bears may perhaps be near the $8,240 and $8,200 support levels (double top target levels). Any further losses could lead BTC price towards $8,000. What If BTC Stays Above $8,540? If BTC stays above the neckline support at $8,540 and $8,500, it would invalidate the double top pattern. On the upside, an initial resistance is near the $8,700. The key hurdle for bitcoin is near $8,900, above which the bulls are likely to target the next important hurdle near the $9,200 and $9,250 levels. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below 50 and it is showing a few bearish signs. Major Support Levels \u2013 $8,610 followed by $8,500. Major Resistance Levels \u2013 $8,700, $8,900 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":411193,"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-411191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Forming Double Top And It's Vulnerable Below $8,500<\/title>\n<meta name=\"description\" content=\"Bitcoin struggled to break the $8,900 resistance on two occasions. 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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":"Bitcoin Forming Double Top And It’s Vulnerable Below $8,500","url":"http:\/\/uniquehot.com\/news\/bitcoin-forming-double-top-and-vulnerable-below-8500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-forming-double-top-and-vulnerable-below-8500\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/shutterstock_235863913.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/shutterstock_235863913.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":"2020-01-16T05:28:22Z","datePublished":"2020-01-16T05:28:22Z","dateModified":"2024-06-11T13:40:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Forming Double Top And It’s Vulnerable Below $8,500\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-forming-double-top-and-vulnerable-below-8500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-forming-double-top-and-vulnerable-below-8500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_235863913.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_235863913.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\":\"2020-01-16T05:28:22Z\",\"datePublished\":\"2020-01-16T05:28:22Z\",\"dateModified\":\"2024-06-11T13:40:35Z\"}<\/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_235863913.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/411191"}],"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=411191"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/411191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/411193"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=411191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=411191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=411191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}