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{"id":412319,"date":"2020-01-26T05:50:29","date_gmt":"2020-01-26T05:50:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=412319"},"modified":"2024-06-11T13:41:02","modified_gmt":"2024-06-11T13:41:02","slug":"bitcoin-is-still-in-mid-term-uptrend","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-is-still-in-mid-term-uptrend\/","title":{"rendered":"Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here\u2019s Why"},"content":{"rendered":"

Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670.<\/em><\/p>\n

\n
Bitcoin price started a short term downside correction below $9,000 and $8,800.<\/li>\n
It is currently trading above $8,200 and there are many important supports on downside.<\/li>\n
There is a declining channel or a bullish flag forming with resistance near $8,500 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to find a strong buying interest near $8,000 and the 100-day simple moving average.<\/li>\n<\/ul>\n
Bitcoin Price Remains Supported On Dips<\/h2>\n
After forming a short term top near the $9,191 level, bitcoin started a downside correction<\/a>. BTC price broke the $9,000 and $8,800 levels to enter a bearish zone.<\/p>\n
The bears were able to push the price below the 23.6% Fib retracement level of the last important rise from the $6,836 low to $9,191 high. Moreover, there was a daily close below the $8,500 support level.<\/p>\n
Though, there are many important supports on the downside near the $8,200 and $8,000 levels<\/a>. The main support is near the $8,000 level since it is close to the 100-day simple moving average.<\/p>\n
Besides, the 50% Fib retracement level of the last important rise from the $6,836 low to $9,191 high is also near the $8,000 level. Therefore, dips remain supported on the downside if the price corrects further.<\/p>\n
On the upside, the $8,500 zone is a major hurdle for the bulls. There is also a declining channel or bullish flag forming with resistance near $8,500 on the daily chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
Therefore, bitcoin needs to climb above the $8,500 and $8,540 resistance levels to start a fresh increase. Furthermore, a successful close above $8,600 might lead the price towards $9,000 and $9,200.<\/p>\n
Chances of Major Drop in BTC?<\/h2>\n
As stated, the $8,000 support is a major buy zone. If there is a downside break below $8,000, the next major support is near the $7,670 area.<\/p>\n
The previous breakout zone was near $7,670 and now it coincides with the 61.8% Fib retracement level of the last important rise from the $6,836 low to $9,191 high.<\/p>\n
Thus, a successful daily close below $7,670 or $7,600 could negate the current bullish view. In the mentioned case, the price is likely to revisit the $6,500 support area.<\/p>\n
Technical indicators:<\/p>\n
Daily MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n
Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level.<\/p>\n
Major Support Levels \u2013 $8,200 followed by $8,000.<\/p>\n
Major Resistance Levels \u2013 $8,500, $8,550 and $9,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670. Bitcoin price started a short term downside correction below $9,000 and $8,800. It is currently trading above $8,200 and there are many important supports on downside. There is a declining channel or a bullish flag forming with resistance near $8,500 on the daily chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest near $8,000 and the 100-day simple moving average. Bitcoin Price Remains Supported On Dips After forming a short term top near the $9,191 level, bitcoin started a downside correction. BTC price broke the $9,000 and $8,800 levels to enter a bearish zone. The bears were able to push the price below the 23.6% Fib retracement level of the last important rise from the $6,836 low to $9,191 high. Moreover, there was a daily close below the $8,500 support level. Though, there are many important supports on the downside near the $8,200 and $8,000 levels. The main support is near the $8,000 level since it is close to the 100-day simple moving average. Besides, the 50% Fib retracement level of the last important rise from the $6,836 low to $9,191 high is also near the $8,000 level. Therefore, dips remain supported on the downside if the price corrects further. On the upside, the $8,500 zone is a major hurdle for the bulls. There is also a declining channel or bullish flag forming with resistance near $8,500 on the daily chart of the BTC\/USD pair. Therefore, bitcoin needs to climb above the $8,500 and $8,540 resistance levels to start a fresh increase. Furthermore, a successful close above $8,600 might lead the price towards $9,000 and $9,200. Chances of Major Drop in BTC? As stated, the $8,000 support is a major buy zone. If there is a downside break below $8,000, the next major support is near the $7,670 area. The previous breakout zone was near $7,670 and now it coincides with the 61.8% Fib retracement level of the last important rise from the $6,836 low to $9,191 high. Thus, a successful daily close below $7,670 or $7,600 could negate the current bullish view. In the mentioned case, the price is likely to revisit the $6,500 support area. Technical indicators: Daily MACD \u2013 The MACD is slowly gaining momentum in the bearish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level. Major Support Levels \u2013 $8,200 followed by $8,000. Major Resistance Levels \u2013 $8,500, $8,550 and $9,200.<\/p>\n","protected":false},"author":67,"featured_media":412322,"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":[428,1119,6664],"class_list":["post-412319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nSorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin started a downside correction from the 2020 high at $9,191. 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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":"Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here\u2019s Why","url":"http:\/\/uniquehot.com\/news\/bitcoin-is-still-in-mid-term-uptrend\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-is-still-in-mid-term-uptrend\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/shutterstock_614141174.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/shutterstock_614141174.jpg?fit=1000%2C740"},"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","crypto"],"dateCreated":"2020-01-26T05:50:29Z","datePublished":"2020-01-26T05:50:29Z","dateModified":"2024-06-11T13:41:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here\\u2019s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-is-still-in-mid-term-uptrend\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-is-still-in-mid-term-uptrend\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_614141174.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/shutterstock_614141174.jpg?fit=1000%2C740\"},\"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\",\"crypto\"],\"dateCreated\":\"2020-01-26T05:50:29Z\",\"datePublished\":\"2020-01-26T05:50:29Z\",\"dateModified\":\"2024-06-11T13:41:02Z\"}<\/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_614141174.jpg?fit=1000%2C740","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/412319"}],"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=412319"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/412319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/412322"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=412319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=412319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=412319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}