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{"id":416043,"date":"2020-02-26T05:08:08","date_gmt":"2020-02-26T05:08:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=416043"},"modified":"2024-06-11T13:42:32","modified_gmt":"2024-06-11T13:42:32","slug":"bitcoin-just-saw-key-technical-breakdown","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-just-saw-key-technical-breakdown\/","title":{"rendered":"Bitcoin Just Saw A Key Technical Breakdown: Here\u2019s Why BTC Could Dive Below $9K"},"content":{"rendered":"

Bitcoin failed to stay above the $9,500 support and declined more than 5% against the US Dollar. BTC price is now trading in a negative territory and it could slide below $9,000.<\/em><\/p>\n

\n
Bitcoin started a major decline below the $9,500 and $9,350 support levels against the US Dollar.<\/li>\n
The price is approaching the $9,000 support and remains at a risk of more losses.<\/li>\n
There is a major bearish trend line forming with resistance near $9,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to dive towards $8,500 once it breaks the $9,000 support area.<\/li>\n<\/ul>\n
Bitcoin Is Plunging<\/h2>\n
Yesterday, we discussed high chances of a big downside correction<\/a> in bitcoin below $9,500 against the US Dollar. BTC did break the $9,500 support area and extended its decline.<\/p>\n
Moreover, there was a close below the $9,350 level and the 100 hourly simple moving average<\/a>. During the decline, there was a break below a bearish continuation pattern with support at $9,225.<\/p>\n
It opened the doors for more losses below $9,200. Finally, the price traded below $9,100 and formed a new weekly low at $9,087. It is currently consolidating losses, with an immediate resistance near the 23.6% Fib retracement level of the recent decline from the $9,679 high to $9,087 low.<\/p>\n
On the upside, there are many resistances forming near the $9,350 and $9,400 levels. Additionally, there is a major bearish trend line forming with resistance near $9,420 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
The 50% Fib retracement level of the recent decline from the $9,679 high to $9,087 low is also near the $9,380 level to act as hurdle for bitcoin bulls.<\/p>\n
Therefore, the price must climb above the $9,380 and $9,400 levels to start a fresh increase. Still, the main resistance is near $9,500, above which the bulls are likely to take over.<\/p>\n
More Downsides?<\/h2>\n
On the downside, there are a couple of key supports near the $9,000 area. If bitcoin fails to stay above the $9,000 handle, there is a risk of another 5% decline.<\/p>\n
In the mentioned case, the price is likely to test the $8,500 support area in the coming sessions. Overall, there are many bearish signs emerging and the price could dive further below $9,000.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining strength in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the oversold levels.<\/p>\n
Major Support Levels \u2013 $9,000 followed by $8,500.<\/p>\n
Major Resistance Levels \u2013 $9,280, $9,380 and $9,400.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin failed to stay above the $9,500 support and declined more than 5% against the US Dollar. BTC price is now trading in a negative territory and it could slide below $9,000. Bitcoin started a major decline below the $9,500 and $9,350 support levels against the US Dollar. The price is approaching the $9,000 support and remains at a risk of more losses. There is a major bearish trend line forming with resistance near $9,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to dive towards $8,500 once it breaks the $9,000 support area. Bitcoin Is Plunging Yesterday, we discussed high chances of a big downside correction in bitcoin below $9,500 against the US Dollar. BTC did break the $9,500 support area and extended its decline. Moreover, there was a close below the $9,350 level and the 100 hourly simple moving average. During the decline, there was a break below a bearish continuation pattern with support at $9,225. It opened the doors for more losses below $9,200. Finally, the price traded below $9,100 and formed a new weekly low at $9,087. It is currently consolidating losses, with an immediate resistance near the 23.6% Fib retracement level of the recent decline from the $9,679 high to $9,087 low. On the upside, there are many resistances forming near the $9,350 and $9,400 levels. Additionally, there is a major bearish trend line forming with resistance near $9,420 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the recent decline from the $9,679 high to $9,087 low is also near the $9,380 level to act as hurdle for bitcoin bulls. Therefore, the price must climb above the $9,380 and $9,400 levels to start a fresh increase. Still, the main resistance is near $9,500, above which the bulls are likely to take over. More Downsides? On the downside, there are a couple of key supports near the $9,000 area. If bitcoin fails to stay above the $9,000 handle, there is a risk of another 5% decline. In the mentioned case, the price is likely to test the $8,500 support area in the coming sessions. Overall, there are many bearish signs emerging and the price could dive further below $9,000. Technical indicators: Hourly MACD \u2013 The MACD is now gaining strength in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the oversold levels. Major Support Levels \u2013 $9,000 followed by $8,500. Major Resistance Levels \u2013 $9,280, $9,380 and $9,400.<\/p>\n","protected":false},"author":67,"featured_media":416045,"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-416043","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 Just Saw A Key Technical Breakdown: Here\u2019s Why BTC Could Dive Below $9K<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to stay above the $9,500 support and declined more than 5%. 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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 Just Saw A Key Technical Breakdown: Here\u2019s Why BTC Could Dive Below $9K","url":"http:\/\/uniquehot.com\/news\/bitcoin-just-saw-key-technical-breakdown\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-just-saw-key-technical-breakdown\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/shutterstock_1379721974.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/shutterstock_1379721974.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":"2020-02-26T05:08:08Z","datePublished":"2020-02-26T05:08:08Z","dateModified":"2024-06-11T13:42:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Just Saw A Key Technical Breakdown: Here\\u2019s Why BTC Could Dive Below $9K\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-just-saw-key-technical-breakdown\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-just-saw-key-technical-breakdown\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/shutterstock_1379721974.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/shutterstock_1379721974.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\":\"2020-02-26T05:08:08Z\",\"datePublished\":\"2020-02-26T05:08:08Z\",\"dateModified\":\"2024-06-11T13:42:32Z\"}<\/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\/02\/shutterstock_1379721974.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/416043"}],"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=416043"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/416043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/416045"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=416043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=416043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=416043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}