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{"id":416193,"date":"2020-02-27T05:08:00","date_gmt":"2020-02-27T05:08:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=416193"},"modified":"2024-06-11T10:28:39","modified_gmt":"2024-06-11T10:28:39","slug":"bitcoin-daily-chart-suggests-strong-bounce-likely","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-daily-chart-suggests-strong-bounce-likely\/","title":{"rendered":"Sorry Bears, Bitcoin Daily Chart Suggests a Strong Bounce Is More Likely"},"content":{"rendered":"

Bitcoin started a major downside correction from the $10,521 yearly high against the US Dollar. BTC price declined below $9,000, but it is still in a larger uptrend above $8,000.<\/em><\/p>\n

\n
Bitcoin started a major correction from well above the $10,000 level against the US Dollar.<\/li>\n
The price is down more than 15% from the high and it recently traded below $9,000.<\/li>\n
There was a break below a key bullish trend line with support at $9,580 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 the $8,470 and $8,300 levels.<\/li>\n<\/ul>\n
Bitcoin Price Could Bounce Back Sharply<\/h2>\n
In the past two days, bitcoin saw an increase in selling pressure<\/a> below the $10,000 pivot level. As a result, BTC price broke a few key supports near the $9,800 and $9,600 levels to enter a short term bearish zone.<\/p>\n
There was a close below the $9,800 level and the 100-day simple moving average. Moreover, there was a break below the 23.6% Fib retracement level of the major upward move from the $6,425 low to $10,521 high.<\/p>\n
During the decline, there was a break below a key bullish trend line with support at $9,580 on the daily chart<\/a> of the BTC\/USD pair. Bitcoin even declined below the $9,000 support level.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
It is now approaching the $8,475 support area (the previous breakout zone). It coincides with the 50% Fib retracement level of the major upward move from the $6,425 low to $10,521 high.<\/p>\n
The next immediate support is near the $8,300 level and the 100-day simple moving average. Therefore, bitcoin is likely to find a strong buying interest near the $8,475 and $8,300 support levels, and it could bounce back sharply.<\/p>\n
On the upside, an initial resistance is near the $9,000 level. A successful close above the $9,000 and $9,020 levels is likely to set the pace for a fresh increase in the coming days.<\/p>\n
Why $8,000 Is Significant?<\/h2>\n
Clearly, there are many key supports for bitcoin near $8,300 and the 100-day SMA, below which there is a risk of a drop towards the $8,000 support area.<\/p>\n
The 61.8% Fib retracement level of the same wave is also near $8,000. For that reason, the $8,000 support holds the key. If the bulls fail to defend $8,000, there are chances of a strong decline towards the $7,000 and $6,800 levels.<\/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 now well below the 50 level.<\/p>\n
Major Support Levels \u2013 $8,475 followed by $8,300.<\/p>\n
Major Resistance Levels \u2013 $9,000, $9,500 and $10,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin started a major downside correction from the $10,521 yearly high against the US Dollar. BTC price declined below $9,000, but it is still in a larger uptrend above $8,000. Bitcoin started a major correction from well above the $10,000 level against the US Dollar. The price is down more than 15% from the high and it recently traded below $9,000. There was a break below a key bullish trend line with support at $9,580 on the daily chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest near the $8,470 and $8,300 levels. Bitcoin Price Could Bounce Back Sharply In the past two days, bitcoin saw an increase in selling pressure below the $10,000 pivot level. As a result, BTC price broke a few key supports near the $9,800 and $9,600 levels to enter a short term bearish zone. There was a close below the $9,800 level and the 100-day simple moving average. Moreover, there was a break below the 23.6% Fib retracement level of the major upward move from the $6,425 low to $10,521 high. During the decline, there was a break below a key bullish trend line with support at $9,580 on the daily chart of the BTC\/USD pair. Bitcoin even declined below the $9,000 support level. It is now approaching the $8,475 support area (the previous breakout zone). It coincides with the 50% Fib retracement level of the major upward move from the $6,425 low to $10,521 high. The next immediate support is near the $8,300 level and the 100-day simple moving average. Therefore, bitcoin is likely to find a strong buying interest near the $8,475 and $8,300 support levels, and it could bounce back sharply. On the upside, an initial resistance is near the $9,000 level. A successful close above the $9,000 and $9,020 levels is likely to set the pace for a fresh increase in the coming days. Why $8,000 Is Significant? Clearly, there are many key supports for bitcoin near $8,300 and the 100-day SMA, below which there is a risk of a drop towards the $8,000 support area. The 61.8% Fib retracement level of the same wave is also near $8,000. For that reason, the $8,000 support holds the key. If the bulls fail to defend $8,000, there are chances of a strong decline towards the $7,000 and $6,800 levels. 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 now well below the 50 level. Major Support Levels \u2013 $8,475 followed by $8,300. Major Resistance Levels \u2013 $9,000, $9,500 and $10,000.<\/p>\n","protected":false},"author":67,"featured_media":416195,"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-416193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nSorry Bears, Bitcoin Daily Chart Suggests a Strong Bounce Is More Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin started a major downside correction from the $10,521 yearly high. 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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 Daily Chart Suggests a Strong Bounce Is More Likely","url":"http:\/\/uniquehot.com\/news\/bitcoin-daily-chart-suggests-strong-bounce-likely\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-daily-chart-suggests-strong-bounce-likely\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/shutterstock_427323622.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/shutterstock_427323622.jpg?fit=1000%2C644"},"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":"2020-02-27T05:08:00Z","datePublished":"2020-02-27T05:08:00Z","dateModified":"2024-06-11T10:28:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Sorry Bears, Bitcoin Daily Chart Suggests a Strong Bounce Is More Likely\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-daily-chart-suggests-strong-bounce-likely\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-daily-chart-suggests-strong-bounce-likely\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/shutterstock_427323622.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/shutterstock_427323622.jpg?fit=1000%2C644\"},\"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\":\"2020-02-27T05:08:00Z\",\"datePublished\":\"2020-02-27T05:08:00Z\",\"dateModified\":\"2024-06-11T10:28:39Z\"}<\/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_427323622.jpg?fit=1000%2C644","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/416193","targetHints":{"allow":["GET"]}}],"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=416193"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/416193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/416195"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=416193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=416193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=416193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}