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{"id":421367,"date":"2020-04-21T03:28:43","date_gmt":"2020-04-21T03:28:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=421367"},"modified":"2024-06-11T13:47:44","modified_gmt":"2024-06-11T13:47:44","slug":"bitcoin-btc-bullish-case-intact-6550","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-bullish-case-intact-6550\/","title":{"rendered":"Bitcoin Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact"},"content":{"rendered":"

Bitcoin failed to surpass the $7,200 resistance and declined below $7,000 against the US Dollar. BTC price is showing a few bearish signs, but the bulls are likely to protect $6,555.<\/em><\/p>\n

\n
Bitcoin is declining and trading below the $7,000 support zone against the US Dollar.<\/li>\n
It is testing a major support near the $6,750-$6,800 region.<\/li>\n
There was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to find a strong buying interest if it corrects further towards the $6,555 support.<\/li>\n<\/ul>\n
Bitcoin Correcting Gains<\/h2>\n
After a couple of failed attempts above $7,200<\/a>, bitcoin price reacted to the downside against the US Dollar. BTC started a downside correction from the $7,229 swing high and traded below the $7,100 support.<\/p>\n
The price declined sharply below the $7,000 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $7,110 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin price<\/figcaption><\/figure>\n
The pair even spiked below the $6,800 support and tested $6,750. A low is formed near $6,761 and the price is correcting consolidating losses.<\/p>\n
Bitcoin price is testing the 23.6% Fib retracement level of the recent drop from the $7,226 high to $6,761 low. An initial resistance on the upside is near the $7,000 handle (the recent breakdown zone).<\/p>\n
The 50% Fib retracement level of the recent drop from the $7,226 high to $6,761 low is also near the $7,000 zone to act as a major hurdle for the bulls.<\/p>\n
The main resistance is now forming near the $7,100 level and the 100 hourly simple moving average. Any further gains could open the doors for a strong increase above the $7,200 resistance area.<\/p>\n
Bulls in Action?<\/h2>\n
On the downside, an immediate support is near the $6,750-$6,800 zone. If bitcoin slides below the $6,750 support, there is a risk of an extended decline in the near term.<\/p>\n
The key support is seen near the $6,555 level<\/a>, where the bulls are likely to take a stand. Any further losses may perhaps start a substantial decline towards the $6,200 and $6,000 levels in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 40 level.<\/p>\n
Major Support Levels \u2013 $6,750 followed by $6,555.<\/p>\n
Major Resistance Levels \u2013 $7,000, $7,100 and $7,200.<\/p>\n
Image from unsplash<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin failed to surpass the $7,200 resistance and declined below $7,000 against the US Dollar. BTC price is showing a few bearish signs, but the bulls are likely to protect $6,555. Bitcoin is declining and trading below the $7,000 support zone against the US Dollar. It is testing a major support near the $6,750-$6,800 region. There was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest if it corrects further towards the $6,555 support. Bitcoin Correcting Gains After a couple of failed attempts above $7,200, bitcoin price reacted to the downside against the US Dollar. BTC started a downside correction from the $7,229 swing high and traded below the $7,100 support. The price declined sharply below the $7,000 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC\/USD pair. The pair even spiked below the $6,800 support and tested $6,750. A low is formed near $6,761 and the price is correcting consolidating losses. Bitcoin price is testing the 23.6% Fib retracement level of the recent drop from the $7,226 high to $6,761 low. An initial resistance on the upside is near the $7,000 handle (the recent breakdown zone). The 50% Fib retracement level of the recent drop from the $7,226 high to $6,761 low is also near the $7,000 zone to act as a major hurdle for the bulls. The main resistance is now forming near the $7,100 level and the 100 hourly simple moving average. Any further gains could open the doors for a strong increase above the $7,200 resistance area. Bulls in Action? On the downside, an immediate support is near the $6,750-$6,800 zone. If bitcoin slides below the $6,750 support, there is a risk of an extended decline in the near term. The key support is seen near the $6,555 level, where the bulls are likely to take a stand. Any further losses may perhaps start a substantial decline towards the $6,200 and $6,000 levels in the near term. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 40 level. Major Support Levels \u2013 $6,750 followed by $6,555. Major Resistance Levels \u2013 $7,000, $7,100 and $7,200. Image from unsplash<\/p>\n","protected":false},"author":67,"featured_media":421369,"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":[428,1144],"class_list":["post-421367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to surpass the $7,200 resistance and declined below $7,000. 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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 Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-bullish-case-intact-6550\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-bullish-case-intact-6550\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/04\/tim-foster-ldsAHwkVeZI-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/04\/tim-foster-ldsAHwkVeZI-unsplash.jpg?fit=1920%2C1280"},"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","btcusd"],"dateCreated":"2020-04-21T03:28:43Z","datePublished":"2020-04-21T03:28:43Z","dateModified":"2024-06-11T13:47:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-bullish-case-intact-6550\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-bullish-case-intact-6550\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/tim-foster-ldsAHwkVeZI-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/tim-foster-ldsAHwkVeZI-unsplash.jpg?fit=1920%2C1280\"},\"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\",\"btcusd\"],\"dateCreated\":\"2020-04-21T03:28:43Z\",\"datePublished\":\"2020-04-21T03:28:43Z\",\"dateModified\":\"2024-06-11T13:47:44Z\"}<\/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\/04\/tim-foster-ldsAHwkVeZI-unsplash.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/421367"}],"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=421367"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/421367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/421369"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=421367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=421367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=421367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Bulls in Action?<\/h2>\nOn the downside, an immediate support is near the $6,750-$6,800 zone. If bitcoin slides below the $6,750 support, there is a risk of an extended decline in the near term.<\/p>\n