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{"id":422078,"date":"2020-04-28T03:28:53","date_gmt":"2020-04-28T03:28:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=422078"},"modified":"2024-06-11T13:48:01","modified_gmt":"2024-06-11T13:48:01","slug":"bitcoin-btc-buyers-lose-control","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-buyers-lose-control\/","title":{"rendered":"Bitcoin Buyers Lose Control, But 2 Key Technicals Show One Last Rally is Imminent"},"content":{"rendered":"

Bitcoin is struggling to surpass the $7,800 resistance area against the US Dollar. It seems like BTC price could dip towards $7,600 or $7,400 before a fresh rally towards $8,000.<\/em><\/p>\n

\n
Bitcoin made two attempts to clear the $7,800 hurdle against the US Dollar, but it failed.<\/li>\n
The price is showing a few bearish signs and it could correct towards $7,600 or $7,400.<\/li>\n
It is testing a major bullish trend line with support near $7,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could correct a few points, but a run towards the $8,000 resistance is still on the cards.<\/li>\n<\/ul>\n
Bitcoin Losing Bullish Momentum<\/h2>\n
In the past two sessions, bitcoin made two attempts to clear the $7,800 hurdle<\/a> against the US Dollar. However, BTC price seems to be losing bullish momentum above $7,700 and it could correct lower in the near term.<\/p>\n
The recent high was formed near $7,796 and the price is currently moving lower. It declined below the 23.6% Fib retracement level of the upward move from the $7,485 swing low to $7,796 high.<\/p>\n
Bitcoin price is now testing a major bullish trend line with support near $7,700 on the hourly chart<\/a> of the BTC\/USD pair. If there is a successful close below the trend line support and $7,700, there is a risk of more downsides.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
The next support is near the $7,640 level. It represents the 50% Fib retracement level of the upward move from the $7,485 swing low to $7,796 high. The main support is near the $7,600 level and the 100 hourly simple moving average.<\/p>\n
If the bulls fail to protect the $7,600 support area (the recent breakout zone), there could be an extended decline. In the mentioned case, the price is likely to continue lower towards the next major support at $7,400.<\/p>\n
Upside Thrust To $8,000?<\/h2>\n
In the near term, an upside thrust towards the $8,000 level is possible. If bitcoin price stays above the $7,600 support or the $7,400 uptrend pivot, there are chances of a run towards the $8,000 level.<\/p>\n
Any further gains are likely to be limited, considering a major near the $8,000 level (as discussed in one of the previous analyses using the daily chart<\/a>).<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now moving in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is just below the 50 level.<\/p>\n
Major Support Levels \u2013 $7,600 followed by $7,400.<\/p>\n
Major Resistance Levels \u2013 $7,800, $8,000 and $8,080.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is struggling to surpass the $7,800 resistance area against the US Dollar. It seems like BTC price could dip towards $7,600 or $7,400 before a fresh rally towards $8,000. Bitcoin made two attempts to clear the $7,800 hurdle against the US Dollar, but it failed. The price is showing a few bearish signs and it could correct towards $7,600 or $7,400. It is testing a major bullish trend line with support near $7,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct a few points, but a run towards the $8,000 resistance is still on the cards. Bitcoin Losing Bullish Momentum In the past two sessions, bitcoin made two attempts to clear the $7,800 hurdle against the US Dollar. However, BTC price seems to be losing bullish momentum above $7,700 and it could correct lower in the near term. The recent high was formed near $7,796 and the price is currently moving lower. It declined below the 23.6% Fib retracement level of the upward move from the $7,485 swing low to $7,796 high. Bitcoin price is now testing a major bullish trend line with support near $7,700 on the hourly chart of the BTC\/USD pair. If there is a successful close below the trend line support and $7,700, there is a risk of more downsides. The next support is near the $7,640 level. It represents the 50% Fib retracement level of the upward move from the $7,485 swing low to $7,796 high. The main support is near the $7,600 level and the 100 hourly simple moving average. If the bulls fail to protect the $7,600 support area (the recent breakout zone), there could be an extended decline. In the mentioned case, the price is likely to continue lower towards the next major support at $7,400. Upside Thrust To $8,000? In the near term, an upside thrust towards the $8,000 level is possible. If bitcoin price stays above the $7,600 support or the $7,400 uptrend pivot, there are chances of a run towards the $8,000 level. Any further gains are likely to be limited, considering a major near the $8,000 level (as discussed in one of the previous analyses using the daily chart). Technical indicators: Hourly MACD \u2013 The MACD is now moving in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is just below the 50 level. Major Support Levels \u2013 $7,600 followed by $7,400. Major Resistance Levels \u2013 $7,800, $8,000 and $8,080.<\/p>\n","protected":false},"author":67,"featured_media":422080,"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-422078","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 Buyers Lose Control, But 2 Key Technicals Show One Last Rally is Imminent<\/title>\n<meta name=\"description\" content=\"Bitcoin is struggling to surpass the $7,800 resistance area. 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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 Buyers Lose Control, But 2 Key Technicals Show One Last Rally is Imminent","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-buyers-lose-control\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-buyers-lose-control\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/04\/shutterstock_561906238.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/04\/shutterstock_561906238.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","btcusd"],"dateCreated":"2020-04-28T03:28:53Z","datePublished":"2020-04-28T03:28:53Z","dateModified":"2024-06-11T13:48:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Buyers Lose Control, But 2 Key Technicals Show One Last Rally is Imminent\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-buyers-lose-control\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-buyers-lose-control\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/shutterstock_561906238.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/shutterstock_561906238.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\",\"btcusd\"],\"dateCreated\":\"2020-04-28T03:28:53Z\",\"datePublished\":\"2020-04-28T03:28:53Z\",\"dateModified\":\"2024-06-11T13:48:01Z\"}<\/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\/shutterstock_561906238.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/422078"}],"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=422078"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/422078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/422080"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=422078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=422078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=422078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Upside Thrust To $8,000?<\/h2>\nIn the near term, an upside thrust towards the $8,000 level is possible. If bitcoin price stays above the $7,600 support or the $7,400 uptrend pivot, there are chances of a run towards the $8,000 level.<\/p>\n