{"id":423422,"date":"2020-05-11T03:38:57","date_gmt":"2020-05-11T03:38:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=423422"},"modified":"2024-06-11T13:48:29","modified_gmt":"2024-06-11T13:48:29","slug":"this-simple-technical-pattern-could-resend-bitcoin-price-above-9000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/this-simple-technical-pattern-could-resend-bitcoin-price-above-9000\/","title":{"rendered":"This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000"},"content":{"rendered":"<p><em>Bitcoin declined heavily from the $10,000 resistance against the US Dollar. BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000.<\/em><\/p>\n<ul>\n<li>Bitcoin found support above the key $8,200 and $8,000 pivot levels.<\/li>\n<li>A low is formed at $8,267 and the price is currently correcting higher.<\/li>\n<li>There is a short term bearish trend line forming with resistance near $8,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>It seems like there is an inverse head and shoulders pattern forming with resistance near $8,800.<\/li>\n<\/ul>\n<h2>Bitcoin Could Start Fresh Increase<\/h2>\n<p>After a strong rally, bitcoin price failed to settle above the <a href=\"https:\/\/uniquehot.com\/2020\/05\/08\/bitcoin-btc-primed-to-test-10500\/\" target=\"_blank\" rel=\"noopener \">$10,000 resistance<\/a> against the US Dollar. BTC price started a nasty decline below the $9,000 support and the 100 hourly simple moving average.<\/p>\n<p>The bears were able to push the price below the $8,500 support, but it found support above the key $8,200 and $8,000 pivot levels. A low is formed near the $8,267 level and the price is currently correcting higher.<\/p>\n<p>There was a break above the $8,500 resistance level. Bitcoin is now trading above the 23.6% Fib retracement level of the downward move from the $10,078 high to $8,267 low. On the upside, the $8,800 level is acting as a major hurdle for more gains.<\/p>\n<p>It seems like there is an inverse head and shoulders pattern forming with resistance near $8,800. More importantly, there is a short term bearish trend line forming with resistance near $8,800 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_423423\" aria-describedby=\"caption-attachment-423423\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-423423\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-423423\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>In the short term, there could be a minor dip to form the right should properly near the $8,550 zone. To start a sustained upward move, the price must clear the trend line resistance at $8,800.<\/p>\n<p>The next key resistance is near the $9,100 and $9,150 levels. The 50% Fib retracement level of the downward move from the $10,078 high to $8,267 low might also act as a hurdle near $9,175 in the near term.<\/p>\n<h2>Downside Continuation?<\/h2>\n<p>If bitcoin price fails to clear the $8,800 resistance, it could resume its decline below the $8,600 and $8,550 levels. The first key support is near the $8,200 level.<\/p>\n<p>The next major support is waiting near the $8,000 level (<a href=\"https:\/\/uniquehot.com\/2020\/05\/10\/bitcoin-btc-100-day-sma-rally-again\/\" target=\"_blank\" rel=\"noopener \">as discussed in the weekly analysis<\/a>). If there is a bearish close below $8,000, the price could start another significant decline towards $7,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently moving nicely in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently approaching the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,600 followed by $8,550.<\/p>\n<p>Major Resistance Levels \u2013 $8,800, $9,000 and $9,175.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin declined heavily from the $10,000 resistance against the US Dollar. BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000. Bitcoin found support above the key $8,200 and $8,000 pivot levels. A low is formed at $8,267 and the price is currently correcting higher. There is a short term bearish trend line forming with resistance near $8,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). It seems like there is an inverse head and shoulders pattern forming with resistance near $8,800. Bitcoin Could Start Fresh Increase After a strong rally, bitcoin price failed to settle above the $10,000 resistance against the US Dollar. BTC price started a nasty decline below the $9,000 support and the 100 hourly simple moving average. The bears were able to push the price below the $8,500 support, but it found support above the key $8,200 and $8,000 pivot levels. A low is formed near the $8,267 level and the price is currently correcting higher. There was a break above the $8,500 resistance level. Bitcoin is now trading above the 23.6% Fib retracement level of the downward move from the $10,078 high to $8,267 low. On the upside, the $8,800 level is acting as a major hurdle for more gains. It seems like there is an inverse head and shoulders pattern forming with resistance near $8,800. More importantly, there is a short term bearish trend line forming with resistance near $8,800 on the hourly chart of the BTC\/USD pair. In the short term, there could be a minor dip to form the right should properly near the $8,550 zone. To start a sustained upward move, the price must clear the trend line resistance at $8,800. The next key resistance is near the $9,100 and $9,150 levels. The 50% Fib retracement level of the downward move from the $10,078 high to $8,267 low might also act as a hurdle near $9,175 in the near term. Downside Continuation? If bitcoin price fails to clear the $8,800 resistance, it could resume its decline below the $8,600 and $8,550 levels. The first key support is near the $8,200 level. The next major support is waiting near the $8,000 level (as discussed in the weekly analysis). If there is a bearish close below $8,000, the price could start another significant decline towards $7,500. Technical indicators: Hourly MACD \u2013 The MACD is currently moving nicely in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently approaching the 50 level. Major Support Levels \u2013 $8,600 followed by $8,550. Major Resistance Levels \u2013 $8,800, $9,000 and $9,175.<\/p>\n","protected":false},"author":67,"featured_media":423424,"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-423422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\n<title>This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000<\/title>\n<meta name=\"description\" content=\"Bitcoin declined heavily from the $10,000 resistance. 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BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/this-simple-technical-pattern-could-resend-bitcoin-price-above-9000\/","og_locale":"en_US","og_type":"article","og_title":"This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000","og_description":"Bitcoin declined heavily from the $10,000 resistance. 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