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{"id":428768,"date":"2020-06-28T04:28:51","date_gmt":"2020-06-28T04:28:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=428768"},"modified":"2024-06-11T09:22:47","modified_gmt":"2024-06-11T09:22:47","slug":"bitcoin-btc-bears-are-comfortable","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-bears-are-comfortable\/","title":{"rendered":"Bitcoin Dives Below Key Uptrend Support: Here\u2019s Why Bears Are Comfortable"},"content":{"rendered":"

Bitcoin started a major decline after it broke the $9,500 support against the US Dollar. BTC is now trading below $9,000 and it remains at a risk of more losses below $8,800.<\/em><\/p>\n

\n
Bitcoin is gaining bearish momentum below the $9,500 and $9,200 support levels.<\/li>\n
The price traded as low as $8,813 and it is currently correcting higher.<\/li>\n
There is a crucial bearish trend line forming with resistance near $9,100 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could correct higher, but it is likely to struggle near $9,100 and $9,300.<\/li>\n<\/ul>\n
Bitcoin Turns Bearish<\/h2>\n
This past week, bitcoin started a major decline<\/a> after it broke the $9,500 support against the US Dollar. BTC gained bearish momentum below the $9,300 support level and the 100 simple moving average (4-hours).<\/p>\n
It opened the doors for more losses and the price even broke the $9,000 support. A new monthly low is formed near $8,813 and the price is currently correcting higher. An initial resistance is near the $9,000 and $9,040 levels.<\/p>\n
The 23.6% Fib retracement level of the downward move from the $9,778 high to $8,813 low is also near the $9,040 level. More importantly, there is a crucial bearish trend line forming with resistance near $9,100 on the 4-hours chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price dives below $9,000: Source: TradingView.com<\/a><\/pre>\n
If bitcoin price breaks the trend line resistance, it could continue to recover towards the main $9,300 resistance. The 100 simple moving average (4-hours) is also waiting near the $9,300 resistance area.<\/p>\n
Therefore, the bulls are likely to face a lot of hurdles near the $9,100 and $9,300 levels. To move into a positive zone, the price must settle above $9,300 and the 100 SMA.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin struggles to clear the $9,100 and $9,300 resistance levels, there is a risk of more losses<\/a>. An initial support is near the $8,813 low and $8,800.<\/p>\n
A successful bearish break below the $8,800 support zone could open the doors for a larger decline. In the mentioned case, the bears are likely to aim a test of the $8,500 support level in the near term.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is gaining pace in the bearish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 40 level.<\/p>\n
Major Support Level \u2013 $8,800<\/p>\n
Major Resistance Level \u2013 $9,300<\/p>\n
Take advantage of the trading opportunities with Plus500<\/a><\/p>\n
Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin started a major decline after it broke the $9,500 support against the US Dollar. BTC is now trading below $9,000 and it remains at a risk of more losses below $8,800. Bitcoin is gaining bearish momentum below the $9,500 and $9,200 support levels. The price traded as low as $8,813 and it is currently correcting higher. There is a crucial bearish trend line forming with resistance near $9,100 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could correct higher, but it is likely to struggle near $9,100 and $9,300. Bitcoin Turns Bearish This past week, bitcoin started a major decline after it broke the $9,500 support against the US Dollar. BTC gained bearish momentum below the $9,300 support level and the 100 simple moving average (4-hours). It opened the doors for more losses and the price even broke the $9,000 support. A new monthly low is formed near $8,813 and the price is currently correcting higher. An initial resistance is near the $9,000 and $9,040 levels. The 23.6% Fib retracement level of the downward move from the $9,778 high to $8,813 low is also near the $9,040 level. More importantly, there is a crucial bearish trend line forming with resistance near $9,100 on the 4-hours chart of the BTC\/USD pair. Bitcoin price dives below $9,000: Source: TradingView.com If bitcoin price breaks the trend line resistance, it could continue to recover towards the main $9,300 resistance. The 100 simple moving average (4-hours) is also waiting near the $9,300 resistance area. Therefore, the bulls are likely to face a lot of hurdles near the $9,100 and $9,300 levels. To move into a positive zone, the price must settle above $9,300 and the 100 SMA. More Losses in BTC? If bitcoin struggles to clear the $9,100 and $9,300 resistance levels, there is a risk of more losses. An initial support is near the $8,813 low and $8,800. A successful bearish break below the $8,800 support zone could open the doors for a larger decline. In the mentioned case, the bears are likely to aim a test of the $8,500 support level in the near term. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is gaining pace in the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 40 level. Major Support Level \u2013 $8,800 Major Resistance Level \u2013 $9,300 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":428770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-428768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Dives Below Key Uptrend Support: Here\u2019s Why Bears Are Comfortable<\/title>\n<meta name=\"description\" content=\"Bitcoin started a major decline after it broke the $9,500 support against the US Dollar. 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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 Dives Below Key Uptrend Support: Here\u2019s Why Bears Are Comfortable","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-bears-are-comfortable\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-bears-are-comfortable\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_104159093.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_104159093.jpg?fit=1000%2C713"},"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","btcusdt","xbtusd"],"dateCreated":"2020-06-28T04:28:51Z","datePublished":"2020-06-28T04:28:51Z","dateModified":"2024-06-11T09:22:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Dives Below Key Uptrend Support: Here\\u2019s Why Bears Are Comfortable\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-bears-are-comfortable\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-bears-are-comfortable\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_104159093.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_104159093.jpg?fit=1000%2C713\"},\"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\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-06-28T04:28:51Z\",\"datePublished\":\"2020-06-28T04:28:51Z\",\"dateModified\":\"2024-06-11T09:22:47Z\"}<\/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\/06\/shutterstock_104159093.jpg?fit=1000%2C713","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/428768"}],"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=428768"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/428768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/428770"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=428768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=428768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=428768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}