{"id":401899,"date":"2019-10-21T06:00:25","date_gmt":"2019-10-21T06:00:25","guid":{"rendered":"https:\/\/ktsl888.com\/?p=401899"},"modified":"2024-06-11T12:50:58","modified_gmt":"2024-06-11T12:50:58","slug":"bitcoin-btc-price-recovers-but-approach-cautious","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-recovers-but-approach-cautious\/","title":{"rendered":"Bitcoin (BTC) Price Recovers Above $8.2K But Approach Remains Cautious"},"content":{"rendered":"<ul>\n<li>Bitcoin price is currently correcting higher and it broke the key $8,200 resistance against the US Dollar.<\/li>\n<li>The price is now consolidating gains below the $8,300 and $8,350 resistance levels.<\/li>\n<li>There is a short term breakout or bullish continuation pattern forming with resistance near $8,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could struggle to continue higher and it might correct towards the $8,100 support.<\/li>\n<\/ul>\n<p><em>Bitcoin price is rebounding nicely above $8,100 and $8,200 against the US Dollar. However, it is still early to call the current move as a trend change in BTC.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This past week, we saw mostly <a href=\"https:\/\/ktsl888.com\/2019\/10\/18\/bitcoin-btc-price-accelerating-losses-below-8k-7-5k-very-likely\/\" target=\"_blank\" rel=\"noopener noreferrer \">bearish moves<\/a> in bitcoin below the $8,200 support area against the US Dollar. BTC price even settled below $8,000 and the 100 hourly simple moving average. However, the $7,800 area acted as a strong support. As a result, BTC started a decent recovery above the $8,000 resistance area and the 100 hourly SMA. Moreover, there was a break above a contracting triangle with resistance near $8,000 on the hourly chart.<\/p>\n<p>More importantly, the price surpassed the main $8,200 resistance area (as discussed in the <a href=\"https:\/\/ktsl888.com\/2019\/10\/20\/bitcoin-btc-price-weekly-forecast-vulnerable-below-8k-8-2k\/\" target=\"_blank\" rel=\"noopener noreferrer \">weekly forecast<\/a>). Finally, the price traded above the $8,250 level and tested the $8,300 zone. A high was formed near $8,305 and the price is currently consolidating gains. An immediate support is near the $8,200 level or the 23.6% Fib retracement level of the recent recovery from the $7,884 low to $8,305 high.<\/p>\n<p>Additionally, there is a short term breakout or bullish continuation pattern forming with resistance near $8,250 on the same chart. If there is an upside break above $8,250, bitcoin price could continue to rise towards the $8,300 and $8,350 resistance levels. The next key resistance on the upside is near the $8,400 level.<\/p>\n<p>Conversely, if there is a downside break below the $8,200 support, the price could start an extended downside correction. The next key support is near the $8,100 area. Moreover, the 50% Fib retracement level of the recent recovery from the $7,884 low to $8,305 high is also near the $8,095 level to provide support. If there are more downsides, the price could test $8,000 and the 100 hourly SMA.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401902\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart \" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/Bitcoin-18.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin seems to be recovering nicely above $8,200. However, the current price action below $8,300 still suggests signs of caution. Only a close above $8,400 may perhaps call for a strong rise towards $9,000 and $9,200.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower towards the 60 level.<\/p>\n<p>Major Support Levels \u2013 $8,200 followed by $8,100.<\/p>\n<p>Major Resistance Levels \u2013 $8,250, $8,300 and $8,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently correcting higher and it broke the key $8,200 resistance against the US Dollar. The price is now consolidating gains below the $8,300 and $8,350 resistance levels. There is a short term breakout or bullish continuation pattern forming with resistance near $8,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could struggle to continue higher and it might correct towards the $8,100 support. Bitcoin price is rebounding nicely above $8,100 and $8,200 against the US Dollar. However, it is still early to call the current move as a trend change in BTC. Bitcoin Price Analysis This past week, we saw mostly bearish moves in bitcoin below the $8,200 support area against the US Dollar. BTC price even settled below $8,000 and the 100 hourly simple moving average. However, the $7,800 area acted as a strong support. As a result, BTC started a decent recovery above the $8,000 resistance area and the 100 hourly SMA. Moreover, there was a break above a contracting triangle with resistance near $8,000 on the hourly chart. More importantly, the price surpassed the main $8,200 resistance area (as discussed in the weekly forecast). Finally, the price traded above the $8,250 level and tested the $8,300 zone. A high was formed near $8,305 and the price is currently consolidating gains. An immediate support is near the $8,200 level or the 23.6% Fib retracement level of the recent recovery from the $7,884 low to $8,305 high. Additionally, there is a short term breakout or bullish continuation pattern forming with resistance near $8,250 on the same chart. If there is an upside break above $8,250, bitcoin price could continue to rise towards the $8,300 and $8,350 resistance levels. The next key resistance on the upside is near the $8,400 level. Conversely, if there is a downside break below the $8,200 support, the price could start an extended downside correction. The next key support is near the $8,100 area. Moreover, the 50% Fib retracement level of the recent recovery from the $7,884 low to $8,305 high is also near the $8,095 level to provide support. If there are more downsides, the price could test $8,000 and the 100 hourly SMA. Looking at the chart, bitcoin seems to be recovering nicely above $8,200. However, the current price action below $8,300 still suggests signs of caution. Only a close above $8,400 may perhaps call for a strong rise towards $9,000 and $9,200. Technical indicators: Hourly MACD \u2013 The MACD is losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower towards the 60 level. Major Support Levels \u2013 $8,200 followed by $8,100. Major Resistance Levels \u2013 $8,250, $8,300 and $8,400.<\/p>\n","protected":false},"author":67,"featured_media":344599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-401899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Recovers Above $8.2K But Approach Remains Cautious<\/title>\n<meta name=\"description\" content=\"Bitcoin price is rebounding nicely above $8,100 and $8,200 against the US Dollar. 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