{"id":408408,"date":"2019-12-23T06:00:08","date_gmt":"2019-12-23T06:00:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=408408"},"modified":"2024-06-11T12:58:00","modified_gmt":"2024-06-11T12:58:00","slug":"bitcoin-rallies-5-to-clear-hurdles-bulls-aiming-8k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-rallies-5-to-clear-hurdles-bulls-aiming-8k\/","title":{"rendered":"Bitcoin Rallies 5% To Clear Hurdles, Bulls Aiming $8K"},"content":{"rendered":"<ul>\n<li>Bitcoin price rallied more than 5% to clear the $7,500 resistance against the US Dollar.<\/li>\n<li>The price is now trading in a positive zone and it could rise further above $7,700.<\/li>\n<li>There is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>There could be a short term correction, but the price remains well bid above $7,500 and $7,460.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing signs of a bullish continuation above $7,500 against the US Dollar. BTC is likely to continue higher and the bulls seem to be aiming $8,000 this week.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After consolidating below the $7,200 resistance, <a href=\"https:\/\/ktsl888.com\/2019\/12\/22\/bitcoin-weekly-forecast-is-this-right-time-to-buy-btc\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin started a nice upward move<\/a> against the US Dollar. BTC surpassed a few key hurdles near $7,300 and $7,400 to start a strong upward move.<\/p>\n<p>Moreover, there was a close above the $7,500 resistance and the 100 hourly simple moving average. It <a href=\"https:\/\/ktsl888.com\/2019\/12\/19\/bitcoin-btc-above-7500-would-make-case-for-larger-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">opened the doors for more gains<\/a> and the price rallied above $7,600. A new weekly high is formed near $7,652 and the price is currently consolidating gains.<\/p>\n<p>An initial support is near the $7,540 level. Besides, the 23.6% Fib retracement level of the recent surge from the $7,166 low to $7,652 high is near $7,537. If there are more downside, the next stop could be near the $7,460 level (the recent breakout zone).<\/p>\n<p>The net major support could be $7,400, and the 50% Fib retracement level of the recent surge from the $7,166 low to $7,652 high. At the moment, there is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is an upside break above the $7,590 and $7,600 resistance levels, bitcoin is likely to resume its upward move. The next resistance is near the $7,652 high, above which the price could surge towards the $7,800 level.<\/p>\n<p>Any further gains will most likely lead the price towards the key $8,000 resistance area, where sellers are likely to take a stand.<\/p>\n<figure id=\"attachment_408409\" aria-describedby=\"caption-attachment-408409\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-408409\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-19.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-408409\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is showing a lot of positive signs after the recent rally above $7,500. Therefore, there are high chances of more upsides above the $7,700 and $7,800 levels in the coming sessions unless the price trades below $7,400.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly reducing its bullish slop.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the overbought zone.<\/p>\n<p>Major Support Levels \u2013 $7,460 followed by $7,400.<\/p>\n<p>Major Resistance Levels \u2013 $7,600, $7,650 and $7,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price rallied more than 5% to clear the $7,500 resistance against the US Dollar. The price is now trading in a positive zone and it could rise further above $7,700. There is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC\/USD pair (data feed from Kraken). There could be a short term correction, but the price remains well bid above $7,500 and $7,460. Bitcoin price is showing signs of a bullish continuation above $7,500 against the US Dollar. BTC is likely to continue higher and the bulls seem to be aiming $8,000 this week. Bitcoin Price Analysis After consolidating below the $7,200 resistance, bitcoin started a nice upward move against the US Dollar. BTC surpassed a few key hurdles near $7,300 and $7,400 to start a strong upward move. Moreover, there was a close above the $7,500 resistance and the 100 hourly simple moving average. It opened the doors for more gains and the price rallied above $7,600. A new weekly high is formed near $7,652 and the price is currently consolidating gains. An initial support is near the $7,540 level. Besides, the 23.6% Fib retracement level of the recent surge from the $7,166 low to $7,652 high is near $7,537. If there are more downside, the next stop could be near the $7,460 level (the recent breakout zone). The net major support could be $7,400, and the 50% Fib retracement level of the recent surge from the $7,166 low to $7,652 high. At the moment, there is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC\/USD pair. If there is an upside break above the $7,590 and $7,600 resistance levels, bitcoin is likely to resume its upward move. The next resistance is near the $7,652 high, above which the price could surge towards the $7,800 level. Any further gains will most likely lead the price towards the key $8,000 resistance area, where sellers are likely to take a stand. Looking at the chart, bitcoin price is showing a lot of positive signs after the recent rally above $7,500. Therefore, there are high chances of more upsides above the $7,700 and $7,800 levels in the coming sessions unless the price trades below $7,400. Technical indicators: Hourly MACD \u2013 The MACD is slowly reducing its bullish slop. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the overbought zone. Major Support Levels \u2013 $7,460 followed by $7,400. Major Resistance Levels \u2013 $7,600, $7,650 and $7,800.<\/p>\n","protected":false},"author":67,"featured_media":408410,"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-408408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Rallies 5% To Clear Hurdles, Bulls Aiming $8K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing signs of a bullish continuation above $7,500 against the US Dollar. 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