{"id":408739,"date":"2019-12-25T05:58:30","date_gmt":"2019-12-25T05:58:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=408739"},"modified":"2024-06-11T12:53:35","modified_gmt":"2024-06-11T12:53:35","slug":"bitcoin-eyeing-last-line-of-defense-bulls-losing-grip","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-eyeing-last-line-of-defense-bulls-losing-grip\/","title":{"rendered":"Bitcoin Eyeing Last Line of Defense, Bulls Losing Grip"},"content":{"rendered":"<ul>\n<li>Bitcoin price is struggling to stay above the $7,160 and $7,120 support levels against the US Dollar.<\/li>\n<li>A successful close below $7,120 could accelerate decline below $7,000.<\/li>\n<li>There is a key connecting bearish trend line forming with resistance near $7,480 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could either accelerate decline below $7,000 or recover to $7,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing a few bearish signs below $7,400 against the US Dollar. BTC must stay above $7,120 to avoid a nasty decline below $7,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/ktsl888.com\/2019\/12\/24\/bitcoin-trading-near-make-or-break-levels-100-sma-holds-key\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside correction in bitcoin price from the $7,700 resistance area<\/a> against the US Dollar. The price traded below the $7,400 and $7,300 support levels.<\/p>\n<p>Moreover, the price struggled to stay above the $7,260 support and the 100 hourly simple moving average. It opened the doors for more losses and the price traded close to the $7,160 support.<\/p>\n<p>A low is formed near $7,159 and the price is currently consolidating losses. It seems like there is a short term contracting triangle forming with resistance near $7,240 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Besides, the 23.6% Fib retracement level of the recent drop from the $7,689 high to $7,159 low is near the $7,284 level. More importantly, the 100 hourly SMA is positioned near the $7,300 level.<\/p>\n<p>Therefore, a successful break above $7,240 and $7,300 might start a decent upward move. The next key resistance is near the $7,400 level or the 50% Fib retracement level of the recent drop from the $7,689 high to $7,159 low.<\/p>\n<p>Additionally, there is a key connecting bearish trend line forming with resistance near $7,480 on the same chart. To start a strong upward move, bitcoin price must settle above $7,400 and $7,500.<\/p>\n<p>The next major resistance is near the $7,700 level, above which the <a href=\"https:\/\/ktsl888.com\/2019\/12\/23\/bitcoin-rallies-5-to-clear-hurdles-bulls-aiming-8k\/\" target=\"_blank\" rel=\"noopener noreferrer \">price is likely to test the $8,000 resistance<\/a>. On the other hand, the price could decline further below the $7,160 and $7,120 support levels.<\/p>\n<p>If the bears gain traction below $7,120, there are high chances of a sharp decline below the $7,000 support area. In the mentioned case, the price is likely to revisit the $6,660 area.<\/p>\n<figure id=\"attachment_408740\" aria-describedby=\"caption-attachment-408740\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-408740\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-21.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-408740\" 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 few bearish signs below $7,300 and $7,400. However, it could recover as long as there is no daily close below the $7,120 support.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and heading towards the 40 level.<\/p>\n<p>Major Support Levels \u2013 $7,160 followed by $7,120.<\/p>\n<p>Major Resistance Levels \u2013 $7,300, $7,400 and $7,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to stay above the $7,160 and $7,120 support levels against the US Dollar. A successful close below $7,120 could accelerate decline below $7,000. There is a key connecting bearish trend line forming with resistance near $7,480 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either accelerate decline below $7,000 or recover to $7,500. Bitcoin price is showing a few bearish signs below $7,400 against the US Dollar. BTC must stay above $7,120 to avoid a nasty decline below $7,000. Bitcoin Price Analysis Yesterday, we saw a downside correction in bitcoin price from the $7,700 resistance area against the US Dollar. The price traded below the $7,400 and $7,300 support levels. Moreover, the price struggled to stay above the $7,260 support and the 100 hourly simple moving average. It opened the doors for more losses and the price traded close to the $7,160 support. A low is formed near $7,159 and the price is currently consolidating losses. It seems like there is a short term contracting triangle forming with resistance near $7,240 on the hourly chart of the BTC\/USD pair. Besides, the 23.6% Fib retracement level of the recent drop from the $7,689 high to $7,159 low is near the $7,284 level. More importantly, the 100 hourly SMA is positioned near the $7,300 level. Therefore, a successful break above $7,240 and $7,300 might start a decent upward move. The next key resistance is near the $7,400 level or the 50% Fib retracement level of the recent drop from the $7,689 high to $7,159 low. Additionally, there is a key connecting bearish trend line forming with resistance near $7,480 on the same chart. To start a strong upward move, bitcoin price must settle above $7,400 and $7,500. The next major resistance is near the $7,700 level, above which the price is likely to test the $8,000 resistance. On the other hand, the price could decline further below the $7,160 and $7,120 support levels. If the bears gain traction below $7,120, there are high chances of a sharp decline below the $7,000 support area. In the mentioned case, the price is likely to revisit the $6,660 area. Looking at the chart, bitcoin price is showing a few bearish signs below $7,300 and $7,400. However, it could recover as long as there is no daily close below the $7,120 support. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and heading towards the 40 level. Major Support Levels \u2013 $7,160 followed by $7,120. Major Resistance Levels \u2013 $7,300, $7,400 and $7,500.<\/p>\n","protected":false},"author":67,"featured_media":408741,"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-408739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Eyeing Last Line of Defense, Bulls Losing Grip<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing a few bearish signs below $7,400 against the US Dollar. 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