{"id":410167,"date":"2020-01-08T15:07:38","date_gmt":"2020-01-08T15:07:38","guid":{"rendered":"https:\/\/ktsl888.com\/?p=410167"},"modified":"2024-06-11T08:55:11","modified_gmt":"2024-06-11T08:55:11","slug":"bitcoin-just-got-rejected-at-8400-and-it-means-a-big-fall-ahead","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-just-got-rejected-at-8400-and-it-means-a-big-fall-ahead\/","title":{"rendered":"Bitcoin Just Got Rejected at $8,400, And It Means a Big Fall Ahead"},"content":{"rendered":"<p>Bitcoin is showing first signs of a weakening upside momentum as traders adjust their sentiments near key resistance areas.<\/p>\n<p>The benchmark asset on Wednesday plunged by up to 3.15 percent in what appears to be a corrective action. The move downhill prompted it to establish an intraday low of $8,202.57 on Coinbase. It also escalated the possibilities of an extended downside action as the <a href=\"https:\/\/www.ft.com\/content\/52e63ae2-31af-11ea-9703-eea0cae3f0de\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">market heads into a perceivably relaxed US session<\/a>.<\/p>\n<p>So it appears, investors are betting that the Iranian missile attacks on American stations in Iraq would not extend the conflict in the Middle East. The perception alone helped oil prices and global stock markets stabilize. Investors now await President Donald Trump&#8217;s statement on the matter after his &#8220;all is well&#8221; comment last night.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">All is well! Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties &amp; damages taking place now. So far, so good! We have the most powerful and well equipped military anywhere in the world, by far! I will be making a statement tomorrow morning.<\/p>\n<p>&mdash; Donald J. Trump (@realDonaldTrump) <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/25394693?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin rose majorly because speculators believed <a href=\"https:\/\/ktsl888.com\/2020\/01\/03\/are-iranians-buying-bitcoin-at-premium-in-anticipation-of-war\/\">global demand for the cryptocurrency<\/a> would increase amid the rising US-Iran conflict.<\/p>\n<p>On the day a <a href=\"https:\/\/www.cbsnews.com\/live-updates\/qassem-soleimani-top-iranian-military-commander-killed-in-us-airstrike-in-baghdad-2020-01-05\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">US-sponsored airstrike killed Qassem Soleimani<\/a>, head of Iran\u2019s Quds force, the cryptocurrency surged in tandem with other haven assets. It almost formed a lagging correlation with gold and oil, eventually topping to register a two-month high of $8,469.39 today.<\/p>\n<h2>US Stocks in Green<\/h2>\n<p>The US stock index futures edged higher on Wednesday in the aftermath of Iran\u2019s attacks and Trump&#8217;s relaxed response to them.<\/p>\n<p>Futures for the S&amp;P 500 index were up 0.17 percent as of the time of this publication while Nasdaq delivered an equally attractive 0.16 percent gains. Nevertheless, Dow Jones looked constrained owing to the aftermath of a\u00a0Boeing Co. jet crash in Tehran on Wednesday. Its futures were up by just 0.1 percent.<\/p>\n<figure id=\"attachment_410172\" aria-describedby=\"caption-attachment-410172\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/dowjones-price-08012020-1.png\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-410172 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/dowjones-price-08012020-1.png?resize=860%2C635\" alt=\"dow jones, bitcoin\" width=\"860\" height=\"635\"><\/a><figcaption id=\"caption-attachment-410172\" class=\"wp-caption-text\">Dow Jones Futures weakest in an otherwise stable US index market | Source: TradingView.com<\/figcaption><\/figure>\n<p>The visible yet interim correlation could be one of the reasons why bitcoin rejected a potential price rally above $8,400. It gets further validated with the performance of Gold. The yellow metal plunged by 0.12 percent to trade at $1,572.40 an ounce.<\/p>\n<h2>Big Bitcoin Fall Ahead?<\/h2>\n<p>From a technical perspective, bitcoin&#8217;s latest correction formed what appears like a traditional <a href=\"https:\/\/www.warriortrading.com\/bull-flag-trading\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Bull Flag<\/a> pattern.<\/p>\n<figure id=\"attachment_410173\" aria-describedby=\"caption-attachment-410173\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-08012020-2.png\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-410173 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-08012020-2.png?resize=860%2C635\" alt=\"bitcoin, cryptocurrency\" width=\"860\" height=\"635\"><\/a><figcaption id=\"caption-attachment-410173\" class=\"wp-caption-text\">Bull flag formation on Bitcoin&#8217;s hourly chart | Source: TradingView.com, Coinbase<\/figcaption><\/figure>\n<p>In retrospect, a Bull Flag formation is a continuation pattern that indicates that the underlying asset would resume its uptrend. That said, bitcoin has a likelihood of continuing the price rally purely from a bull&#8217;s standpoint.<\/p>\n<p>Nevertheless, larger timeframes such as the weekly one show a crucial resistance area capping bitcoin&#8217;s upside attempts. As long as the cryptocurrency stays below it, its likelihood of <a href=\"https:\/\/ktsl888.com\/2020\/01\/08\/crucial-indicator-shows-bitcoin-price-250-higher-in-2020\/\">revisiting the local bottom of $6,400 is high<\/a>.<\/p>\n<figure id=\"attachment_410174\" aria-describedby=\"caption-attachment-410174\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-08012020-3.png\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-410174 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-08012020-3.png?resize=860%2C635\" alt=\"bitcoin, cryptocurrency\" width=\"860\" height=\"635\"><\/a><figcaption id=\"caption-attachment-410174\" class=\"wp-caption-text\">Bitcoin rebounds after testing 20-weekly MA | Source: TradingView.com, Coinbase<\/figcaption><\/figure>\n<p>The oranged 20-weekly moving average, coupled with the upper trendline of the greened Descending Channel, is behaving as an ideal resistance area for traders to exit their long positions for small profits. More likely, the price would <a href=\"https:\/\/ktsl888.com\/2019\/11\/22\/wheres-ultimate-bottom-for-bitcoin-plunge-5100-analyst\/\">extend the pullback and retest $7,280 as its interim support<\/a>.<\/p>\n<p>All eyes on how Trump plays out Iran&#8217;s latest attack.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is showing first signs of a weakening upside momentum as traders adjust their sentiments near key resistance areas. The benchmark asset on Wednesday plunged by up to 3.15 percent in what appears to be a corrective action. The move downhill prompted it to establish an intraday low of $8,202.57 on Coinbase. It also escalated the possibilities of an extended downside action as the market heads into a perceivably relaxed US session. So it appears, investors are betting that the Iranian missile attacks on American stations in Iraq would not extend the conflict in the Middle East. The perception alone helped oil prices and global stock markets stabilize. Investors now await President Donald Trump&#8217;s statement on the matter after his &#8220;all is well&#8221; comment last night. All is well! Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties &amp; damages taking place now. So far, so good! We have the most powerful and well equipped military anywhere in the world, by far! I will be making a statement tomorrow morning. &mdash; Donald J. Trump (@realDonaldTrump) January 8, 2020 Bitcoin rose majorly because speculators believed global demand for the cryptocurrency would increase amid the rising US-Iran conflict. On the day a US-sponsored airstrike killed Qassem Soleimani, head of Iran\u2019s Quds force, the cryptocurrency surged in tandem with other haven assets. It almost formed a lagging correlation with gold and oil, eventually topping to register a two-month high of $8,469.39 today. US Stocks in Green The US stock index futures edged higher on Wednesday in the aftermath of Iran\u2019s attacks and Trump&#8217;s relaxed response to them. Futures for the S&amp;P 500 index were up 0.17 percent as of the time of this publication while Nasdaq delivered an equally attractive 0.16 percent gains. Nevertheless, Dow Jones looked constrained owing to the aftermath of a\u00a0Boeing Co. jet crash in Tehran on Wednesday. Its futures were up by just 0.1 percent. The visible yet interim correlation could be one of the reasons why bitcoin rejected a potential price rally above $8,400. It gets further validated with the performance of Gold. The yellow metal plunged by 0.12 percent to trade at $1,572.40 an ounce. Big Bitcoin Fall Ahead? From a technical perspective, bitcoin&#8217;s latest correction formed what appears like a traditional Bull Flag pattern. In retrospect, a Bull Flag formation is a continuation pattern that indicates that the underlying asset would resume its uptrend. That said, bitcoin has a likelihood of continuing the price rally purely from a bull&#8217;s standpoint. Nevertheless, larger timeframes such as the weekly one show a crucial resistance area capping bitcoin&#8217;s upside attempts. As long as the cryptocurrency stays below it, its likelihood of revisiting the local bottom of $6,400 is high. The oranged 20-weekly moving average, coupled with the upper trendline of the greened Descending Channel, is behaving as an ideal resistance area for traders to exit their long positions for small profits. More likely, the price would extend the pullback and retest $7,280 as its interim support. All eyes on how Trump plays out Iran&#8217;s latest attack.<\/p>\n","protected":false},"author":50,"featured_media":410179,"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":[428,1558],"class_list":["post-410167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Just Got Rejected at $8,400, And It Means a Big Fall Ahead<\/title>\n<meta name=\"description\" content=\"Bitcoin is showing first signs of a weakening upside momentum as traders adjust their sentiments near key resistance areas. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/ktsl888.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Just Got Rejected at $8,400, And It Means a Big Fall Ahead","description":"Bitcoin is showing first signs of a weakening upside momentum as traders adjust their sentiments near key resistance areas. 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