{"id":410871,"date":"2020-01-14T05:18:30","date_gmt":"2020-01-14T05:18:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=410871"},"modified":"2024-06-11T13:40:27","modified_gmt":"2024-06-11T13:40:27","slug":"3-reasons-why-bitcoins-rally-8500-may-soon-end","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/3-reasons-why-bitcoins-rally-8500-may-soon-end\/","title":{"rendered":"3 Reasons Why Bitcoin&#8217;s Rally to $8,500 May Soon End"},"content":{"rendered":"<p>Bitcoin (BTC) has absolutely ripped higher over the past few hours. Since the daily candle closed at 23:59 (UTC) on Monday, the leading cryptocurrency has seen <a href=\"https:\/\/ktsl888.com\/2020\/01\/14\/why-analysts-bullish-bitcoin-just-rallied-8300\/\">buyers decisively step in<\/a>, pushing BTC 6% higher to a high of $5,880 established just minutes ago as of the time of writing this article.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/WureExue\/\" width=\"808\" height=\"487\"><\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/ktsl888.com\/2020\/01\/12\/ethereums-price-chart-printed-this-extremely-bullish-signal\/\" data-wpel-link=\"internal\">\u00a0Ethereum\u2019s Price Chart Just Printed This Extremely Bullish Signal<\/a><\/h6>\n<p>While this move has been decisively bullish, pushing Bitcoin above key resistance levels in and around $8,400 and denying the chance for the chart to form a lower higher or double top, analysts are worried that a retracement may soon follow. Here are a number of reasons why.<\/p>\n<h2>Three Reasons Why Bitcoin&#8217;s Rally May Retrace<\/h2>\n<p>Firstly, as noted by cryptocurrency trader &#8220;CryptoISO,&#8221; the BitMEX funding rate has forayed well into the positive territory, with long position holders now paying a relatively large fee to short positions holders.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Been a while funding. <a href=\"https:\/\/t.co\/P7JdHv3szO\" rel=\"nofollow\">pic.twitter.com\/P7JdHv3szO<\/a><\/p>\n<p>&mdash; CryptoISO (@crypto_iso) <a href=\"https:\/\/twitter.com\/crypto_iso\/status\/80473600?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 14, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While not a decisively bearish sign, former Wall Street analyst turned Bitcoin trader and educator Tone Vays said in a recent edition of his Youtube cryptocurrency market analyses that the negative funding rate in the BTC market has him worried about a potential retracement.<\/p>\n<p>Secondly, NebraskanGooner, a prominent cryptocurrency trader and founder of industry exchange Level, <a href=\"https:\/\/twitter.com\/nebraskangooner\/status\/99222784\" rel=\"nofollow\">recently noted<\/a> that his proprietary indicator (Top Goon X) recently printed a sell signal on the six-hour candle containing Bitcoin&#8217;s surge from $8,100 to $8,580.<\/p>\n<p>This indicator has been relatively strong over the past few months, issuing long signals in the drops to the $6,000s at the end of November and the middle of December, preceding massive 15% to 25% moves higher that would have benefited swing traders.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a><\/p>\n<p>It&#39;s nice making a plan, being patient and waiting for it to play out.<\/p>\n<p>My spot longs are up over 20% and I&#39;ve just been laddering out small amounts on the way up.<\/p>\n<p>Could potentially see a pullback here from 8540&#39;s. Top Goon X showing a decrease in momentum on LTFs <a href=\"https:\/\/t.co\/X7jaNEhvO1\" rel=\"nofollow\">https:\/\/t.co\/X7jaNEhvO1<\/a> <a href=\"https:\/\/t.co\/AzdS1VArDs\" rel=\"nofollow\">pic.twitter.com\/AzdS1VArDs<\/a><\/p>\n<p>&mdash; Nebraskangooner (@Nebraskangooner) <a href=\"https:\/\/twitter.com\/Nebraskangooner\/status\/99222784?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 14, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>And lastly, this move has seen the cryptocurrency approach both horizontal and diagonal resistance levels around the $8,400 to $8,600 range.<\/p>\n<p>Yes, BTC is currently above some key levels of resistance that have constrained price action for the past few months. However, Bitcoin&#8217;s price remains under some levels and there is still a while before the cryptocurrency can convert these resistances into a support, as there are still 20 hours left in this trading day to go.<\/p>\n<h2><strong>Room To Run<\/strong><\/h2>\n<p>Although a bearish reversal to normalize the sentiment may be inevitable, there may be some room to run before the potential sell-off that will transpire.<\/p>\n<p>Full-time trader Cold Blooded Shiller\u00a0<a href=\"https:\/\/twitter.com\/ColdBloodShill\/status\/04321281\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">noted<\/a> that this latest move has allowed Bitcoin to decisively break out of a pennant chart pattern. This breakout suggests BTC will rally another 3% in the coming days towards $8,800 in a best-case scenario.<\/p>\n<p>Also, Joe McCann noticed that with BTC breaking above an ascending triangle and with a bullish crossover forming between two key moving averages, a move to $8,800 could be had.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/ktsl888.com\/2020\/01\/12\/late-night-host-exposed-millions-bitcoin\/\" data-wpel-link=\"internal\">This Late Night Host Just Exposed Millions to Bitcoin, Again<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has absolutely ripped higher over the past few hours. Since the daily candle closed at 23:59 (UTC) on Monday, the leading cryptocurrency has seen buyers decisively step in, pushing BTC 6% higher to a high of $5,880 established just minutes ago as of the time of writing this article. Related Reading:\u00a0Ethereum\u2019s Price Chart Just Printed This Extremely Bullish Signal While this move has been decisively bullish, pushing Bitcoin above key resistance levels in and around $8,400 and denying the chance for the chart to form a lower higher or double top, analysts are worried that a retracement may soon follow. Here are a number of reasons why. Three Reasons Why Bitcoin&#8217;s Rally May Retrace Firstly, as noted by cryptocurrency trader &#8220;CryptoISO,&#8221; the BitMEX funding rate has forayed well into the positive territory, with long position holders now paying a relatively large fee to short positions holders. Been a while funding. pic.twitter.com\/P7JdHv3szO &mdash; CryptoISO (@crypto_iso) January 14, 2020 While not a decisively bearish sign, former Wall Street analyst turned Bitcoin trader and educator Tone Vays said in a recent edition of his Youtube cryptocurrency market analyses that the negative funding rate in the BTC market has him worried about a potential retracement. Secondly, NebraskanGooner, a prominent cryptocurrency trader and founder of industry exchange Level, recently noted that his proprietary indicator (Top Goon X) recently printed a sell signal on the six-hour candle containing Bitcoin&#8217;s surge from $8,100 to $8,580. This indicator has been relatively strong over the past few months, issuing long signals in the drops to the $6,000s at the end of November and the middle of December, preceding massive 15% to 25% moves higher that would have benefited swing traders. #Bitcoin It&#39;s nice making a plan, being patient and waiting for it to play out. My spot longs are up over 20% and I&#39;ve just been laddering out small amounts on the way up. Could potentially see a pullback here from 8540&#39;s. Top Goon X showing a decrease in momentum on LTFs https:\/\/t.co\/X7jaNEhvO1 pic.twitter.com\/AzdS1VArDs &mdash; Nebraskangooner (@Nebraskangooner) January 14, 2020 And lastly, this move has seen the cryptocurrency approach both horizontal and diagonal resistance levels around the $8,400 to $8,600 range. Yes, BTC is currently above some key levels of resistance that have constrained price action for the past few months. However, Bitcoin&#8217;s price remains under some levels and there is still a while before the cryptocurrency can convert these resistances into a support, as there are still 20 hours left in this trading day to go. Room To Run Although a bearish reversal to normalize the sentiment may be inevitable, there may be some room to run before the potential sell-off that will transpire. Full-time trader Cold Blooded Shiller\u00a0noted that this latest move has allowed Bitcoin to decisively break out of a pennant chart pattern. This breakout suggests BTC will rally another 3% in the coming days towards $8,800 in a best-case scenario. Also, Joe McCann noticed that with BTC breaking above an ascending triangle and with a bullish crossover forming between two key moving averages, a move to $8,800 could be had. Related Reading:\u00a0This Late Night Host Just Exposed Millions to Bitcoin, Again Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":409033,"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":[166,428,2887],"class_list":["post-410871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-market"],"acf":[],"yoast_head":"\n<title>3 Reasons Why Bitcoin&#039;s Rally to $8,500 May Soon End<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has absolutely ripped higher over the past few hours. 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