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{"id":412644,"date":"2020-01-29T05:31:58","date_gmt":"2020-01-29T05:31:58","guid":{"rendered":"https:\/\/ktsl888.com\/?p=412644"},"modified":"2024-06-11T13:41:10","modified_gmt":"2024-06-11T13:41:10","slug":"bitcoin-hits-9400-in-vertical-rally-risk-of-pullback","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-hits-9400-in-vertical-rally-risk-of-pullback\/","title":{"rendered":"Bitcoin Hits $9,400 In Vertical Rally, But It’s At Risk of A Violent Pullback For This Key Reason"},"content":{"rendered":"

Bitcoin extended its rally above the $9,200 resistance against the US Dollar. BTC tagged the $9,400 area and now it could correct lower towards $8,800 or $8,500.<\/em><\/p>\n

\n
Bitcoin price is approaching a couple of key resistances near $9,500 against the US Dollar.<\/li>\n
There could be a short term downside correction from $9,400 or $9,500 in the coming sessions.<\/li>\n
Yesterday\u2019s major bullish trend line is still active with support near $9,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
Ethereum<\/a> is lagging, but it could rally if there is a clear break above the $180 resistance.<\/li>\n<\/ul>\n
Bitcoin Price Approaching Key Resistance<\/h2>\n
Yesterday, we saw a strong rise in bitcoin above the $9,000 resistance. We even discussed the chances of more upsides towards $9,500, considering a successful close above the $9,000 level and the 100 hourly simple moving average.<\/p>\n
BTC price did continue higher above the $9,200 resistance and a connecting bearish trend line on the hourly chart. Finally, the price tested the $9,400 area. A new 2020 high is formed near $9,426 and the price is currently consolidating gains.<\/p>\n
It is testing the 23.6% Fib retracement level of the recent rally from the $8,874 low to $9,426 high. On the upside, an initial resistance is near the $9,400 level.<\/p>\n
However, the main resistance is near the $9,500 level, where bitcoin bulls need to be very careful. If there is a strong rejection near $9,500, the price could start a substantial downside correction. The first key support on the downside is near the $9,150 level.<\/p>\n
Besides, the 50% Fib retracement level of the recent rally from the $8,874 low to $9,426 high is near $9,150. More importantly, yesterday\u2019s major bullish trend line is still active with support near $9,040 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
Therefore, a downside break below $9,000 might lead bitcoin price towards the $8,800 support area or the 100 hourly simple moving average.<\/p>\n
What If BTC Surges Above $9,500?<\/h2>\n
We cannot discard the fact that BTC bears might fail to protect $9,500. In the mentioned case, the price is likely to surge towards the $10,000 handle.<\/p>\n
Any further upsides could open the doors for a larger upward move towards the $11,200, $11,500 and $12,000 levels in the coming days.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting from the 75 level.<\/p>\n
Major Support Levels \u2013 $9,150 followed by $9,000.<\/p>\n
Major Resistance Levels \u2013 $9,400, $9,425 and $9,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin extended its rally above the $9,200 resistance against the US Dollar. BTC tagged the $9,400 area and now it could correct lower towards $8,800 or $8,500. Bitcoin price is approaching a couple of key resistances near $9,500 against the US Dollar. There could be a short term downside correction from $9,400 or $9,500 in the coming sessions. Yesterday\u2019s major bullish trend line is still active with support near $9,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken). Ethereum is lagging, but it could rally if there is a clear break above the $180 resistance. Bitcoin Price Approaching Key Resistance Yesterday, we saw a strong rise in bitcoin above the $9,000 resistance. We even discussed the chances of more upsides towards $9,500, considering a successful close above the $9,000 level and the 100 hourly simple moving average. BTC price did continue higher above the $9,200 resistance and a connecting bearish trend line on the hourly chart. Finally, the price tested the $9,400 area. A new 2020 high is formed near $9,426 and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the recent rally from the $8,874 low to $9,426 high. On the upside, an initial resistance is near the $9,400 level. However, the main resistance is near the $9,500 level, where bitcoin bulls need to be very careful. If there is a strong rejection near $9,500, the price could start a substantial downside correction. The first key support on the downside is near the $9,150 level. Besides, the 50% Fib retracement level of the recent rally from the $8,874 low to $9,426 high is near $9,150. More importantly, yesterday\u2019s major bullish trend line is still active with support near $9,040 on the hourly chart of the BTC\/USD pair. Therefore, a downside break below $9,000 might lead bitcoin price towards the $8,800 support area or the 100 hourly simple moving average. What If BTC Surges Above $9,500? We cannot discard the fact that BTC bears might fail to protect $9,500. In the mentioned case, the price is likely to surge towards the $10,000 handle. Any further upsides could open the doors for a larger upward move towards the $11,200, $11,500 and $12,000 levels in the coming days. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting from the 75 level. Major Support Levels \u2013 $9,150 followed by $9,000. Major Resistance Levels \u2013 $9,400, $9,425 and $9,500.<\/p>\n","protected":false},"author":67,"featured_media":412646,"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":[428,1119],"class_list":["post-412644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Hits $9,400 In Vertical Rally, But It's At Risk of A Violent Pullback For This Key Reason<\/title>\n<meta name=\"description\" content=\"Bitcoin extended its rally above the $9,200 resistance against the US Dollar. 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