{"id":415395,"date":"2020-02-21T00:00:24","date_gmt":"2020-02-21T00:00:24","guid":{"rendered":"https:\/\/ktsl888.com\/?p=415395"},"modified":"2024-06-11T13:42:16","modified_gmt":"2024-06-11T13:42:16","slug":"bitcoin-price-must-hold-9500-support-else-drop-ensue","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-must-hold-9500-support-else-drop-ensue\/","title":{"rendered":"Bitcoin&#8217;s (BTC) Price Must Hold $9,500 as Support, or Else&#8230;"},"content":{"rendered":"<p>Bitcoin hasn&#8217;t fared too well over the past day and a bit. After finding a local top at $10,300 on Wednesday morning, the <a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\">price<\/a> of the leading cryptocurrency fell off a cliff. Effectively literally.<\/p>\n<p>As <a href=\"https:\/\/ktsl888.com\/2020\/02\/19\/bitcoin-plunges-below-10000-after-harsh-rejection-is-this-it-for-bulls\/\">covered by NewsBTC<\/a>, the asset tanked from $10,300 to as low as $9,250 \u2014 a drop of just over 10% \u2014 in a few hours&#8217; time, <a href=\"https:\/\/ktsl888.com\/2020\/02\/19\/bitcoin-craters-to-9300-liqudating-120-million-in-bitmex-longs\/\">liquidating over $100 million worth of long and short positions on BitMEX<\/a> in the process, catching traders with their pants down.<\/p>\n<p>Despite the fact that this move was extremely bearish, there was a silver lining: after plunging under $9,300, the cryptocurrency managed to bounce back, holding above $9,500 on a number of short-term closes and for the daily candle close.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/ktsl888.com\/2020\/02\/20\/analyst-nailed-bitcoins-3000-bottom-fears-more-downside-near\/\">Trader Who Nailed Bitcoin\u2019s $3,000 Bottom Fears More Downside is Near<\/a><\/h6>\n<p>The fact that Bitcoin is currently holding $9,500 (just look at the chart below from &#8220;Exitscammed,&#8221; analysts say, adds to the bull case for the cryptocurrency moving forward.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Interesting that we haven\u2019t had a single hourly close below 9556 weekly level. <\/p>\n<p>Being defended pretty hard atm. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/ymndBs0LCv\" rel=\"nofollow\">pic.twitter.com\/ymndBs0LCv<\/a><\/p>\n<p>&mdash; exitscammed (@exitscammed) <a href=\"https:\/\/twitter.com\/exitscammed\/status\/96437760?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 20, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>The Importance of Bitcoin Holding $9,500<\/strong><\/h2>\n<p>TradingView analyst CryptoBullet, in an<a href=\"https:\/\/www.tradingview.com\/chart\/XBTUSD\/GVZ7z6gz-BTC-Massive-Update\/\" rel=\"nofollow\"> analysis published Thursday<\/a>, explained the importance of $9,500, calling the level &#8220;major support.&#8221;\u00a0As to why this is the case, the analyst pointed to a confluence of factors:<\/p>\n<ul>\n<li>The region around $9,500 has been a long-time &#8220;strong&#8221; horizontal level for Bitcoin, often acting as a reversal point for bears when approached from above and a reversal for bulls when approached from below.<\/li>\n<li>This level is the 0.5 Fibonacci Retracement level of the drop from $14,000 to $6,400. The 0.5 Fibonacci level is often significant in markets.<\/li>\n<li>$9,500 is a high-volume node per the VPVR.<\/li>\n<li>The 200 exponential moving average on the four-hour chart is currently sitting around $9,500, just below the current price of the cryptocurrency. Importantly, this level is a moving target as it is a <em>moving<\/em> average.<\/li>\n<\/ul>\n<p>The importance of $9,500 has been echoed by a trader going by George. Per <a href=\"https:\/\/ktsl888.com\/2020\/02\/17\/bitcoin-holding-this-essential-level-will-lead-to-20-rally\/\">previous reports from this outlet<\/a>, he said \u00a0\u201cKeep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.\u201d<\/p>\n<p>George&#8217;s comment came hot on the heels of a similar one from Filb Filb, the pseudonymous analyst remarked that \u201cevery time Bitcoin turns $9,500 to support [on a weekly basis], it goes to $11,500.\u201d<\/p>\n<h2><strong>Can BTC Hold This Price?<\/strong><\/h2>\n<p>The question remains: can Bitcoin hold $9,500 and keep the short-term to medium-term uptrend intact? According to a number of technical signals, it&#8217;s possible.<\/p>\n<p>Early this week, Bitcoin formed a golden cross, with the 50-day moving average crossing over the 200-day moving average.<\/p>\n<p>When this signal last formed in April 2019, the price dropped 11% in the two days after the event. Bitcoin, in the two days following the recent golden cross, has dropped by 11%.<\/p>\n<p>History repeating itself will see BTC continue its trend higher in the coming days by not falling further.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Fun fact: Bitcoin dumped 11% in the two days after the last golden cross in April 2019, then proceeded to rally ~170% to $14,000. <a href=\"https:\/\/t.co\/i3XYS5XNII\" rel=\"nofollow\">pic.twitter.com\/i3XYS5XNII<\/a><\/p>\n<p>&mdash; Nick Chong (@n1ckchong) <a href=\"https:\/\/twitter.com\/n1ckchong\/status\/29315072?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 20, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin hasn&#8217;t fared too well over the past day and a bit. After finding a local top at $10,300 on Wednesday morning, the price of the leading cryptocurrency fell off a cliff. Effectively literally. As covered by NewsBTC, the asset tanked from $10,300 to as low as $9,250 \u2014 a drop of just over 10% \u2014 in a few hours&#8217; time, liquidating over $100 million worth of long and short positions on BitMEX in the process, catching traders with their pants down. Despite the fact that this move was extremely bearish, there was a silver lining: after plunging under $9,300, the cryptocurrency managed to bounce back, holding above $9,500 on a number of short-term closes and for the daily candle close. Related Reading: Trader Who Nailed Bitcoin\u2019s $3,000 Bottom Fears More Downside is Near The fact that Bitcoin is currently holding $9,500 (just look at the chart below from &#8220;Exitscammed,&#8221; analysts say, adds to the bull case for the cryptocurrency moving forward. Interesting that we haven\u2019t had a single hourly close below 9556 weekly level. Being defended pretty hard atm. $BTC pic.twitter.com\/ymndBs0LCv &mdash; exitscammed (@exitscammed) February 20, 2020 The Importance of Bitcoin Holding $9,500 TradingView analyst CryptoBullet, in an analysis published Thursday, explained the importance of $9,500, calling the level &#8220;major support.&#8221;\u00a0As to why this is the case, the analyst pointed to a confluence of factors: The region around $9,500 has been a long-time &#8220;strong&#8221; horizontal level for Bitcoin, often acting as a reversal point for bears when approached from above and a reversal for bulls when approached from below. This level is the 0.5 Fibonacci Retracement level of the drop from $14,000 to $6,400. The 0.5 Fibonacci level is often significant in markets. $9,500 is a high-volume node per the VPVR. The 200 exponential moving average on the four-hour chart is currently sitting around $9,500, just below the current price of the cryptocurrency. Importantly, this level is a moving target as it is a moving average. The importance of $9,500 has been echoed by a trader going by George. Per previous reports from this outlet, he said \u00a0\u201cKeep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.\u201d George&#8217;s comment came hot on the heels of a similar one from Filb Filb, the pseudonymous analyst remarked that \u201cevery time Bitcoin turns $9,500 to support [on a weekly basis], it goes to $11,500.\u201d Can BTC Hold This Price? The question remains: can Bitcoin hold $9,500 and keep the short-term to medium-term uptrend intact? According to a number of technical signals, it&#8217;s possible. Early this week, Bitcoin formed a golden cross, with the 50-day moving average crossing over the 200-day moving average. When this signal last formed in April 2019, the price dropped 11% in the two days after the event. Bitcoin, in the two days following the recent golden cross, has dropped by 11%. History repeating itself will see BTC continue its trend higher in the coming days by not falling further. Fun fact: Bitcoin dumped 11% in the two days after the last golden cross in April 2019, then proceeded to rally ~170% to $14,000. pic.twitter.com\/i3XYS5XNII &mdash; Nick Chong (@n1ckchong) February 20, 2020 Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":415414,"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":[71490,428,4018],"class_list":["post-415395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-71490","tag-bitcoin","tag-support"],"acf":[],"yoast_head":"\n<title>Bitcoin&#039;s (BTC) Price Must Hold $9,500 as Support, or Else...<\/title>\n<meta name=\"description\" content=\"Bitcoin hasn&#039;t fared too well over the past day and a bit. 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