{"id":421474,"date":"2020-04-22T03:28:25","date_gmt":"2020-04-22T03:28:25","guid":{"rendered":"https:\/\/ktsl888.com\/?p=421474"},"modified":"2024-06-11T13:47:46","modified_gmt":"2024-06-11T13:47:46","slug":"bitcoin-btc-poised-for-short-term-sell","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-poised-for-short-term-sell\/","title":{"rendered":"Bitcoin Poised For Short Term \u2018Sell\u2019 as Buyers Take Last Stand at $6,550"},"content":{"rendered":"<p><em>Bitcoin is currently consolidating above the $6,760 low against the US Dollar. BTC price could correct higher, but upsides are likely to face hurdles near $6,955 or $7,030.<\/em><\/p>\n<ul>\n<li>Bitcoin is showing signs of an upside correction from the $6,761 low against the US Dollar.<\/li>\n<li>A few key hurdles are forming on the upside near the $6,955 and $7,030 levels.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,030 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue lower towards the $6,550 support area, where the bulls are likely to emerge.<\/li>\n<\/ul>\n<h2>Bitcoin Facing Hurdles<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/ktsl888.com\/2020\/04\/21\/bitcoin-btc-bullish-case-intact-6550\/\" target=\"_blank\" rel=\"noopener \">5% decline in bitcoin price<\/a> below the $7,000 support area against the US Dollar. BTC even broke the $6,800 support level and the 100 hourly simple moving average.<\/p>\n<p>It traded as low as $6,761 and it is currently consolidating losses. There was a break above the 23.6% Fib retracement level of the downward move from the $7,295 high to $6,761 low.<\/p>\n<p>An initial resistance on the upside is seen near the $6,955 level (the recent breakdown zone). The first major resistance is near the $7,000 and $7,030 levels. There is also a major bearish trend line forming with resistance near $7,030 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_421475\" aria-describedby=\"caption-attachment-421475\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-421475\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/04\/Bitcoin-18.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-421475\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The trend line coincides with the 100 hourly simple moving average at $7,035. Besides, the 50% Fib retracement level of the downward move from the $7,295 high to $6,761 low is near the $7,028 level.<\/p>\n<p>If there is an upside correction, bitcoin bulls are likely to struggle near the $7,000 and $7,030 levels. A successful close above the trend line, the 100 hourly SMA and $7,050 could open the doors for a fresh increase. The <a href=\"https:\/\/ktsl888.com\/2020\/04\/20\/bitcoin-btc-gearing-lift-off-to-8k\/\" target=\"_blank\" rel=\"noopener \">next key hurdle<\/a> above $7,050 is near the $7,200 level.<\/p>\n<h2>Main Uptrend Support<\/h2>\n<p>If bitcoin fails to continue higher, it remains at a risk of more downsides below $6,800 and the $6,761 low. The next major support is near the $6,555 level, where the bulls are likely to take a stand.<\/p>\n<p>If the bulls struggle to keep the price above the main $6,555, there is a risk of a larger decline towards the $6,200 and $6,000 support levels in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $6,750 followed by $6,555.<\/p>\n<p>Major Resistance Levels \u2013 $6,960, $7,030 and $7,200.<\/p>\n<p><em>Image from unsplash.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is currently consolidating above the $6,760 low against the US Dollar. BTC price could correct higher, but upsides are likely to face hurdles near $6,955 or $7,030. Bitcoin is showing signs of an upside correction from the $6,761 low against the US Dollar. A few key hurdles are forming on the upside near the $6,955 and $7,030 levels. There is a major bearish trend line forming with resistance near $7,030 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue lower towards the $6,550 support area, where the bulls are likely to emerge. Bitcoin Facing Hurdles Yesterday, we saw a 5% decline in bitcoin price below the $7,000 support area against the US Dollar. BTC even broke the $6,800 support level and the 100 hourly simple moving average. It traded as low as $6,761 and it is currently consolidating losses. There was a break above the 23.6% Fib retracement level of the downward move from the $7,295 high to $6,761 low. An initial resistance on the upside is seen near the $6,955 level (the recent breakdown zone). The first major resistance is near the $7,000 and $7,030 levels. There is also a major bearish trend line forming with resistance near $7,030 on the hourly chart of the BTC\/USD pair. The trend line coincides with the 100 hourly simple moving average at $7,035. Besides, the 50% Fib retracement level of the downward move from the $7,295 high to $6,761 low is near the $7,028 level. If there is an upside correction, bitcoin bulls are likely to struggle near the $7,000 and $7,030 levels. A successful close above the trend line, the 100 hourly SMA and $7,050 could open the doors for a fresh increase. The next key hurdle above $7,050 is near the $7,200 level. Main Uptrend Support If bitcoin fails to continue higher, it remains at a risk of more downsides below $6,800 and the $6,761 low. The next major support is near the $6,555 level, where the bulls are likely to take a stand. If the bulls struggle to keep the price above the main $6,555, there is a risk of a larger decline towards the $6,200 and $6,000 support levels in the near term. Technical indicators: Hourly MACD \u2013 The MACD is currently losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $6,750 followed by $6,555. Major Resistance Levels \u2013 $6,960, $7,030 and $7,200. Image from unsplash.<\/p>\n","protected":false},"author":67,"featured_media":421476,"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":[428,1144],"class_list":["post-421474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Poised For Short Term \u2018Sell\u2019 as Buyers Take Last Stand at $6,550<\/title>\n<meta name=\"description\" content=\"Bitcoin is currently consolidating above the $6,760 low. 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