RATE Group | Bitcoin Starts Corrective Decrease But Bulls Not Out Of Woods Yet
75113
post-template-default,single,single-post,postid-75113,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Starts Corrective Decrease But Bulls Not Out Of Woods Yet

09 Jan Bitcoin Starts Corrective Decrease But Bulls Not Out Of Woods Yet

Posted at 09:24h in Bitcoin News by

[ad_1]

Bitcoin price started a downside correction after rallying to a new 2020 high near $8,460 against the US Dollar. BTC corrected $500, but the price is still above many key supports.

  • Bitcoin failed to continue above $8,500 and started a downside correction against the US Dollar.
  • There was a significant correction below the $8,200 and $8,080 support levels.
  • There is a connecting bullish trend line active with support near $7,930 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to bounce back as long as it is above the $7,800 support and the 100 hourly SMA.

Bitcoin Correcting Gains

This week, we saw a strong rise in bitcoin price above the $8,000 resistance against the US Dollar. BTC traded to a new 2020 high near $8,460 before it started a downside correction.

The bears were able to push the price below the $8,300 and $8,200 levels. During the decline, there was a break below a key bullish trend line with support near $8,040 on the hourly chart.

Besides, the…

[ad_2]

Source link

Tags:
, , , , ,