17 Jan Sorry Bears, Bitcoin Won’t Go Down Quietly And Here’s Why It Could Rally
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Bitcoin corrected lower below $8,700, but it found a strong support above $8,500 against the US Dollar. BTC price is currently rising and it could rally if it clears the $8,840-$8,900 resistance area.
- Bitcoin price might not go down quietly and it could rally above $8,800 against the US Dollar.
- The double top pattern is still valid unless the bulls clear the $8,900 resistance.
- There is a new breakout pattern forming with resistance near $8,825 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The main supports on the downside are near $8,580 and $8,500.
Bitcoin Bears Struggle To Gain Traction
Yesterday, we saw a downside correction in bitcoin after it was rejected near the $8,900 resistance against the US Dollar. BTC price declined below the $8,700 support level, but the bulls defended the $8,540 and $8,500 levels.
The bears made many attempts to break the neckline support of the double top pattern at $8,540, but they failed. As a result, the price started a decent increase…
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