RATE Group | Sorry Bears, Bitcoin Won’t Go Down Quietly And Here’s Why It Could Rally
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Sorry Bears, Bitcoin Won’t Go Down Quietly And Here’s Why It Could Rally

17 Jan Sorry Bears, Bitcoin Won’t Go Down Quietly And Here’s Why It Could Rally

Posted at 05:40h in Bitcoin News by

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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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