{"id":10484,"date":"2022-10-25T02:52:39","date_gmt":"2022-10-25T06:52:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10484"},"modified":"2022-10-25T02:52:39","modified_gmt":"2022-10-25T06:52:39","slug":"bitcoin-price-just-saw-technical-correction-and-fresh-increase-seems-likely","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/25\/bitcoin-price-just-saw-technical-correction-and-fresh-increase-seems-likely\/","title":{"rendered":"Bitcoin Price Just Saw Technical Correction And Fresh Increase Seems Likely"},"content":{"rendered":"

Bitcoin price corrected lower from $19,650 against the US Dollar. BTC is holding the $19,200 support and might soon start a fresh increase.<\/em><\/p>\n

Bitcoin started a downside correction after it failed to clear the $19,650 zone.
\nThe price is trading above $19,200 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a clear move above the $19,350 resistance.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price was able to gain pace for a move above the $19,500 resistance<\/a>. However, BTC struggled above the $19,600 zone. It traded as high as $19,679 and recently started a downside correction.<\/p>\n

There was a correction below the $19,500 and $19,400 levels. The price declined below the 23.6% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high. The price even spiked below the $19,250 level.<\/p>\n

However, the bulls were active near the $19,200 support zone. Bitcoin price is now trading above $19,200 and the 100 hourly simple moving average<\/a>. It is also stable above the 50% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high.<\/p>\n

On the upside, an immediate resistance is near the $19,320 level. There is also a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance sits near the $19,500 level. The next major resistance might be $19,650. A clear move above the $19,650 resistance might send the price towards the $20,000 resistance. Any more gains might set the pace for a steady increase towards the $21,200 resistance zone.<\/p>\n

Dips Limited in BTC?<\/h2>\n

If bitcoin fails to rise above the $19,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,270 zone.<\/p>\n

The next major support is near the $19,200 zone and the 100 hourly simple moving average. A downside break and close below $19,200 might open the doors for a fresh test of the $18,800 support.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $19,270, followed by $19,200.<\/p>\n

Major Resistance Levels \u2013 $19,320, $19,500 and $19,650.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price corrected lower from $19,650 against the US Dollar. BTC is holding the $19,200 support and might soon start a fresh increase.<\/em><\/p>\n

Bitcoin started a downside correction after it failed to clear the $19,650 zone.
\nThe price is trading above $19,200 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a clear move above the $19,350 resistance.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price was able to gain pace for a move above the $19,500 resistance<\/a>. However, BTC struggled above the $19,600 zone. It traded as high as $19,679 and recently started a downside correction.<\/p>\n

There was a correction below the $19,500 and $19,400 levels. The price declined below the 23.6% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high. The price even spiked below the $19,250 level.<\/p>\n

However, the bulls were active near the $19,200 support zone. Bitcoin price is now trading above $19,200 and the 100 hourly simple moving average<\/a>. It is also stable above the 50% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high.<\/p>\n

On the upside, an immediate resistance is near the $19,320 level. There is also a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance sits near the $19,500 level. The next major resistance might be $19,650. A clear move above the $19,650 resistance might send the price towards the $20,000 resistance. Any more gains might set the pace for a steady increase towards the $21,200 resistance zone.<\/p>\n

Dips Limited in BTC?<\/h2>\n

If bitcoin fails to rise above the $19,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,270 zone.<\/p>\n

The next major support is near the $19,200 zone and the 100 hourly simple moving average. A downside break and close below $19,200 might open the doors for a fresh test of the $18,800 support.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $19,270, followed by $19,200.<\/p>\n

Major Resistance Levels \u2013 $19,320, $19,500 and $19,650.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-10484","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=10484"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10484\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10484"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}