{"id":11393,"date":"2022-11-07T03:56:18","date_gmt":"2022-11-07T07:56:18","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11393"},"modified":"2022-11-07T03:56:18","modified_gmt":"2022-11-07T07:56:18","slug":"bitcoin-price-starts-constructive-correction-why-btc-could-drop-further","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/07\/bitcoin-price-starts-constructive-correction-why-btc-could-drop-further\/","title":{"rendered":"Bitcoin Price Starts Constructive Correction, Why BTC Could Drop Further"},"content":{"rendered":"

Bitcoin price traded to a new monthly high at $21,469 before it started a downside correction. BTC could drop towards $20,600 before it starts a fresh increase.<\/em><\/p>\n

Bitcoin gained pace above the $21,000 resistance zone before it faced sellers.
\nThe price is trading above $20,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $21,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could a fresh increase if it clears the $21,150 and $21,400 resistance levels.<\/p>\n

Bitcoin Price Corrects Lower<\/h2>\n

Bitcoin price remained well bid above the $20,600 and $20,500 levels. BTC gained pace<\/a> for a move above the $21,000 resistance zone and a close above the 100 hourly simple moving average.<\/p>\n

The price even moved above the $21,200 level. A high was formed near $21,469 before the bulls lost control. Recently, there was a downside correction below the $21,200 level. The price declined below the 23.6% Fib retracement level of the upward move from the $20,050 swing low to $21,469 high.<\/p>\n

However, the bulls were active near the $20,900 zone and the 100 hourly simple moving average<\/a>. Bitcoin price is now trading above $20,500 and the 100 hourly simple moving average.<\/p>\n

On the upside, an immediate resistance is near the $21,050 level. The first major resistance is near the $21,150 level. There is also a key bearish trend line forming with resistance near $21,150 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

A clear move above the trend line resistance and $21,200 might send the price towards $21,500. The next major resistance is near $22,000, above which the price may perhaps rise towards the $22,500 zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear above the $21,150 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,850 zone and 100 hourly simple moving average.<\/p>\n

The next major support is near the $20,600 zone. A clear move below the $20,600 support might push the price further lower. In this case, the price may perhaps decline towards the $20,200 level.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $20,600, followed by $20,200.<\/p>\n

Major Resistance Levels \u2013 $21,150, $21,400 and $22,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price traded to a new monthly high at $21,469 before it started a downside correction. BTC could drop towards $20,600 before it starts a fresh increase.<\/em><\/p>\n

Bitcoin gained pace above the $21,000 resistance zone before it faced sellers.
\nThe price is trading above $20,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $21,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could a fresh increase if it clears the $21,150 and $21,400 resistance levels.<\/p>\n

Bitcoin Price Corrects Lower<\/h2>\n

Bitcoin price remained well bid above the $20,600 and $20,500 levels. BTC gained pace<\/a> for a move above the $21,000 resistance zone and a close above the 100 hourly simple moving average.<\/p>\n

The price even moved above the $21,200 level. A high was formed near $21,469 before the bulls lost control. Recently, there was a downside correction below the $21,200 level. The price declined below the 23.6% Fib retracement level of the upward move from the $20,050 swing low to $21,469 high.<\/p>\n

However, the bulls were active near the $20,900 zone and the 100 hourly simple moving average<\/a>. Bitcoin price is now trading above $20,500 and the 100 hourly simple moving average.<\/p>\n

On the upside, an immediate resistance is near the $21,050 level. The first major resistance is near the $21,150 level. There is also a key bearish trend line forming with resistance near $21,150 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

A clear move above the trend line resistance and $21,200 might send the price towards $21,500. The next major resistance is near $22,000, above which the price may perhaps rise towards the $22,500 zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear above the $21,150 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,850 zone and 100 hourly simple moving average.<\/p>\n

The next major support is near the $20,600 zone. A clear move below the $20,600 support might push the price further lower. In this case, the price may perhaps decline towards the $20,200 level.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $20,600, followed by $20,200.<\/p>\n

Major Resistance Levels \u2013 $21,150, $21,400 and $22,000.<\/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-11393","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\/11393","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=11393"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11393\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11393"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}