{"id":15969,"date":"2023-01-13T03:52:45","date_gmt":"2023-01-13T07:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=15969"},"modified":"2023-01-13T03:52:45","modified_gmt":"2023-01-13T07:52:45","slug":"bitcoin-price-spikes-to-19k-why-btc-could-correct-lower-in-short-term","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/13\/bitcoin-price-spikes-to-19k-why-btc-could-correct-lower-in-short-term\/","title":{"rendered":"Bitcoin Price Spikes To $19K, Why BTC Could Correct Lower In Short Term"},"content":{"rendered":"

Bitcoin price climbed further higher above $18,500. BTC tested the $19,000 resistance zone and is currently consolidating gains.<\/em><\/p>\n

Bitcoin climbed further higher above the $18,000 and $18,500 resistance levels.
\nThe price is trading above $18,200 and the 100 hourly simple moving average.
\nThere is a connecting bullish trend line forming with support near $18,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower towards the $18,500 and $18,350 support levels.<\/p>\n

Bitcoin Price Tests $19K<\/h2>\n

Bitcoin price remained well bid above the $18,000 zone<\/a>. BTC formed another bullish breakout and was able to surge above the $18,500 resistance zone, unlike ethereum<\/a>.<\/p>\n

The price cleared the $18,800 resistance zone and even spiked above the $19,000 level. A high is formed near $19,098 and the price is now consolidating gains. There was a minor decline below the $18,900 level. The price declined below the 23.6% Fib retracement level of the upward move from the $17,927 swing low to $19,098 high.<\/p>\n

Bitcoin price is trading above $18,200 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $18,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

On the upside, an immediate resistance is near the $19,000 level. The next major resistance is near the $19,200 zone, above which the price might start another steady increase. In the stated case, the price may perhaps rise towards the $19,500 level. Any more gains might send btc price towards the $20,000 level.<\/p>\n

Downside Correction in BTC?<\/h2>\n

If bitcoin price fails to clear the $19,000 resistance, it could start a downside correction. An immediate support on the downside is near the $18,650 level.<\/p>\n

The next major support is near the $18,500 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $17,927 swing low to $19,098 high. The main support is now forming near the $17,800 level, below which the price might retest $17,000.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $18,650, followed by $18,500.<\/p>\n

Major Resistance Levels \u2013 $19,000, $19,200 and $20,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price climbed further higher above $18,500. BTC tested the $19,000 resistance zone and is currently consolidating gains.<\/em><\/p>\n

Bitcoin climbed further higher above the $18,000 and $18,500 resistance levels.
\nThe price is trading above $18,200 and the 100 hourly simple moving average.
\nThere is a connecting bullish trend line forming with support near $18,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower towards the $18,500 and $18,350 support levels.<\/p>\n

Bitcoin Price Tests $19K<\/h2>\n

Bitcoin price remained well bid above the $18,000 zone<\/a>. BTC formed another bullish breakout and was able to surge above the $18,500 resistance zone, unlike ethereum<\/a>.<\/p>\n

The price cleared the $18,800 resistance zone and even spiked above the $19,000 level. A high is formed near $19,098 and the price is now consolidating gains. There was a minor decline below the $18,900 level. The price declined below the 23.6% Fib retracement level of the upward move from the $17,927 swing low to $19,098 high.<\/p>\n

Bitcoin price is trading above $18,200 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $18,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

On the upside, an immediate resistance is near the $19,000 level. The next major resistance is near the $19,200 zone, above which the price might start another steady increase. In the stated case, the price may perhaps rise towards the $19,500 level. Any more gains might send btc price towards the $20,000 level.<\/p>\n

Downside Correction in BTC?<\/h2>\n

If bitcoin price fails to clear the $19,000 resistance, it could start a downside correction. An immediate support on the downside is near the $18,650 level.<\/p>\n

The next major support is near the $18,500 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $17,927 swing low to $19,098 high. The main support is now forming near the $17,800 level, below which the price might retest $17,000.<\/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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $18,650, followed by $18,500.<\/p>\n

Major Resistance Levels \u2013 $19,000, $19,200 and $20,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-15969","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\/15969","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=15969"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/15969\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=15969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=15969"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=15969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}