{"id":16276,"date":"2023-01-18T02:57:01","date_gmt":"2023-01-18T06:57:01","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=16276"},"modified":"2023-01-18T02:57:01","modified_gmt":"2023-01-18T06:57:01","slug":"bitcoin-price-faces-key-challenge-and-at-risk-of-downside-correction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/18\/bitcoin-price-faces-key-challenge-and-at-risk-of-downside-correction\/","title":{"rendered":"Bitcoin Price Faces Key Challenge and At Risk of Downside Correction"},"content":{"rendered":"

Bitcoin price is facing a major hurdle near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,500 support zone.<\/em><\/p>\n

Bitcoin seems to be facing a major challenge near the $21,450 and $21,500 levels.
\nThe price is trading above $20,600 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a downside correction below the $20,800 and $20,500 support levels.<\/p>\n

Bitcoin Price Keeps Struggling<\/h2>\n

Bitcoin price attempted an upside break<\/a> above the $21,500 resistance zone. However, BTC failed to gain pace above the $21,500 zone. A high was formed near $21,679 and the price is now slowly moving lower.<\/p>\n

There was a break below the $21,250 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $20,600 and the 100 hourly simple moving average<\/a>. If there is another upside break attempt, an immediate resistance is near the $21,450 level. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum.<\/p>\n

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

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

In the stated case, the price may perhaps rise towards the $21,800 level. Any more gains might send btc price towards the $22,000 level.<\/p>\n

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

If bitcoin price fails to clear the $21,500 resistance, it could continue to move down. An immediate support on the downside is near the $21,100 zone.<\/p>\n

The next major support is near the $20,900 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. The main support is now forming near the $20,500 level, below which the price might accelerate lower towards $20,000. Any more losses might send the price to $19,500.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $20,900, followed by $20,500.<\/p>\n

Major Resistance Levels \u2013 $21,450, $21,500 and $22,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is facing a major hurdle near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,500 support zone.<\/em><\/p>\n

Bitcoin seems to be facing a major challenge near the $21,450 and $21,500 levels.
\nThe price is trading above $20,600 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a downside correction below the $20,800 and $20,500 support levels.<\/p>\n

Bitcoin Price Keeps Struggling<\/h2>\n

Bitcoin price attempted an upside break<\/a> above the $21,500 resistance zone. However, BTC failed to gain pace above the $21,500 zone. A high was formed near $21,679 and the price is now slowly moving lower.<\/p>\n

There was a break below the $21,250 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $20,600 and the 100 hourly simple moving average<\/a>. If there is another upside break attempt, an immediate resistance is near the $21,450 level. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum.<\/p>\n

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

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

In the stated case, the price may perhaps rise towards the $21,800 level. Any more gains might send btc price towards the $22,000 level.<\/p>\n

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

If bitcoin price fails to clear the $21,500 resistance, it could continue to move down. An immediate support on the downside is near the $21,100 zone.<\/p>\n

The next major support is near the $20,900 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. The main support is now forming near the $20,500 level, below which the price might accelerate lower towards $20,000. Any more losses might send the price to $19,500.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $20,900, followed by $20,500.<\/p>\n

Major Resistance Levels \u2013 $21,450, $21,500 and $22,000.<\/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-16276","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\/16276","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=16276"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16276\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16276"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}