{"id":16796,"date":"2023-01-25T04:08:23","date_gmt":"2023-01-25T08:08:23","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=16796"},"modified":"2023-01-25T04:08:23","modified_gmt":"2023-01-25T08:08:23","slug":"bitcoin-price-just-saw-technical-correction-but-key-uptrend-support-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/25\/bitcoin-price-just-saw-technical-correction-but-key-uptrend-support-intact\/","title":{"rendered":"Bitcoin Price Just Saw Technical Correction But Key Uptrend Support Intact"},"content":{"rendered":"

Bitcoin price started a downside correction below $23,000. BTC is testing an important support and might start a fresh increase towards $23,500.<\/em><\/p>\n

Bitcoin started a downside correction and declined below the $23,000 support zone.
\nThe price is trading below $23,000 and the 100 hourly simple moving average.
\nThere is a major bullish trend line forming with support near $22,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above the $22,000 support zone.<\/p>\n

Bitcoin Price Tests Key Support<\/h2>\n

Bitcoin price struggled to clear the $23,400 and $23,500 resistance levels<\/a>. BTC started a downside correction and traded below the $23,000 support zone.<\/p>\n

The price declined below the 23.6% Fib retracement level of the key increase from the $20,395 swing low to $24,250 high. The price even spiked below the $22,500 support level. However, the bulls appeared near the $22,200 support zone.<\/p>\n

There is also a major bullish trend line forming with support near $22,400 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average.<\/p>\n

An immediate resistance is near the $22,700 level. The next major resistance is near the $22,850 zone or the 100 hourly simple moving average, above which the price might gain bullish momentum<\/a>. In the stated case, the price may perhaps rise towards the $23,200 level.<\/p>\n

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

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

The next resistance could be near the $23,500 level. Any more gains might send btc price towards the $24,200 level.<\/p>\n

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

If bitcoin price stays above the trend line support or $22,200, it could continue to move down. An immediate support on the downside is near the $22,000 zone.<\/p>\n

The next major support is near the $21,900 zone or the 50% Fib retracement level of the key increase from the $20,395 swing low to $24,250 high. A downside break below the $21,900 level might send the price towards the $21,200 level. Any more losses might send the price to $20,500 in the near term.<\/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 $22,100, followed by $22,000.<\/p>\n

Major Resistance Levels \u2013 $22,700, $22,850 and $23,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a downside correction below $23,000. BTC is testing an important support and might start a fresh increase towards $23,500.<\/em><\/p>\n

Bitcoin started a downside correction and declined below the $23,000 support zone.
\nThe price is trading below $23,000 and the 100 hourly simple moving average.
\nThere is a major bullish trend line forming with support near $22,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above the $22,000 support zone.<\/p>\n

Bitcoin Price Tests Key Support<\/h2>\n

Bitcoin price struggled to clear the $23,400 and $23,500 resistance levels<\/a>. BTC started a downside correction and traded below the $23,000 support zone.<\/p>\n

The price declined below the 23.6% Fib retracement level of the key increase from the $20,395 swing low to $24,250 high. The price even spiked below the $22,500 support level. However, the bulls appeared near the $22,200 support zone.<\/p>\n

There is also a major bullish trend line forming with support near $22,400 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading below $23,000 and the 100 hourly simple moving average.<\/p>\n

An immediate resistance is near the $22,700 level. The next major resistance is near the $22,850 zone or the 100 hourly simple moving average, above which the price might gain bullish momentum<\/a>. In the stated case, the price may perhaps rise towards the $23,200 level.<\/p>\n

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

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

The next resistance could be near the $23,500 level. Any more gains might send btc price towards the $24,200 level.<\/p>\n

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

If bitcoin price stays above the trend line support or $22,200, it could continue to move down. An immediate support on the downside is near the $22,000 zone.<\/p>\n

The next major support is near the $21,900 zone or the 50% Fib retracement level of the key increase from the $20,395 swing low to $24,250 high. A downside break below the $21,900 level might send the price towards the $21,200 level. Any more losses might send the price to $20,500 in the near term.<\/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 $22,100, followed by $22,000.<\/p>\n

Major Resistance Levels \u2013 $22,700, $22,850 and $23,200.<\/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-16796","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\/16796","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=16796"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16796\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16796"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}