{"id":24132,"date":"2023-05-16T02:52:58","date_gmt":"2023-05-16T06:52:58","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24132"},"modified":"2023-05-16T02:52:58","modified_gmt":"2023-05-16T06:52:58","slug":"bitcoin-price-just-saw-key-technical-correction-but-100-sma-is-still-strong","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/16\/bitcoin-price-just-saw-key-technical-correction-but-100-sma-is-still-strong\/","title":{"rendered":"Bitcoin Price Just Saw Key Technical Correction But 100 SMA Is Still Strong"},"content":{"rendered":"

Bitcoin price is correcting gains and trading below $27,500. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin struggled to climb above $27,500 and started a downside correction.
\nThe price is trading above $26,600 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with support near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA.<\/p>\n

Bitcoin Price Corrects Gains<\/h2>\n

Bitcoin price climbed higher above the $27,200 resistance zone<\/a>. However, BTC struggled to clear the $27,500 resistance and started a downside correction.<\/p>\n

The price declined below the $27,250 level and the 23.6% Fib retracement level of the upward move from the $25,827 swing low to the $27,677 high. The price is now approaching key support near $27,000. There is also a key rising channel forming with support near $27,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $26,600 and the 100 hourly Simple moving average<\/a>. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,500 level.<\/p>\n

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

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

A close above the $27,500 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,300 resistance. Any more gains might send the price toward the $28,800 level in the coming sessions.<\/p>\n

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

If Bitcoin\u2019s price fails to remain stable above $27,000, it could continue to move down. Immediate support on the downside is near the $27,000 level and the channel trend line.<\/p>\n

The 100 hourly Simple moving average is also below the channel support. The next major support is near the $26,750 zone, below which the price might start a steady decline. In the stated case, it could revisit the $26,200 level. Any more losses might take Bitcoin toward the $26,000 level in the near term. The next major support could be $25,800.<\/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 $27,000, followed by $26,750.<\/p>\n

Major Resistance Levels \u2013 $27,250, $27,500, and $28,300.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting gains and trading below $27,500. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin struggled to climb above $27,500 and started a downside correction.
\nThe price is trading above $26,600 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with support near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA.<\/p>\n

Bitcoin Price Corrects Gains<\/h2>\n

Bitcoin price climbed higher above the $27,200 resistance zone<\/a>. However, BTC struggled to clear the $27,500 resistance and started a downside correction.<\/p>\n

The price declined below the $27,250 level and the 23.6% Fib retracement level of the upward move from the $25,827 swing low to the $27,677 high. The price is now approaching key support near $27,000. There is also a key rising channel forming with support near $27,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $26,600 and the 100 hourly Simple moving average<\/a>. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,500 level.<\/p>\n

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

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

A close above the $27,500 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,300 resistance. Any more gains might send the price toward the $28,800 level in the coming sessions.<\/p>\n

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

If Bitcoin\u2019s price fails to remain stable above $27,000, it could continue to move down. Immediate support on the downside is near the $27,000 level and the channel trend line.<\/p>\n

The 100 hourly Simple moving average is also below the channel support. The next major support is near the $26,750 zone, below which the price might start a steady decline. In the stated case, it could revisit the $26,200 level. Any more losses might take Bitcoin toward the $26,000 level in the near term. The next major support could be $25,800.<\/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 $27,000, followed by $26,750.<\/p>\n

Major Resistance Levels \u2013 $27,250, $27,500, and $28,300.<\/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-24132","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\/24132","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=24132"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24132\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24132"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}