{"id":24755,"date":"2023-05-30T03:52:57","date_gmt":"2023-05-30T07:52:57","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24755"},"modified":"2023-05-30T03:52:57","modified_gmt":"2023-05-30T07:52:57","slug":"bitcoin-price-just-saw-technical-correction-can-bulls-save-the-day","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/30\/bitcoin-price-just-saw-technical-correction-can-bulls-save-the-day\/","title":{"rendered":"Bitcoin Price Just Saw Technical Correction, Can Bulls Save The Day?"},"content":{"rendered":"

Bitcoin price is correcting gains from $28,400. BTC must stay above the $27,500 support to start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is correcting gains below the $28,000 support zone.
\nThe price is trading above $27,500 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if the bulls manage to protect the $27,500 support.<\/p>\n

Bitcoin Price Corrects Lower<\/h2>\n

Bitcoin price started a decent increase above the $28,000 resistance zone<\/a>. However, BTC struggled to clear the $28,400 and $28,500 resistance levels.<\/p>\n

A high was formed near $28,450 and the price started a downside correction. There was a move below the $28,000 support zone. The price declined below the 50% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $27,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

It is finding bids near the 61.8% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high. Immediate resistance on the upside is near the $27,800 level. The next major resistance is near the $28,000 level.<\/p>\n\n

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

An upside break above $28,000 might send the price toward the main resistance at $28,500. A close above the $28,500 resistance zone might start a strong increase toward the $29,200 resistance zone. The next key resistance is near $29,400, above which the price might rise toward the $30,000 resistance.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,580 level.<\/p>\n

The next major support is near the $27,500 zone, below which the price might gain bearish momentum. In the stated case, the price could decline toward the $27,150 support and the 100 hourly Simple moving average.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,580, followed by $27,500.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,400, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting gains from $28,400. BTC must stay above the $27,500 support to start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is correcting gains below the $28,000 support zone.
\nThe price is trading above $27,500 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if the bulls manage to protect the $27,500 support.<\/p>\n

Bitcoin Price Corrects Lower<\/h2>\n

Bitcoin price started a decent increase above the $28,000 resistance zone<\/a>. However, BTC struggled to clear the $28,400 and $28,500 resistance levels.<\/p>\n

A high was formed near $28,450 and the price started a downside correction. There was a move below the $28,000 support zone. The price declined below the 50% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $27,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

It is finding bids near the 61.8% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high. Immediate resistance on the upside is near the $27,800 level. The next major resistance is near the $28,000 level.<\/p>\n

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

An upside break above $28,000 might send the price toward the main resistance at $28,500. A close above the $28,500 resistance zone might start a strong increase toward the $29,200 resistance zone. The next key resistance is near $29,400, above which the price might rise toward the $30,000 resistance.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,580 level.<\/p>\n

The next major support is near the $27,500 zone, below which the price might gain bearish momentum. In the stated case, the price could decline toward the $27,150 support and the 100 hourly Simple moving average.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,580, followed by $27,500.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,400, and $28,500.<\/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-24755","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\/24755","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=24755"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24755\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24755"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}