{"id":25815,"date":"2023-06-23T03:59:27","date_gmt":"2023-06-23T07:59:27","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25815"},"modified":"2023-06-23T03:59:27","modified_gmt":"2023-06-23T07:59:27","slug":"bitcoin-price-rally-pauses-but-not-likely-over-dips-turn-attractive","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/23\/bitcoin-price-rally-pauses-but-not-likely-over-dips-turn-attractive\/","title":{"rendered":"Bitcoin Price Rally Pauses But Not Likely Over \u2013 Dips Turn Attractive"},"content":{"rendered":"

Bitcoin price rallied toward $30,800 before the bears appeared. BTC is now correcting gains but dips could be attractive near the $28,800 zone.<\/em><\/p>\n

Bitcoin is currently correcting gains from the $30,800 zone.
\nThe price is trading above $29,500 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $30,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower but the bulls might be active near the $28,800 zone.<\/p>\n

Bitcoin Price Rally Fades<\/h2>\n

Bitcoin price gained bullish momentum above the $29,500 resistance zone<\/a>. BTC even broke the $30,000 resistance to move into a positive zone. However, it failed to extend its rally toward the $31,200 resistance.<\/p>\n

A high is formed near $30,794 and the price is now correcting lower. There was a move below the $30,250 level. The price traded below the 23.6% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support near $30,050 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $29,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

If the price remains stable above the $29,500 level, it could soon start a fresh increase. On the upside, the price is facing resistance near the $30,250 level. The next major resistance is near the $30,480 level. The main resistance is now forming near the $30,800 level.<\/p>\n\n

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

An upside break above the $30,800 resistance could start a fresh increase toward the $31,200 level. The next major resistance is near the $31,500 level, above which the price could rise toward the $32,000 resistance zone.<\/p>\n

Are Dips Limited in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $30,480 resistance, it could continue to move down. Immediate support on the downside is near the $29,500 level. If there is a break below the $29,500 support, the price could see an extended downside correction.<\/p>\n

The next major support is near the $28,800 level or the 50% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high. Any more losses might send the price toward $28,200 in the near term.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $29,500, followed by $28,800.<\/p>\n

Major Resistance Levels \u2013 $30,250, $30,480, and $30,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price rallied toward $30,800 before the bears appeared. BTC is now correcting gains but dips could be attractive near the $28,800 zone.<\/em><\/p>\n

Bitcoin is currently correcting gains from the $30,800 zone.
\nThe price is trading above $29,500 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $30,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower but the bulls might be active near the $28,800 zone.<\/p>\n

Bitcoin Price Rally Fades<\/h2>\n

Bitcoin price gained bullish momentum above the $29,500 resistance zone<\/a>. BTC even broke the $30,000 resistance to move into a positive zone. However, it failed to extend its rally toward the $31,200 resistance.<\/p>\n

A high is formed near $30,794 and the price is now correcting lower. There was a move below the $30,250 level. The price traded below the 23.6% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support near $30,050 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading above $29,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

If the price remains stable above the $29,500 level, it could soon start a fresh increase. On the upside, the price is facing resistance near the $30,250 level. The next major resistance is near the $30,480 level. The main resistance is now forming near the $30,800 level.<\/p>\n

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

An upside break above the $30,800 resistance could start a fresh increase toward the $31,200 level. The next major resistance is near the $31,500 level, above which the price could rise toward the $32,000 resistance zone.<\/p>\n

Are Dips Limited in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $30,480 resistance, it could continue to move down. Immediate support on the downside is near the $29,500 level. If there is a break below the $29,500 support, the price could see an extended downside correction.<\/p>\n

The next major support is near the $28,800 level or the 50% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high. Any more losses might send the price toward $28,200 in the near term.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $29,500, followed by $28,800.<\/p>\n

Major Resistance Levels \u2013 $30,250, $30,480, and $30,800.<\/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-25815","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\/25815","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=25815"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25815\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25815"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}