{"id":25916,"date":"2023-06-26T03:53:04","date_gmt":"2023-06-26T07:53:04","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25916"},"modified":"2023-06-26T03:53:04","modified_gmt":"2023-06-26T07:53:04","slug":"bitcoin-price-signals-downside-correction-before-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/26\/bitcoin-price-signals-downside-correction-before-fresh-increase\/","title":{"rendered":"Bitcoin Price Signals Downside Correction Before Fresh Increase"},"content":{"rendered":"

Bitcoin price is correcting gains from the $31,400 zone. BTC could revisit the $29,200 support or even $28,500 before it starts a fresh increase.<\/em><\/p>\n

Bitcoin is currently correcting gains from the $31,400 zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $30,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to correct lower toward the $29,200 support or $28,500.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price remained well-bid above the $29,500 resistance zone<\/a>. BTC cleared the $30,000 resistance to move further into a positive zone. Finally, there was a push above the $31,000 zone.<\/p>\n

The price tested the $31,500 zone. A high is formed near $31,435 and the price is now correcting lower. There was a move below the $30,500 level. The price traded below the 50% Fib retracement level of the upward move from the $29,550 swing low to the $31,435 high.<\/p>\n

Bitcoin price is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $30,550 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair is trading close to the 76.4% Fib retracement level of the upward move from the $29,550 swing low to the $31,435 high. If the price remains stable above the $30,000 level, it could soon start a fresh increase. On the upside, the price is facing resistance near the $30,400 level and the 100 hourly Simple moving average.<\/p>\n\n

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

The first major resistance is near the $30,550 level and the trend line, above which the price might revisit the $31,400 resistance zone. The next major resistance is near the $32,000 level. Any more gains could send the price toward the $32,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $30,550 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level.<\/p>\n

The next major support is near the $29,550 level, below which there is a risk of a move toward the $29,200 support. Any more losses might send the price toward $28,500 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,000, followed by $29,550.<\/p>\n

Major Resistance Levels \u2013 $30,400, $30,550, and $31,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting gains from the $31,400 zone. BTC could revisit the $29,200 support or even $28,500 before it starts a fresh increase.<\/em><\/p>\n

Bitcoin is currently correcting gains from the $31,400 zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $30,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to correct lower toward the $29,200 support or $28,500.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price remained well-bid above the $29,500 resistance zone<\/a>. BTC cleared the $30,000 resistance to move further into a positive zone. Finally, there was a push above the $31,000 zone.<\/p>\n

The price tested the $31,500 zone. A high is formed near $31,435 and the price is now correcting lower. There was a move below the $30,500 level. The price traded below the 50% Fib retracement level of the upward move from the $29,550 swing low to the $31,435 high.<\/p>\n

Bitcoin price is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $30,550 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair is trading close to the 76.4% Fib retracement level of the upward move from the $29,550 swing low to the $31,435 high. If the price remains stable above the $30,000 level, it could soon start a fresh increase. On the upside, the price is facing resistance near the $30,400 level and the 100 hourly Simple moving average.<\/p>\n

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

The first major resistance is near the $30,550 level and the trend line, above which the price might revisit the $31,400 resistance zone. The next major resistance is near the $32,000 level. Any more gains could send the price toward the $32,500 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $30,550 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level.<\/p>\n

The next major support is near the $29,550 level, below which there is a risk of a move toward the $29,200 support. Any more losses might send the price toward $28,500 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,000, followed by $29,550.<\/p>\n

Major Resistance Levels \u2013 $30,400, $30,550, and $31,400.<\/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-25916","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\/25916","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=25916"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25916\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25916"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}