{"id":28013,"date":"2023-08-10T04:53:03","date_gmt":"2023-08-10T08:53:03","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28013"},"modified":"2023-08-10T04:53:03","modified_gmt":"2023-08-10T08:53:03","slug":"bitcoin-price-trims-gains-but-resistance-turned-support-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/10\/bitcoin-price-trims-gains-but-resistance-turned-support-intact\/","title":{"rendered":"Bitcoin Price Trims Gains But Resistance Turned Support Intact"},"content":{"rendered":"

Bitcoin price started a downside correction from $30,200. BTC is now trading near the previous breakout resistance at $29,400.<\/em><\/p>\n

Bitcoin is correcting gains and trading below the $29,800 level.
\nThe price is trading above $29,400 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $29,400 support zone.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price started a decent increase above the $29,400 and $29,500 resistance levels<\/a>. BTC even broke the $30,000 level but there was no daily close. A high was formed near $30,190 and the price started a downside correction.<\/p>\n

There was a move below the $30,000 and $29,800 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high. Besides, there was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $29,400 and the 100 hourly Simple moving average<\/a>. It is also holding the key pivot zone at $29,400. It is close to the 50% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high.<\/p>\n

Immediate resistance is near the $29,680 level. The first major resistance is near the $29,800 level. The next major resistance is near the $30,000 level, above which the price could revisit $30,200.<\/p>\n\n

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

A close above the $30,200 resistance might start another steady increase. In the stated case, the price could test $31,200 or even $32,000 in the coming days.<\/p>\n

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

If Bitcoin fails to clear the $29,800 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,400 level.<\/p>\n

The next major support is near the $29,300 level or the 100 hourly SMA. A downside break below the $29,300 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,680 level 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 now below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,400, followed by $29,300.<\/p>\n

Major Resistance Levels \u2013 $29,800, $30,000, and $30,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a downside correction from $30,200. BTC is now trading near the previous breakout resistance at $29,400.<\/em><\/p>\n

Bitcoin is correcting gains and trading below the $29,800 level.
\nThe price is trading above $29,400 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $29,400 support zone.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price started a decent increase above the $29,400 and $29,500 resistance levels<\/a>. BTC even broke the $30,000 level but there was no daily close. A high was formed near $30,190 and the price started a downside correction.<\/p>\n

There was a move below the $30,000 and $29,800 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high. Besides, there was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $29,400 and the 100 hourly Simple moving average<\/a>. It is also holding the key pivot zone at $29,400. It is close to the 50% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high.<\/p>\n

Immediate resistance is near the $29,680 level. The first major resistance is near the $29,800 level. The next major resistance is near the $30,000 level, above which the price could revisit $30,200.<\/p>\n

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

A close above the $30,200 resistance might start another steady increase. In the stated case, the price could test $31,200 or even $32,000 in the coming days.<\/p>\n

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

If Bitcoin fails to clear the $29,800 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,400 level.<\/p>\n

The next major support is near the $29,300 level or the 100 hourly SMA. A downside break below the $29,300 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,680 level 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 now below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,400, followed by $29,300.<\/p>\n

Major Resistance Levels \u2013 $29,800, $30,000, and $30,200.<\/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-28013","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\/28013","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=28013"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28013\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28013"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}