{"id":28393,"date":"2023-08-18T03:52:47","date_gmt":"2023-08-18T07:52:47","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28393"},"modified":"2023-08-18T03:52:47","modified_gmt":"2023-08-18T07:52:47","slug":"bitcoin-price-nosedives-and-turns-attractive-to-sellers-on-recovery","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/18\/bitcoin-price-nosedives-and-turns-attractive-to-sellers-on-recovery\/","title":{"rendered":"Bitcoin Price Nosedives and Turns Attractive To Sellers On Recovery"},"content":{"rendered":"

Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000.<\/em><\/p>\n

Bitcoin is down over 6% and trading below the $27,000 support zone.
\nThe price is trading below $26,800 and the 100 hourly Simple moving average.
\nThere are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and trade below the $25,800 support.<\/p>\n

Bitcoin Price Breaks Support<\/h2>\n

Bitcoin price started a fresh decline after it failed to stay above the $28,400 support zone<\/a>. BTC declined heavily after it broke the $28,000 support zone.<\/p>\n

It is down over 6% and there was a spike below the $25,500 support zone. A low is formed near $24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low.<\/p>\n

Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average<\/a>. There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $27,000 level. The next major resistance is near $27,500 and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. The main resistance is now forming near the $28,500 zone and the 100 hourly Simple moving average.<\/p>\n\n

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

A close above the $28,500 resistance could start a decent increase toward the $29,200 resistance zone. Any more gains might set the pace for a larger increase toward $30,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 zone.<\/p>\n

The next major support is near the $25,500 level. A downside break below the $25,500 level might push the price further into a bearish zone. In the stated case, the price could drop toward $24,800.<\/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 40 level.<\/p>\n

Major Support Levels \u2013 $25,800, followed by $25,500.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,500, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000.<\/em><\/p>\n

Bitcoin is down over 6% and trading below the $27,000 support zone.
\nThe price is trading below $26,800 and the 100 hourly Simple moving average.
\nThere are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and trade below the $25,800 support.<\/p>\n

Bitcoin Price Breaks Support<\/h2>\n

Bitcoin price started a fresh decline after it failed to stay above the $28,400 support zone<\/a>. BTC declined heavily after it broke the $28,000 support zone.<\/p>\n

It is down over 6% and there was a spike below the $25,500 support zone. A low is formed near $24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low.<\/p>\n

Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average<\/a>. There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $27,000 level. The next major resistance is near $27,500 and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. The main resistance is now forming near the $28,500 zone and the 100 hourly Simple moving average.<\/p>\n

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

A close above the $28,500 resistance could start a decent increase toward the $29,200 resistance zone. Any more gains might set the pace for a larger increase toward $30,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 zone.<\/p>\n

The next major support is near the $25,500 level. A downside break below the $25,500 level might push the price further into a bearish zone. In the stated case, the price could drop toward $24,800.<\/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 40 level.<\/p>\n

Major Support Levels \u2013 $25,800, followed by $25,500.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,500, 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-28393","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\/28393","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=28393"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28393\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28393"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}