{"id":28910,"date":"2023-08-30T03:53:15","date_gmt":"2023-08-30T07:53:15","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28910"},"modified":"2023-08-30T03:53:15","modified_gmt":"2023-08-30T07:53:15","slug":"bitcoin-price-starts-correction-post-rally-why-dips-could-be-attractive","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/30\/bitcoin-price-starts-correction-post-rally-why-dips-could-be-attractive\/","title":{"rendered":"Bitcoin Price Starts Correction Post Rally, Why Dips Could Be Attractive"},"content":{"rendered":"

Bitcoin price rallied above $26,500 and $27,000. BTC tested the $28,000 resistance zone and is currently correcting lower toward $27,000.<\/em><\/p>\n

Bitcoin jumped and cleared the $26,500 resistance zone.
\nThe price is trading above $26,500 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $26,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is correcting gains, but it might find bids near $27,000 or $26,700.<\/p>\n

Bitcoin Price Regains Strength<\/h2>\n

Bitcoin price started a decent increase following news that a US court ruled in favor of Grayscale against the SEC, opening the doors for ETF. BTC gained pace and was able to clear the $26,500 resistance zone<\/a>.<\/p>\n

There was a steady increase, and the price even broke the $27,500 resistance zone. Finally, it tested the $28,000 resistance zone. A high is formed near $28,150 and the price is now correcting gains. There was a minor decline below the $27,800 level.<\/p>\n

The price traded below the 23.6% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. However, Bitcoin is still trading above $26,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n\n

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

If there is a fresh increase, immediate resistance is near the $27,650 level. The first major resistance is near the $28,000 level. A clear move above the $28,000 level might send the price toward $28,500. The next major resistance is near $29,200, above which there could be a sustained increase. In the stated case, the price could test the $30,000 level. Any more gains might set the pace for a larger increase toward $31,200.<\/p>\n

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

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

The next major support is near the $26,700 level or the 61.8% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. A downside break below the $26,700 level might push the price again into a bearish zone. In the stated case, the price could drop toward $26,000.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $27,000, followed by $26,700.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,500, and $29,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price rallied above $26,500 and $27,000. BTC tested the $28,000 resistance zone and is currently correcting lower toward $27,000.<\/em><\/p>\n

Bitcoin jumped and cleared the $26,500 resistance zone.
\nThe price is trading above $26,500 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $26,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is correcting gains, but it might find bids near $27,000 or $26,700.<\/p>\n

Bitcoin Price Regains Strength<\/h2>\n

Bitcoin price started a decent increase following news that a US court ruled in favor of Grayscale against the SEC, opening the doors for ETF. BTC gained pace and was able to clear the $26,500 resistance zone<\/a>.<\/p>\n

There was a steady increase, and the price even broke the $27,500 resistance zone. Finally, it tested the $28,000 resistance zone. A high is formed near $28,150 and the price is now correcting gains. There was a minor decline below the $27,800 level.<\/p>\n

The price traded below the 23.6% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. However, Bitcoin is still trading above $26,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

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

If there is a fresh increase, immediate resistance is near the $27,650 level. The first major resistance is near the $28,000 level. A clear move above the $28,000 level might send the price toward $28,500. The next major resistance is near $29,200, above which there could be a sustained increase. In the stated case, the price could test the $30,000 level. Any more gains might set the pace for a larger increase toward $31,200.<\/p>\n

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

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

The next major support is near the $26,700 level or the 61.8% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. A downside break below the $26,700 level might push the price again into a bearish zone. In the stated case, the price could drop toward $26,000.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $27,000, followed by $26,700.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,500, and $29,200.<\/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-28910","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\/28910","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=28910"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28910\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28910"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}