{"id":29796,"date":"2023-09-19T03:52:38","date_gmt":"2023-09-19T07:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29796"},"modified":"2023-09-19T03:52:38","modified_gmt":"2023-09-19T07:52:38","slug":"bitcoin-price-sees-technical-correction-heres-what-could-propel-it-back-to-28k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/19\/bitcoin-price-sees-technical-correction-heres-what-could-propel-it-back-to-28k\/","title":{"rendered":"Bitcoin Price Sees Technical Correction, Here\u2019s What Could Propel It Back To $28K"},"content":{"rendered":"

Bitcoin price climbed higher and tested the $27,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below $26,500.<\/em><\/p>\n

Bitcoin is holding gains above the $26,500 support level.
\nThe price is trading above $26,550 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $26,500 support zone.<\/p>\n

Bitcoin Price Eyes Another Increase<\/h2>\n

Bitcoin price remained in a positive zone above the $26,200 resistance zone. BTC started a fresh increase<\/a> and cleared the $26,500 resistance zone.<\/p>\n

There was a strong push above the $27,000 level before the bears appeared near $27,500. A high was formed near $27,468 and the price recently corrected gains. There was a drop below the $27,000 level. The price declined below the 50% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high.<\/p>\n

Bitcoin is now trading above $26,550 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now holding the 76.4% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $26,950 level.<\/p>\n

The first major resistance is near the $27,500 zone, above which the price could gain pace. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,000 resistance.<\/p>\n\n

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

The next major resistance is near $29,500, above which the bulls could gain strength. In the stated case, the price could test the $30,000 level.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $26,950 resistance, it could continue to move lower. Immediate support on the downside is near the $26,600 level and the trend line.<\/p>\n

The next major support is near the $26,500 level. A downside break and close below the $26,500 level might send the price toward the next support at $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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $26,600, followed by $26,500.<\/p>\n

Major Resistance Levels \u2013 $26,950, $27,200, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price climbed higher and tested the $27,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below $26,500.<\/em><\/p>\n

Bitcoin is holding gains above the $26,500 support level.
\nThe price is trading above $26,550 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $26,500 support zone.<\/p>\n

Bitcoin Price Eyes Another Increase<\/h2>\n

Bitcoin price remained in a positive zone above the $26,200 resistance zone. BTC started a fresh increase<\/a> and cleared the $26,500 resistance zone.<\/p>\n

There was a strong push above the $27,000 level before the bears appeared near $27,500. A high was formed near $27,468 and the price recently corrected gains. There was a drop below the $27,000 level. The price declined below the 50% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high.<\/p>\n

Bitcoin is now trading above $26,550 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

The price is now holding the 76.4% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $26,950 level.<\/p>\n

The first major resistance is near the $27,500 zone, above which the price could gain pace. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,000 resistance.<\/p>\n

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

The next major resistance is near $29,500, above which the bulls could gain strength. In the stated case, the price could test the $30,000 level.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $26,950 resistance, it could continue to move lower. Immediate support on the downside is near the $26,600 level and the trend line.<\/p>\n

The next major support is near the $26,500 level. A downside break and close below the $26,500 level might send the price toward the next support at $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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $26,600, followed by $26,500.<\/p>\n

Major Resistance Levels \u2013 $26,950, $27,200, and $27,500.<\/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-29796","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\/29796","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=29796"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29796\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29796"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}