{"id":29983,"date":"2023-09-22T03:52:47","date_gmt":"2023-09-22T07:52:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29983"},"modified":"2023-09-22T03:52:47","modified_gmt":"2023-09-22T07:52:47","slug":"bitcoin-price-hints-at-potential-correction-buy-the-dip","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/22\/bitcoin-price-hints-at-potential-correction-buy-the-dip\/","title":{"rendered":"Bitcoin Price Hints At Potential Correction, Buy The Dip?"},"content":{"rendered":"

Bitcoin price is again moving lower from the $27,500 resistance. BTC could extend its decline and revisit the $25,400 support zone.<\/em><\/p>\n

Bitcoin started a downside correction after it failed to clear the $27,500 resistance.
\nThe price is trading below $27,000 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $26,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at a risk of more downsides below the $26,350 level.<\/p>\n

Bitcoin Price Revisits Support<\/h2>\n

Bitcoin price started a downside correction after it failed to clear the $27,500 resistance<\/a>. BTC traded below the $27,000 and $26,800 support levels to enter a bearish zone.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $26,800 on the hourly chart of the BTC\/USD pair. The pair retested the $26,350 support zone and is currently consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.<\/p>\n

Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,800 level. The first major resistance is near the $27,000 zone, a connecting bearish trend line, and the 50% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.<\/p>\n

<\/a><\/p>\n

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

The next key resistance could be near the $27,050 level, above which the price could gain bullish momentum. In the stated case, the price could even rise toward the $27,500 resistance. Any more gains might call for a move toward the $28,800 level in the coming days.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $27,000 resistance, it could continue to move down. Immediate support on the downside is near the $26,350 level.<\/p>\n

The next major support is near the $26,200 level. A downside break and close below the $26,200 level might spark more bearish moves and the price could decline toward the next support at $25,400.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $26,350, followed by $26,200.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,050, and $27,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is again moving lower from the $27,500 resistance. BTC could extend its decline and revisit the $25,400 support zone.<\/em><\/p>\n

Bitcoin started a downside correction after it failed to clear the $27,500 resistance.
\nThe price is trading below $27,000 and the 100 hourly Simple moving average.
\nThere was a break below a major bullish trend line with support near $26,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at a risk of more downsides below the $26,350 level.<\/p>\n

Bitcoin Price Revisits Support<\/h2>\n

Bitcoin price started a downside correction after it failed to clear the $27,500 resistance<\/a>. BTC traded below the $27,000 and $26,800 support levels to enter a bearish zone.<\/p>\n

Besides, there was a break below a major bullish trend line with support near $26,800 on the hourly chart of the BTC\/USD pair. The pair retested the $26,350 support zone and is currently consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.<\/p>\n

Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,800 level. The first major resistance is near the $27,000 zone, a connecting bearish trend line, and the 50% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.<\/p>\n

<\/a><\/p>\n

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

The next key resistance could be near the $27,050 level, above which the price could gain bullish momentum. In the stated case, the price could even rise toward the $27,500 resistance. Any more gains might call for a move toward the $28,800 level in the coming days.<\/p>\n

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

If Bitcoin fails to start a fresh increase above the $27,000 resistance, it could continue to move down. Immediate support on the downside is near the $26,350 level.<\/p>\n

The next major support is near the $26,200 level. A downside break and close below the $26,200 level might spark more bearish moves and the price could decline toward the next support at $25,400.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $26,350, followed by $26,200.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,050, 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-29983","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\/29983","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=29983"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29983\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29983"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}