{"id":30438,"date":"2023-10-03T04:52:36","date_gmt":"2023-10-03T08:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30438"},"modified":"2023-10-03T04:52:36","modified_gmt":"2023-10-03T08:52:36","slug":"bitcoin-price-sees-technical-correction-but-the-bulls-are-not-done-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/03\/bitcoin-price-sees-technical-correction-but-the-bulls-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Sees Technical Correction But The Bulls Are Not Done Yet"},"content":{"rendered":"

Bitcoin price extended its increase toward the $28,500 resistance. BTC corrected gains and is currently holding a key support at $27,350.<\/em><\/p>\n

Bitcoin climbed further higher above the $28,000 and $28,200 resistance levels.
\nThe price is trading above $27,400 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase unless there is a move below the $26,650 support.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price started a decent increase above the $27,200 resistance zone<\/a>. BTC climbed higher steadily above the $27,500 and $28,000 resistance levels.<\/p>\n

The price tested the $28,500 resistance. A new multi-week high was formed near $28,565 before it saw a downside correction. Finally, the price saw a downside correction below the $28,200 and $28,000 levels. It even moved below the 50% Fib retracement level of the upward move from the $26,690 swing low to the $28,565 high.<\/p>\n

Bitcoin is still trading above $27,400 and the 100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,850 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase.<\/p>\n

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

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

In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.<\/p>\n

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

If Bitcoin fails to continue higher above the $28,000 resistance, there could be more downsides. Immediate support on the downside is near the $27,400 level and the trend line.<\/p>\n

The next major support is near the $27,250 level or the 100 SMA. A downside break and close below the $27,250 level might send the price toward $26,800. The next support sits at $26,650. Any more losses might call for a test of $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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $27,250, followed by $26,650.<\/p>\n

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

<\/p>\n

Bitcoin price extended its increase toward the $28,500 resistance. BTC corrected gains and is currently holding a key support at $27,350.<\/em><\/p>\n

Bitcoin climbed further higher above the $28,000 and $28,200 resistance levels.
\nThe price is trading above $27,400 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase unless there is a move below the $26,650 support.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price started a decent increase above the $27,200 resistance zone<\/a>. BTC climbed higher steadily above the $27,500 and $28,000 resistance levels.<\/p>\n

The price tested the $28,500 resistance. A new multi-week high was formed near $28,565 before it saw a downside correction. Finally, the price saw a downside correction below the $28,200 and $28,000 levels. It even moved below the 50% Fib retracement level of the upward move from the $26,690 swing low to the $28,565 high.<\/p>\n

Bitcoin is still trading above $27,400 and the 100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,850 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase.<\/p>\n

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

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

In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.<\/p>\n

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

If Bitcoin fails to continue higher above the $28,000 resistance, there could be more downsides. Immediate support on the downside is near the $27,400 level and the trend line.<\/p>\n

The next major support is near the $27,250 level or the 100 SMA. A downside break and close below the $27,250 level might send the price toward $26,800. The next support sits at $26,650. Any more losses might call for a test of $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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $27,250, followed by $26,650.<\/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-30438","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\/30438","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=30438"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30438\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30438"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}