{"id":30502,"date":"2023-10-04T03:52:36","date_gmt":"2023-10-04T07:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30502"},"modified":"2023-10-04T03:52:36","modified_gmt":"2023-10-04T07:52:36","slug":"bitcoin-price-reaches-key-juncture-is-this-bears-trap-or-fresh-decline","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/04\/bitcoin-price-reaches-key-juncture-is-this-bears-trap-or-fresh-decline\/","title":{"rendered":"Bitcoin Price Reaches Key Juncture, Is This Bears Trap or Fresh Decline"},"content":{"rendered":"

Bitcoin price started a downside correction below $28,000. BTC is now testing the $27,200 support and might start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is moving lower below the $28,000 and $27,800 support levels.
\nThe price is trading below $27,500 and the 100 hourly Simple moving average.
\nThere is a short-term bearish trend line forming with resistance near $27,500 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 Revisits Support<\/h2>\n

Bitcoin price failed to continue higher above the $28,500 resistance<\/a>. BTC formed a short-term top and recently started a downside correction below the $28,000 level.<\/p>\n

There was a move below the $27,500 level and the 100 hourly Simple moving average. The price is now testing the $27,200 support zone. A low is formed near $27,189 and the price is now consolidating losses, with very few signs of more losses.<\/p>\n

Bitcoin is now trading below $27,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $27,500 level. There is also a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC\/USD pair. It is close to the 23.6% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low.<\/p>\n

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

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

The next key resistance could be near the $27,880 level or the 50% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low. A close above the $27,880 resistance could start another increase. 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 $27,500 resistance, there could be more downsides. Immediate support on the downside is near the $27,200 level.<\/p>\n

The next major support is near the $27,000 level. The main support is now near $26,800. A downside break and close below the $26,800 level might send the price toward $26,200. The next support sits 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $27,200, followed by $26,800.<\/p>\n

Major Resistance Levels \u2013 $27,500, $27,880, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a downside correction below $28,000. BTC is now testing the $27,200 support and might start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is moving lower below the $28,000 and $27,800 support levels.
\nThe price is trading below $27,500 and the 100 hourly Simple moving average.
\nThere is a short-term bearish trend line forming with resistance near $27,500 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 Revisits Support<\/h2>\n

Bitcoin price failed to continue higher above the $28,500 resistance<\/a>. BTC formed a short-term top and recently started a downside correction below the $28,000 level.<\/p>\n

There was a move below the $27,500 level and the 100 hourly Simple moving average. The price is now testing the $27,200 support zone. A low is formed near $27,189 and the price is now consolidating losses, with very few signs of more losses.<\/p>\n

Bitcoin is now trading below $27,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $27,500 level. There is also a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC\/USD pair. It is close to the 23.6% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low.<\/p>\n

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

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

The next key resistance could be near the $27,880 level or the 50% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low. A close above the $27,880 resistance could start another increase. 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 $27,500 resistance, there could be more downsides. Immediate support on the downside is near the $27,200 level.<\/p>\n

The next major support is near the $27,000 level. The main support is now near $26,800. A downside break and close below the $26,800 level might send the price toward $26,200. The next support sits 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $27,200, followed by $26,800.<\/p>\n

Major Resistance Levels \u2013 $27,500, $27,880, 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-30502","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\/30502","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=30502"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30502\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30502"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}