{"id":31161,"date":"2023-10-19T03:52:50","date_gmt":"2023-10-19T07:52:50","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31161"},"modified":"2023-10-19T03:52:50","modified_gmt":"2023-10-19T07:52:50","slug":"bitcoin-price-could-see-downside-thrust-before-fresh-increase-to-29k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/19\/bitcoin-price-could-see-downside-thrust-before-fresh-increase-to-29k\/","title":{"rendered":"Bitcoin Price Could See Downside Thrust Before Fresh Increase To $29K"},"content":{"rendered":"

Bitcoin price is slowly moving lower below the $28,500 level. BTC could drop toward the $28,000 level or the 100 hourly SMA before the bulls take a stand.<\/em><\/p>\n

Bitcoin is struggling to gain traction for a move above the $28,500 level.
\nThe price is trading above $27,750 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could revisit the 100 hourly Simple moving average before it attempts a fresh increase.<\/p>\n

Bitcoin Price Extends Downside Correction<\/h2>\n

Bitcoin price started a downside correction from the $30,000 resistance zone<\/a>. BTC struggled to stay in a positive zone and settled below the $28,500 pivot level.<\/p>\n

Recently, the bears pushed the price below the $28,200 level. Besides, there was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC\/USD pair. A low is formed near $28,150 and the price is now consolidating losses.<\/p>\n

Bitcoin is now trading above $27,750 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $28,550 level. It is close to the 50% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.<\/p>\n

The next key resistance could be near $28,800 or the 76.4% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.<\/p>\n

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

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

The main resistance is now near the $29,000 zone. A clear move above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500. Any more gains might send BTC toward the $30,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $28,550 resistance zone, it could slide further. Immediate support on the downside is near the $28,150 level.<\/p>\n

The next major support is near the $28,000 level and the 100 hourly Simple moving average. A downside break and close below the $28,000 support might trigger more losses in the near term. The next support sits at $27,660, below which it could test $28,120.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $28,150, followed by $28,000.<\/p>\n

Major Resistance Levels \u2013 $28,550, $28,800, and $29,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is slowly moving lower below the $28,500 level. BTC could drop toward the $28,000 level or the 100 hourly SMA before the bulls take a stand.<\/em><\/p>\n

Bitcoin is struggling to gain traction for a move above the $28,500 level.
\nThe price is trading above $27,750 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could revisit the 100 hourly Simple moving average before it attempts a fresh increase.<\/p>\n

Bitcoin Price Extends Downside Correction<\/h2>\n

Bitcoin price started a downside correction from the $30,000 resistance zone<\/a>. BTC struggled to stay in a positive zone and settled below the $28,500 pivot level.<\/p>\n

Recently, the bears pushed the price below the $28,200 level. Besides, there was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC\/USD pair. A low is formed near $28,150 and the price is now consolidating losses.<\/p>\n

Bitcoin is now trading above $27,750 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $28,550 level. It is close to the 50% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.<\/p>\n

The next key resistance could be near $28,800 or the 76.4% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.<\/p>\n

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

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

The main resistance is now near the $29,000 zone. A clear move above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500. Any more gains might send BTC toward the $30,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $28,550 resistance zone, it could slide further. Immediate support on the downside is near the $28,150 level.<\/p>\n

The next major support is near the $28,000 level and the 100 hourly Simple moving average. A downside break and close below the $28,000 support might trigger more losses in the near term. The next support sits at $27,660, below which it could test $28,120.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $28,150, followed by $28,000.<\/p>\n

Major Resistance Levels \u2013 $28,550, $28,800, and $29,000.<\/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-31161","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\/31161","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=31161"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31161\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31161"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}