{"id":31669,"date":"2023-10-31T03:52:38","date_gmt":"2023-10-31T07:52:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=31669"},"modified":"2023-10-31T03:52:38","modified_gmt":"2023-10-31T07:52:38","slug":"bitcoin-price-hints-at-potential-correction-buy-the-dip-2","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/31\/bitcoin-price-hints-at-potential-correction-buy-the-dip-2\/","title":{"rendered":"Bitcoin Price Hints At Potential Correction, Buy The Dip?"},"content":{"rendered":"

Bitcoin price is still struggling to gain pace for a move above $35,000. BTC could correct a few points before the bulls attempt another increase.<\/em><\/p>\n

Bitcoin is still struggling to clear the $35,000 resistance.
\nThe price is trading above $34,150 and the 100 hourly Simple moving average.
\nThere is a short-term rising channel forming with support near $34,280 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $34,000 zone before it attempts a fresh increase.<\/p>\n

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

Bitcoin price remained strong above the $33,800 level<\/a>. BTC formed a base and attempted another increase above the $34,500 resistance zone. It even spiked toward the main barrier at $35,000.<\/p>\n

However, there was no upside continuation. The price formed a top near $34,953 and recently corrected lower. There was a move below the $34,600 level. The price declined below the 23.6% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high.<\/p>\n

Bitcoin is now trading above $34,280 and the 100 hourly Simple moving average<\/a>. There is also a short-term rising channel forming with support near $34,280 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $34,780 level. The next key resistance could be near $34,950 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start a decent increase.<\/p>\n

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

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

The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send BTC toward the $36,500 level in the near term.<\/p>\n

Dips In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,750 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,250 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $33,950 level or the 61.8% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high. If there is a move below $33,950, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 level or even $33,200.<\/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 $34,280, followed by $33,950.<\/p>\n

Major Resistance Levels \u2013 $34,750, $34,950, and $35,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still struggling to gain pace for a move above $35,000. BTC could correct a few points before the bulls attempt another increase.<\/em><\/p>\n

Bitcoin is still struggling to clear the $35,000 resistance.
\nThe price is trading above $34,150 and the 100 hourly Simple moving average.
\nThere is a short-term rising channel forming with support near $34,280 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $34,000 zone before it attempts a fresh increase.<\/p>\n

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

Bitcoin price remained strong above the $33,800 level<\/a>. BTC formed a base and attempted another increase above the $34,500 resistance zone. It even spiked toward the main barrier at $35,000.<\/p>\n

However, there was no upside continuation. The price formed a top near $34,953 and recently corrected lower. There was a move below the $34,600 level. The price declined below the 23.6% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high.<\/p>\n

Bitcoin is now trading above $34,280 and the 100 hourly Simple moving average<\/a>. There is also a short-term rising channel forming with support near $34,280 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $34,780 level. The next key resistance could be near $34,950 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start a decent increase.<\/p>\n

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

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

The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send BTC toward the $36,500 level in the near term.<\/p>\n

Dips In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,750 resistance zone, it could start a downside correction. Immediate support on the downside is near the $34,250 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $33,950 level or the 61.8% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high. If there is a move below $33,950, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 level or even $33,200.<\/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 $34,280, followed by $33,950.<\/p>\n

Major Resistance Levels \u2013 $34,750, $34,950, and $35,000.<\/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-31669","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\/31669","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=31669"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31669\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31669"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}