{"id":31864,"date":"2023-11-03T03:54:10","date_gmt":"2023-11-03T07:54:10","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31864"},"modified":"2023-11-03T03:54:10","modified_gmt":"2023-11-03T07:54:10","slug":"bitcoin-price-reaches-key-juncture-is-this-bulls-trap-or-technical-correction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/03\/bitcoin-price-reaches-key-juncture-is-this-bulls-trap-or-technical-correction\/","title":{"rendered":"Bitcoin Price Reaches Key Juncture, Is This Bulls Trap or Technical Correction?"},"content":{"rendered":"

Bitcoin price failed to continue higher above $36,000. BTC corrected gains and might find strong buying interest near the $34,200 support zone.<\/em><\/p>\n

Bitcoin corrected gains from the $36,000 resistance zone.
\nThe price is trading near $34,700 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the $34,000 support to start a fresh increase in the near term.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price attempted another rally above the $35,000 resistance<\/a>. BTC cleared the $35,500 level but struggled near the $36,000 level. There was no test of the $36,200 resistance zone and the price started a downside correction.<\/p>\n

There was a move below the $35,500 and $35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple moving average. A low is formed near $34,350 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low.<\/p>\n

Bitcoin also trades near $34,700 and the 100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $35,750 level. The next key resistance could be near $35,150 or the 50% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. A clear move above the $35,150 resistance might open the doors for a move toward the $36,000 resistance.<\/p>\n

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

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

The next key resistance could be $36,200, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level.<\/p>\n

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

If Bitcoin fails to rise above the $35,150 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,350 low and the trend line.<\/p>\n

The next major support is near the $35,000 zone. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,200 level in the near term.<\/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 $34,300, followed by $34,000.<\/p>\n

Major Resistance Levels \u2013 $34,750, $35,150, and $36,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to continue higher above $36,000. BTC corrected gains and might find strong buying interest near the $34,200 support zone.<\/em><\/p>\n

Bitcoin corrected gains from the $36,000 resistance zone.
\nThe price is trading near $34,700 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the $34,000 support to start a fresh increase in the near term.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price attempted another rally above the $35,000 resistance<\/a>. BTC cleared the $35,500 level but struggled near the $36,000 level. There was no test of the $36,200 resistance zone and the price started a downside correction.<\/p>\n

There was a move below the $35,500 and $35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple moving average. A low is formed near $34,350 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low.<\/p>\n

Bitcoin also trades near $34,700 and the 100 hourly Simple moving average<\/a>. Besides, there is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $35,750 level. The next key resistance could be near $35,150 or the 50% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. A clear move above the $35,150 resistance might open the doors for a move toward the $36,000 resistance.<\/p>\n

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

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

The next key resistance could be $36,200, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level.<\/p>\n

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

If Bitcoin fails to rise above the $35,150 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,350 low and the trend line.<\/p>\n

The next major support is near the $35,000 zone. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could drop toward the $33,200 level in the near term.<\/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 $34,300, followed by $34,000.<\/p>\n

Major Resistance Levels \u2013 $34,750, $35,150, and $36,000.<\/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-31864","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\/31864","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=31864"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31864\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31864"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}