{"id":34460,"date":"2023-12-25T02:52:50","date_gmt":"2023-12-25T06:52:50","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34460"},"modified":"2023-12-25T02:52:50","modified_gmt":"2023-12-25T06:52:50","slug":"bitcoin-price-dips-on-the-christmas-day-but-dips-still-attractive","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/25\/bitcoin-price-dips-on-the-christmas-day-but-dips-still-attractive\/","title":{"rendered":"Bitcoin Price Dips On The Christmas Day But Dips Still Attractive"},"content":{"rendered":"

Bitcoin price failed to extend gains above the $44,300 resistance. BTC is now moving lower and might find bids near the $42,400 support zone.<\/em><\/p>\n

Bitcoin started a downside correction from the $44,300 resistance zone.
\nThe price is trading below $43,500 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with support near $42,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase from the $42,400 support zone.<\/p>\n

Bitcoin Price Tops Again<\/h2>\n

Bitcoin price attempted a fresh increase above the $43,500 resistance zone<\/a>. BTC climbed above the $44,000 level, but the bears were active near the $44,300 zone.<\/p>\n

A high was formed near $44,300 and the price started a fresh decline. The price declined below the $44,000 and $43,500 levels. There was a move below the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $44,300 high.<\/p>\n

Bitcoin is now trading below $43,500 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with support near $42,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair is now testing the channel support, below which it might accelerate lower toward $42,400 or the 50% Fib retracement level of the upward move from the $40,515 swing low to the $44,300 high. If the bulls protect the channel support, there might be a fresh increase.<\/p>\n

On the upside, immediate resistance is near the $43,500 level. The first major resistance is forming near $44,000 and $44,300. A close above the $44,300 resistance could start a strong rally and the price could even clear the $45,000 resistance.<\/p>\n

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

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

The next key resistance could be near $46,500, above which BTC could rise toward the $47,200 level. Any more gains might send the price toward $48,000.<\/p>\n

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

If Bitcoin fails to rise above the $43,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,800 level.<\/p>\n

The next major support is near $42,400. If there is a move below $42,400, there is a risk of more losses. In the stated case, the price could drop toward the $41,200 support in the near term.<\/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 $42,400, followed by $41,200.<\/p>\n

Major Resistance Levels \u2013 $43,500, $44,300, and $45,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to extend gains above the $44,300 resistance. BTC is now moving lower and might find bids near the $42,400 support zone.<\/em><\/p>\n

Bitcoin started a downside correction from the $44,300 resistance zone.
\nThe price is trading below $43,500 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with support near $42,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase from the $42,400 support zone.<\/p>\n

Bitcoin Price Tops Again<\/h2>\n

Bitcoin price attempted a fresh increase above the $43,500 resistance zone<\/a>. BTC climbed above the $44,000 level, but the bears were active near the $44,300 zone.<\/p>\n

A high was formed near $44,300 and the price started a fresh decline. The price declined below the $44,000 and $43,500 levels. There was a move below the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $44,300 high.<\/p>\n

Bitcoin is now trading below $43,500 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with support near $42,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair is now testing the channel support, below which it might accelerate lower toward $42,400 or the 50% Fib retracement level of the upward move from the $40,515 swing low to the $44,300 high. If the bulls protect the channel support, there might be a fresh increase.<\/p>\n

On the upside, immediate resistance is near the $43,500 level. The first major resistance is forming near $44,000 and $44,300. A close above the $44,300 resistance could start a strong rally and the price could even clear the $45,000 resistance.<\/p>\n

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

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

The next key resistance could be near $46,500, above which BTC could rise toward the $47,200 level. Any more gains might send the price toward $48,000.<\/p>\n

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

If Bitcoin fails to rise above the $43,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,800 level.<\/p>\n

The next major support is near $42,400. If there is a move below $42,400, there is a risk of more losses. In the stated case, the price could drop toward the $41,200 support in the near term.<\/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 $42,400, followed by $41,200.<\/p>\n

Major Resistance Levels \u2013 $43,500, $44,300, and $45,000.<\/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-34460","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\/34460","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=34460"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34460\/revisions"}],"predecessor-version":[{"id":34461,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34460\/revisions\/34461"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34460"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}