Bitcoin is slowly moving lower below $24,500 against the US Dollar. BTC could drop in the short-term if it stays below the 100 hourly SMA.<\/p>\n
Bitcoin started a downside correction after it failed to settle above $25,000.
\nThe price is now trading below the $24,500 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses below the $23,780 and $23,500 support levels in the short-term.<\/p>\n
Bitcoin Price Breaks Support<\/p>\n
Bitcoin price attempted another increase above the $24,500 resistance zone. BTC was able to jump above the $25,000 resistance level and traded to a new monthly high.<\/p>\n
However, the price failed to stay above the $25,000 level. A high was formed near $25,200 and the price started a downside correction. There was a move below the $24,800 and $24,500 levels. Besides, there was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is now trading below the $24,500 level and the 100 hourly simple moving average. A low is formed near $23,789 and the price is now consolidating losses.<\/p>\n
There was a minor move above the 23.6% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. On the upside, an immediate resistance is near the $24,300 level and the 100 hourly simple moving average.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $24,500 zone. It is near the 50% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps climb above the $25,000 resistance. Any more gains might send the price towards the $25,800 level.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,780 level.<\/p>\n
The next major support now sits near the $23,500 level. A downside break and close below the $23,500 level might spark a sharp decline. In the stated case, the price might drop towards the $22,750 level.<\/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 just below the 50 level.<\/p>\n
Major Support Levels \u2013 $23,780, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,300, $24,500 and $25,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is slowly moving lower below $24,500 against the US Dollar. BTC could drop in the short-term if it stays below the 100 hourly SMA.<\/p>\n
Bitcoin started a downside correction after it failed to settle above $25,000.
\nThe price is now trading below the $24,500 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses below the $23,780 and $23,500 support levels in the short-term.<\/p>\n
Bitcoin Price Breaks Support<\/p>\n
Bitcoin price attempted another increase above the $24,500 resistance zone. BTC was able to jump above the $25,000 resistance level and traded to a new monthly high.<\/p>\n
However, the price failed to stay above the $25,000 level. A high was formed near $25,200 and the price started a downside correction. There was a move below the $24,800 and $24,500 levels. Besides, there was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is now trading below the $24,500 level and the 100 hourly simple moving average. A low is formed near $23,789 and the price is now consolidating losses.<\/p>\n
There was a minor move above the 23.6% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. On the upside, an immediate resistance is near the $24,300 level and the 100 hourly simple moving average.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $24,500 zone. It is near the 50% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps climb above the $25,000 resistance. Any more gains might send the price towards the $25,800 level.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,780 level.<\/p>\n
The next major support now sits near the $23,500 level. A downside break and close below the $23,500 level might spark a sharp decline. In the stated case, the price might drop towards the $22,750 level.<\/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 just below the 50 level.<\/p>\n
Major Support Levels \u2013 $23,780, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,300, $24,500 and $25,000.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-5642","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\/5642","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=5642"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5642\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5642"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}