{"id":371038,"date":"2019-02-11T06:45:26","date_gmt":"2019-02-11T06:45:26","guid":{"rendered":"https:\/\/wncen.com\/?p=371038"},"modified":"2024-06-11T12:56:57","modified_gmt":"2024-06-11T12:56:57","slug":"bitcoin-price-watch-btc-could-correct-lower-before-fresh-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-could-correct-lower-before-fresh-rally\/","title":{"rendered":"Bitcoin Price Watch: BTC Could Correct Lower Before Fresh Rally"},"content":{"rendered":"<ul>\n<li>Bitcoin price rallied towards the $3,750 level and later started a downside correction against the US Dollar.<\/li>\n<li>There is a key bearish trend line formed with resistance at $3,640 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to correct lower towards the $3,550 or $3,500 support levels before a fresh rally.<\/li>\n<\/ul>\n<p><em>Bitcoin price climbed higher and settled above the $3,500 resistance against the US Dollar. BTC is currently correcting lower, but dips remain supported above the 100 hourly SMA.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the <a href=\"https:\/\/wncen.com\/2019\/02\/10\/bitcoin-price-weekly-analysis-btc-could-rebound-to-4000\/\" target=\"_blank\" rel=\"noopener \">weekly analysis<\/a>, we saw a solid upward move above $3,500 in bitcoin price against the US Dollar. The BTC\/USD pair even broke the $3,600 and $3,650 resistance levels. A fresh yearly high was formed at $3,745 and the price settled above the 100 hourly simple moving average. Later, the price started a downside correction and traded below the $3,700 and $3,650 levels. There was a break below the 23.6% Fib retracement level of the last wave from the $3,341 low to $3,745 high.<\/p>\n<p>At the moment, the $3,580 level is acting as a strong support. If there is a downside break, the price could test the $3,550 support level. It also coincides with the 50% Fib retracement level of the last wave from the $3,341 low to $3,745 high. More importantly, the <a href=\"https:\/\/wncen.com\/2019\/02\/08\/bitcoin-price-watch-upsides-in-btc-likely-to-be-capped\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a> is positioned at $3,525 to act as a strong support. On the upside, an initial resistance is near the $3,625 level. There is also a key bearish trend line formed with resistance at $3,640 on the hourly chart of the BTC\/USD pair. The pair must break the trend line and $3,650 for a fresh upward move.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-371039\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?resize=1828%2C869\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"869\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, bitcoin price is showing signs of a downside correction below $3,600. However, as long as the price is above the $3,550 and $3,500 support levels, buyers remain in action.<\/p>\n<h2>Technical indicators<\/h2>\n<p>Hourly MACD \u2013 The MACD moved back in the bearish zone, with a negative angle.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish bias.<\/p>\n<p>Major Support Level \u2013 $3,550<\/p>\n<p>Major Resistance Level \u2013 $3,650<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price rallied towards the $3,750 level and later started a downside correction against the US Dollar. There is a key bearish trend line formed with resistance at $3,640 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely to correct lower towards the $3,550 or $3,500 support levels before a fresh rally. Bitcoin price climbed higher and settled above the $3,500 resistance against the US Dollar. BTC is currently correcting lower, but dips remain supported above the 100 hourly SMA. Bitcoin Price Analysis In the weekly analysis, we saw a solid upward move above $3,500 in bitcoin price against the US Dollar. The BTC\/USD pair even broke the $3,600 and $3,650 resistance levels. A fresh yearly high was formed at $3,745 and the price settled above the 100 hourly simple moving average. Later, the price started a downside correction and traded below the $3,700 and $3,650 levels. There was a break below the 23.6% Fib retracement level of the last wave from the $3,341 low to $3,745 high. At the moment, the $3,580 level is acting as a strong support. If there is a downside break, the price could test the $3,550 support level. It also coincides with the 50% Fib retracement level of the last wave from the $3,341 low to $3,745 high. More importantly, the 100 hourly simple moving average is positioned at $3,525 to act as a strong support. On the upside, an initial resistance is near the $3,625 level. There is also a key bearish trend line formed with resistance at $3,640 on the hourly chart of the BTC\/USD pair. The pair must break the trend line and $3,650 for a fresh upward move. Looking at the chart, bitcoin price is showing signs of a downside correction below $3,600. However, as long as the price is above the $3,550 and $3,500 support levels, buyers remain in action. Technical indicators Hourly MACD \u2013 The MACD moved back in the bearish zone, with a negative angle. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish bias. Major Support Level \u2013 $3,550 Major Resistance Level \u2013 $3,650<\/p>\n","protected":false},"author":67,"featured_media":344599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-371038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Watch: BTC Could Correct Lower Before Fresh Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price climbed higher and settled above the $3,500 resistance against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Watch: BTC Could Correct Lower Before Fresh Rally","url":"http:\/\/wncen.com\/news\/bitcoin-price-watch-btc-could-correct-lower-before-fresh-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-watch-btc-could-correct-lower-before-fresh-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc5.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc5.jpg?fit=1200%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2019-02-11T06:45:26Z","datePublished":"2019-02-11T06:45:26Z","dateModified":"2024-06-11T12:56:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Watch: BTC Could Correct Lower Before Fresh Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-watch-btc-could-correct-lower-before-fresh-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-watch-btc-could-correct-lower-before-fresh-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/techanalysis-btc5.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/techanalysis-btc5.jpg?fit=1200%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2019-02-11T06:45:26Z\",\"datePublished\":\"2019-02-11T06:45:26Z\",\"dateModified\":\"2024-06-11T12:56:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc5.jpg?fit=1200%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/371038"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=371038"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/371038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/344599"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=371038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=371038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=371038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}