{"id":379701,"date":"2019-04-25T06:30:13","date_gmt":"2019-04-25T06:30:13","guid":{"rendered":"https:\/\/wncen.com\/?p=379701"},"modified":"2024-06-11T12:49:40","modified_gmt":"2024-06-11T12:49:40","slug":"bitcoin-btc-price-approaching-significant-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-approaching-significant-support\/","title":{"rendered":"Bitcoin (BTC) Price Correction Approaching Significant Support"},"content":{"rendered":"<ul>\n<li>Bitcoin price corrected lower recently and traded below $5,500 and $5,480 against the US Dollar.<\/li>\n<li>The price traded close to the $5,370 level and it is currently trading with a bearish bias.<\/li>\n<li>There is a key bullish trend line formed with support at $5,405 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could extend losses towards the $5,340 support before it could bounce back.<\/li>\n<\/ul>\n<p><em>Bitcoin price started a major downside correction below $5,450 against the US Dollar. BTC may test the key $5,340-5,350 support zone before it could start a fresh increase.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After a <a href=\"https:\/\/wncen.com\/2019\/04\/23\/bitcoin-btc-price-rally-to-6k\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong upward move<\/a>, bitcoin price started a downside correction from the $5,640 swing high against the US Dollar. The BTC\/USD pair traded below the $5,600 and $5,520 levels to move into a short term bearish zone. The pair even broke the $5,480 support and settled below the key $5,450 support level. Recently, there was a break below the 50% Fib retracement level of the last wave from the $5,199 low to $5,644 high.<\/p>\n<p>The price spiked below the $5,400 support and traded close to the $5,370 level. Besides, the price traded close to the 61.8% Fib retracement level of the last wave from the $5,199 low to $5,644 high. At the moment, the price is consolidating above the $5,400 level and the 100 hourly simple moving average. There is also a key bullish trend line formed with support at $5,405 on the hourly chart of the BTC\/USD pair. Clearly, the price is trading near a <a href=\"https:\/\/wncen.com\/2019\/04\/24\/bitcoin-btc-price-trend-overwhelmingly-bullish\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong support<\/a> at $5,400. If there is a downside break below $5,400 and the 100 hourly SMA, the price could extend losses.<\/p>\n<p>The next key support area is near $5,350-5,340 (the previous major resistance). The bulls are likely to defend the $5,340 support area in the near term. On the upside, the price must break the $5,450 resistance to start a decent rebound. However, the main resistance is at $5,500, above which the price could move back towards the $5,640 level.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-379702\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-25.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price seems to be extending its decline towards the $5,350 level. However, it won\u2019t be easy for sellers to clear the $5,340-5,350 support area. Once the current correction is complete, the price is likely to bounce back in the near term. Further below $5,340, the price might move into a bearish zone towards the $5,000 handle.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is struggling to gain pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level and it could slide towards 35 or 30.<\/p>\n<p>Major Support Levels \u2013 $5,400 followed by $5,340.<\/p>\n<p>Major Resistance Levels \u2013 $5,450, $5,500 and $5,540.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price corrected lower recently and traded below $5,500 and $5,480 against the US Dollar. The price traded close to the $5,370 level and it is currently trading with a bearish bias. There is a key bullish trend line formed with support at $5,405 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could extend losses towards the $5,340 support before it could bounce back. Bitcoin price started a major downside correction below $5,450 against the US Dollar. BTC may test the key $5,340-5,350 support zone before it could start a fresh increase. Bitcoin Price Analysis After a strong upward move, bitcoin price started a downside correction from the $5,640 swing high against the US Dollar. The BTC\/USD pair traded below the $5,600 and $5,520 levels to move into a short term bearish zone. The pair even broke the $5,480 support and settled below the key $5,450 support level. Recently, there was a break below the 50% Fib retracement level of the last wave from the $5,199 low to $5,644 high. The price spiked below the $5,400 support and traded close to the $5,370 level. Besides, the price traded close to the 61.8% Fib retracement level of the last wave from the $5,199 low to $5,644 high. At the moment, the price is consolidating above the $5,400 level and the 100 hourly simple moving average. There is also a key bullish trend line formed with support at $5,405 on the hourly chart of the BTC\/USD pair. Clearly, the price is trading near a strong support at $5,400. If there is a downside break below $5,400 and the 100 hourly SMA, the price could extend losses. The next key support area is near $5,350-5,340 (the previous major resistance). The bulls are likely to defend the $5,340 support area in the near term. On the upside, the price must break the $5,450 resistance to start a decent rebound. However, the main resistance is at $5,500, above which the price could move back towards the $5,640 level. Looking at the chart, bitcoin price seems to be extending its decline towards the $5,350 level. However, it won\u2019t be easy for sellers to clear the $5,340-5,350 support area. Once the current correction is complete, the price is likely to bounce back in the near term. Further below $5,340, the price might move into a bearish zone towards the $5,000 handle. Technical indicators: Hourly MACD \u2013 The MACD is struggling to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level and it could slide towards 35 or 30. Major Support Levels \u2013 $5,400 followed by $5,340. Major Resistance Levels \u2013 $5,450, $5,500 and $5,540.<\/p>\n","protected":false},"author":67,"featured_media":344596,"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-379701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Correction Approaching Significant Support<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a major downside correction below $5,450 against the US Dollar. 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