{"id":382518,"date":"2019-05-16T06:00:24","date_gmt":"2019-05-16T06:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=382518"},"modified":"2024-06-11T13:39:56","modified_gmt":"2024-06-11T13:39:56","slug":"bitcoin-btc-price-correcting-key-supports-nearby","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-correcting-key-supports-nearby\/","title":{"rendered":"Bitcoin (BTC) Price Correcting Gains: Key Supports Nearby"},"content":{"rendered":"<ul>\n<li>Bitcoin price traded to a new 2019 high at $8,370 and recently corrected lower against the US Dollar.<\/li>\n<li>The price traded below the $8,200 support, but there are many supports above $7,800 and $7,600.<\/li>\n<li>This week\u2019s followed bullish trend line could provide support at $7,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>There were strong gains in <span style=\"text-decoration: underline\"><strong><a href=\"https:\/\/wncen.com\/2019\/05\/16\/ethereum-eth-price-surges-20-300-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">Ethereum<\/a><\/strong><\/span> (broke $265) and <span style=\"text-decoration: underline\"><strong><a href=\"https:\/\/wncen.com\/2019\/05\/16\/ripple-xrp-price-skyrockets-gains-above-0-50-likely\/\" target=\"_blank\" rel=\"noopener noreferrer \">ripple<\/a><\/strong><\/span> (tested $0.4800) in the past few hours.<\/li>\n<\/ul>\n<p><em>Bitcoin price traded further higher before it faced sellers near $8,370 against the US Dollar. BTC is currently correcting lower, but dips remain well supported above $7,800 and $7,600.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we discussed the chances of more gains in bitcoin price above $8,300 against the US Dollar. The BTC\/USD pair did extend upsides above $8,280 and $8,300. The pair even traded to a new 2019 high near $8,370, but it failed to continue higher. As a result, the price started a fresh downside correction below the $8,300 and $8,280 support levels. The price even broke the $8,200 support, but stayed well above the 100 hourly simple moving average.<\/p>\n<p>During the decline, there was a break below the 50% Fib retracement level of the upside from the $7,625 low to $8,370 high. Besides, the price traded below an ascending channel with support near $8,200 on the hourly chart. It opened the doors for more losses and the price spiked below $8,000. BTC price even traded below the 61.8% Fib retracement level of the upside from the $7,625 low to $8,370 high. However, the $7,800 level acted as a strong support. More importantly, <a href=\"https:\/\/wncen.com\/2019\/05\/15\/bitcoin-btc-price-primed-to-break-8-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">this week\u2019s followed bullish trend line<\/a> could provide support at $7,800 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pair tested the trend line and the 76.4% Fib retracement level of the upside from the $7,625 low to $8,370 high. It seems like the price remains well supported above $7,800. If there is a break below the trend line, the price may test the next support near the $7,650, $7,630 and $7,610 levels. Moreover, the 100 hourly SMA is also near the $7,650 level to act as strong support.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-382519\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-16.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 noreferrer nofollow\">chart<\/a>, bitcoin price is clearly started a much needed downside correction from $8,370. Having said that, dips remain supported and the price is likely to finds strong bids near $7,800 or $7,600. Only a close below $7,600 and the 100 hourly SMA might start an extended downside correction.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply below the 50 and 45 levels.<\/p>\n<p>Major Support Levels \u2013 $7,800 followed by $7,600.<\/p>\n<p>Major Resistance Levels \u2013 $8,000, $8,150 and $8,370.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price traded to a new 2019 high at $8,370 and recently corrected lower against the US Dollar. The price traded below the $8,200 support, but there are many supports above $7,800 and $7,600. This week\u2019s followed bullish trend line could provide support at $7,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). There were strong gains in Ethereum (broke $265) and ripple (tested $0.4800) in the past few hours. Bitcoin price traded further higher before it faced sellers near $8,370 against the US Dollar. BTC is currently correcting lower, but dips remain well supported above $7,800 and $7,600. Bitcoin Price Analysis Yesterday, we discussed the chances of more gains in bitcoin price above $8,300 against the US Dollar. The BTC\/USD pair did extend upsides above $8,280 and $8,300. The pair even traded to a new 2019 high near $8,370, but it failed to continue higher. As a result, the price started a fresh downside correction below the $8,300 and $8,280 support levels. The price even broke the $8,200 support, but stayed well above the 100 hourly simple moving average. During the decline, there was a break below the 50% Fib retracement level of the upside from the $7,625 low to $8,370 high. Besides, the price traded below an ascending channel with support near $8,200 on the hourly chart. It opened the doors for more losses and the price spiked below $8,000. BTC price even traded below the 61.8% Fib retracement level of the upside from the $7,625 low to $8,370 high. However, the $7,800 level acted as a strong support. More importantly, this week\u2019s followed bullish trend line could provide support at $7,800 on the hourly chart of the BTC\/USD pair. The pair tested the trend line and the 76.4% Fib retracement level of the upside from the $7,625 low to $8,370 high. It seems like the price remains well supported above $7,800. If there is a break below the trend line, the price may test the next support near the $7,650, $7,630 and $7,610 levels. Moreover, the 100 hourly SMA is also near the $7,650 level to act as strong support. Looking at the chart, bitcoin price is clearly started a much needed downside correction from $8,370. Having said that, dips remain supported and the price is likely to finds strong bids near $7,800 or $7,600. Only a close below $7,600 and the 100 hourly SMA might start an extended downside correction. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply below the 50 and 45 levels. Major Support Levels \u2013 $7,800 followed by $7,600. Major Resistance Levels \u2013 $8,000, $8,150 and $8,370.<\/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-382518","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 Correcting Gains: Key Supports Nearby<\/title>\n<meta name=\"description\" content=\"Bitcoin price traded further higher before it faced sellers near $8,370 against the US Dollar. 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