{"id":384149,"date":"2019-05-29T06:11:25","date_gmt":"2019-05-29T06:11:25","guid":{"rendered":"https:\/\/wncen.com\/?p=384149"},"modified":"2024-06-11T12:49:54","modified_gmt":"2024-06-11T12:49:54","slug":"bitcoin-btc-price-correcting-gains-100-sma-holds-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-correcting-gains-100-sma-holds-key\/","title":{"rendered":"Bitcoin (BTC) Price Correcting Gains: 100 SMA Holds Key"},"content":{"rendered":"<ul>\n<li>Bitcoin price topped near the $8,950 level and recently corrected lower against the US Dollar.<\/li>\n<li>The price declined below the $8,700 and $8,620 support levels to enter a short term bearish zone.<\/li>\n<li>There is a major bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must stay above the $8,300 support area to start a fresh increase in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price started a downside correction below $8,600 against the US Dollar. BTC is likely to test the 100 hourly SMA or $8,300 before it starts a fresh upward move.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, we saw a <a href=\"https:\/\/wncen.com\/2019\/05\/28\/bitcoin-btc-price-primed-to-break-9k\/\" target=\"_blank\" rel=\"noopener noreferrer \">solid rise<\/a> in bitcoin price towards the $9,000 resistance against the US Dollar. The BTC\/USD pair traded close to the $8,960 level and formed a new swing high at $8,952. Later, it started a downside correction below the $8,800 and $8,700 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $7,900 low to $8,952 high. Moreover, there was a break below a key declining channel with support near the $8,600 level on the hourly chart.<\/p>\n<p>It opened the doors for more losses towards the $8,425 support. Moreover, the 100 hourly simple moving average is also near the $8,425 support. Finally, the 50% Fib retracement level of the upward move from the $7,900 low to $8,952 high is near the $8,426 level. More importantly, there is a major bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair. Therefore, there are <a href=\"https:\/\/wncen.com\/2019\/05\/27\/bitcoin-btc-price-rallies-10-bulls-remain-in-drivers-seat\/\" target=\"_blank\" rel=\"noopener noreferrer \">many supports on the downside<\/a> near the $8,425 and $8,300 levels.<\/p>\n<p>The main support is near $8,300 and the 61.8% Fib retracement level of the upward move from the $7,900 low to $8,952 high. If there is a close below the $8,300 support, the price might extend its decline below the $8,200 and $8,140 support levels. Conversely, if the $8,300 support holds, the price is likely to start a fresh increase. An initial resistance is near the $8,600 level, above which the price might test the $8,710 channel resistance.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-384150\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-29.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/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 correcting lower below $8,600. However, there are many key buy zones near $8,425 and $8,400. As long as the price is trading above the $8,300 support zone, it is likely to complete correction and increase towards $8,700.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined recently below the 40 level, with a bearish angle.<\/p>\n<p>Major Support Levels \u2013 $8,425 followed by $8,300.<\/p>\n<p>Major Resistance Levels \u2013 $8,600, $8,700 and $8,850.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price topped near the $8,950 level and recently corrected lower against the US Dollar. The price declined below the $8,700 and $8,620 support levels to enter a short term bearish zone. There is a major bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $8,300 support area to start a fresh increase in the near term. Bitcoin price started a downside correction below $8,600 against the US Dollar. BTC is likely to test the 100 hourly SMA or $8,300 before it starts a fresh upward move. Bitcoin Price Analysis Recently, we saw a solid rise in bitcoin price towards the $9,000 resistance against the US Dollar. The BTC\/USD pair traded close to the $8,960 level and formed a new swing high at $8,952. Later, it started a downside correction below the $8,800 and $8,700 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $7,900 low to $8,952 high. Moreover, there was a break below a key declining channel with support near the $8,600 level on the hourly chart. It opened the doors for more losses towards the $8,425 support. Moreover, the 100 hourly simple moving average is also near the $8,425 support. Finally, the 50% Fib retracement level of the upward move from the $7,900 low to $8,952 high is near the $8,426 level. More importantly, there is a major bullish trend line forming with support near $8,300 on the hourly chart of the BTC\/USD pair. Therefore, there are many supports on the downside near the $8,425 and $8,300 levels. The main support is near $8,300 and the 61.8% Fib retracement level of the upward move from the $7,900 low to $8,952 high. If there is a close below the $8,300 support, the price might extend its decline below the $8,200 and $8,140 support levels. Conversely, if the $8,300 support holds, the price is likely to start a fresh increase. An initial resistance is near the $8,600 level, above which the price might test the $8,710 channel resistance. Looking at the chart, bitcoin price is clearly correcting lower below $8,600. However, there are many key buy zones near $8,425 and $8,400. As long as the price is trading above the $8,300 support zone, it is likely to complete correction and increase towards $8,700. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining strength in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined recently below the 40 level, with a bearish angle. Major Support Levels \u2013 $8,425 followed by $8,300. Major Resistance Levels \u2013 $8,600, $8,700 and $8,850.<\/p>\n","protected":false},"author":67,"featured_media":338321,"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-384149","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: 100 SMA Holds Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction below $8,600 against the US Dollar. 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