{"id":384445,"date":"2019-05-31T06:00:00","date_gmt":"2019-05-31T06:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=384445"},"modified":"2024-06-11T13:43:38","modified_gmt":"2024-06-11T13:43:38","slug":"bitcoin-btc-price-nosedives-is-this-the-start-of-major-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-nosedives-is-this-the-start-of-major-correction\/","title":{"rendered":"Bitcoin (BTC) Price Nosedives: Is This The Start Of Major Correction?"},"content":{"rendered":"<ul>\n<li>Bitcoin price spiked above the $8,950 and $9,000 levels, but failed to hold gains against the US Dollar.<\/li>\n<li>The price declined heavily and traded below the $8,720 and $8,440 support levels.<\/li>\n<li>There was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is currently trading in a bearish zone below the $8,300 level and it could continue lower.<\/li>\n<\/ul>\n<p><em>Bitcoin price failed near the $9,000 level and declined sharply against the US Dollar. BTC is currently trading in a bearish zone, with a risk of a drop towards the $7,880 support.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, there was an <a href=\"https:\/\/wncen.com\/2019\/05\/30\/bitcoin-btc-price-signaling-fresh-increase-buying-dips-favored\/\" target=\"_blank\" rel=\"noopener noreferrer \">upside extension<\/a> in bitcoin price above $8,800 against the US Dollar. The BTC\/USD pair spiked above the $8,950 and $9,000 levels, but failed to hold gains. As a result, there was a major bearish reaction below the $8,800 level. The price declined heavily below the $8,600 support level and the 100 hourly simple moving average. Moreover, there was a clear break below the 50% Fib retracement level of the upward move from the $7,897 low to $8,960 swing high.<\/p>\n<p>More importantly, there was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC\/USD pair. The pair is currently trading below the $8,200 level and recently tested the 76.4% Fib retracement level of the <a href=\"https:\/\/wncen.com\/2019\/05\/29\/bitcoin-btc-price-correcting-gains-100-sma-holds-key\/\" target=\"_blank\" rel=\"noopener noreferrer \">upward move<\/a> from the $7,897 low to $8,960 swing high. If there is an upside correction, an initial resistance could be near the $8,400 level. The main resistance might be $8,440, above which the price could revisit the $8,700 level.<\/p>\n<p>On the downside, an immediate support is at $8,000. If there is break below $8,000, the price could retest the $7,880 support area. If there are more losses, the next target for the bulls might be $7,646. It represents the 1.236 Fib extension level of the upward move from the $7,897 low to $8,960 swing high. The current price action is bearish and there is a risk of more losses below $8,000.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-384446\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Analysis\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-31.png?w=1140 1140w\" sizes=\"auto, (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 clearly started a major downside correction below $8,500. There could be range moves in the short term, but the price is likely to extend downsides below $8,100. Once the current correction is complete near $7,880 or $7,646, the price is likely to bounce back.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly reducing its bearish slope, with no major positive sign.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined heavily and it is currently flat in the oversold zone.<\/p>\n<p>Major Support Levels \u2013 $8,000 followed by $7,880.<\/p>\n<p>Major Resistance Levels \u2013 $8,300, $8,440 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price spiked above the $8,950 and $9,000 levels, but failed to hold gains against the US Dollar. The price declined heavily and traded below the $8,720 and $8,440 support levels. There was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently trading in a bearish zone below the $8,300 level and it could continue lower. Bitcoin price failed near the $9,000 level and declined sharply against the US Dollar. BTC is currently trading in a bearish zone, with a risk of a drop towards the $7,880 support. Bitcoin Price Analysis Yesterday, there was an upside extension in bitcoin price above $8,800 against the US Dollar. The BTC\/USD pair spiked above the $8,950 and $9,000 levels, but failed to hold gains. As a result, there was a major bearish reaction below the $8,800 level. The price declined heavily below the $8,600 support level and the 100 hourly simple moving average. Moreover, there was a clear break below the 50% Fib retracement level of the upward move from the $7,897 low to $8,960 swing high. More importantly, there was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC\/USD pair. The pair is currently trading below the $8,200 level and recently tested the 76.4% Fib retracement level of the upward move from the $7,897 low to $8,960 swing high. If there is an upside correction, an initial resistance could be near the $8,400 level. The main resistance might be $8,440, above which the price could revisit the $8,700 level. On the downside, an immediate support is at $8,000. If there is break below $8,000, the price could retest the $7,880 support area. If there are more losses, the next target for the bulls might be $7,646. It represents the 1.236 Fib extension level of the upward move from the $7,897 low to $8,960 swing high. The current price action is bearish and there is a risk of more losses below $8,000. Looking at the chart, bitcoin price clearly started a major downside correction below $8,500. There could be range moves in the short term, but the price is likely to extend downsides below $8,100. Once the current correction is complete near $7,880 or $7,646, the price is likely to bounce back. Technical indicators: Hourly MACD \u2013 The MACD is slowly reducing its bearish slope, with no major positive sign. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined heavily and it is currently flat in the oversold zone. Major Support Levels \u2013 $8,000 followed by $7,880. Major Resistance Levels \u2013 $8,300, $8,440 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":344597,"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-384445","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 Nosedives: Is This The Start Of Major Correction?<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed near the $9,000 level and declined sharply against the US Dollar. 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