{"id":388797,"date":"2019-07-05T06:00:44","date_gmt":"2019-07-05T06:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=388797"},"modified":"2024-06-11T12:50:40","modified_gmt":"2024-06-11T12:50:40","slug":"bitcoin-btc-price-presents-buying-opportunity","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-presents-buying-opportunity\/","title":{"rendered":"Bitcoin (BTC) Price Correction Presents Another Buying Opportunity"},"content":{"rendered":"<ul>\n<li>After a strong rejection near $12,000, bitcoin price started a fresh decline against the US Dollar.<\/li>\n<li>A swing high was formed near $12,053 and recently declined below $11,800 and $11,400.<\/li>\n<li>There was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair tested the $10,800 support level and it remains well supported for more gains.<\/li>\n<\/ul>\n<p><em>Bitcoin price started a fresh decline below the $11,800 support against the US Dollar. BTC is currently holding a few key supports and it could rise again above $11,800.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, there was a <a href=\"https:\/\/wncen.com\/2019\/07\/04\/bitcoin-btc-price-hits-first-target-12-5k-now-in-sight\/\" target=\"_blank\" rel=\"noopener noreferrer \">decent upward move<\/a> in bitcoin price above $11,200 and $11,800 against the US Dollar. The BTC\/USD pair even climbed above the $12,000 resistance and the 100 hourly simple moving average. However, the price struggled to remain above the $12,000 level and formed a swing high at $12,053. As a result, there was a downside correction below the $11,800 and $11,600 support levels.<\/p>\n<p>There was a break below the 23.6% Fib retracement level of the last upward move from the $9,677 low to $12,053 high. Additionally, there was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC\/USD pair. Moreover, the pair spiked below the $11,000 support and the 100 hourly simple moving average. However, the $10,800 level acted as a strong support base.<\/p>\n<p>Besides, the 50% Fib retracement level of the last upward move from the $9,677 low to $12,053 high prevented more losses. The price is currently trading above the $11,000 level and the 100 hourly simple moving average. It seems like the current price action, there are <a href=\"https:\/\/wncen.com\/2019\/07\/04\/bitcoin-touched-12k-while-ripple-price-xrp-is-still-consolidating\/\" target=\"_blank\" rel=\"noopener noreferrer \">chances of a fresh increase<\/a> above the $11,400 and $11,500 resistance levels.<\/p>\n<p>On the upside, the main resistances are near the $11,800 and $12,000 levels. A break above the $12,053 swing high, the price could continue to rise towards the $12,250 and $12,400 levels. On the downside, a close below the $10,800 support level might negate the current bullish view. The next main support is near $10,580 level or the 61.8% Fib retracement level of the last upward move from the $9,677 low to $12,053 high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-388798\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-4.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 holding a few important supports near the $10,800 and $11,000 levels. In the short term, there could be a few range moves before the price either climbs above $11,500 or revisits $10,800 and $10,580.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly reducing its recent bearish slope.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently below the 40 level, with a few positive signs.<\/p>\n<p>Major Support Levels \u2013 $11,000 followed by $10,800.<\/p>\n<p>Major Resistance Levels \u2013 $11,500, $11,800 and $12,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a strong rejection near $12,000, bitcoin price started a fresh decline against the US Dollar. A swing high was formed near $12,053 and recently declined below $11,800 and $11,400. There was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair tested the $10,800 support level and it remains well supported for more gains. Bitcoin price started a fresh decline below the $11,800 support against the US Dollar. BTC is currently holding a few key supports and it could rise again above $11,800. Bitcoin Price Analysis Recently, there was a decent upward move in bitcoin price above $11,200 and $11,800 against the US Dollar. The BTC\/USD pair even climbed above the $12,000 resistance and the 100 hourly simple moving average. However, the price struggled to remain above the $12,000 level and formed a swing high at $12,053. As a result, there was a downside correction below the $11,800 and $11,600 support levels. There was a break below the 23.6% Fib retracement level of the last upward move from the $9,677 low to $12,053 high. Additionally, there was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC\/USD pair. Moreover, the pair spiked below the $11,000 support and the 100 hourly simple moving average. However, the $10,800 level acted as a strong support base. Besides, the 50% Fib retracement level of the last upward move from the $9,677 low to $12,053 high prevented more losses. The price is currently trading above the $11,000 level and the 100 hourly simple moving average. It seems like the current price action, there are chances of a fresh increase above the $11,400 and $11,500 resistance levels. On the upside, the main resistances are near the $11,800 and $12,000 levels. A break above the $12,053 swing high, the price could continue to rise towards the $12,250 and $12,400 levels. On the downside, a close below the $10,800 support level might negate the current bullish view. The next main support is near $10,580 level or the 61.8% Fib retracement level of the last upward move from the $9,677 low to $12,053 high. Looking at the chart, bitcoin price is holding a few important supports near the $10,800 and $11,000 levels. In the short term, there could be a few range moves before the price either climbs above $11,500 or revisits $10,800 and $10,580. Technical indicators: Hourly MACD \u2013 The MACD is slowly reducing its recent bearish slope. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently below the 40 level, with a few positive signs. Major Support Levels \u2013 $11,000 followed by $10,800. Major Resistance Levels \u2013 $11,500, $11,800 and $12,000.<\/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-388797","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 Presents Another Buying Opportunity<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a fresh decline below the $11,800 support against the US Dollar. 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