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{"id":434215,"date":"2020-08-12T03:58:50","date_gmt":"2020-08-12T03:58:50","guid":{"rendered":"https:\/\/wncen.com\/?p=434215"},"modified":"2024-06-11T14:14:57","modified_gmt":"2024-06-11T14:14:57","slug":"bitcoin-risk-extended-correction-to-10500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-risk-extended-correction-to-10500\/","title":{"rendered":"Daily Chart Suggests Bitcoin At Risk of Extended Correction To $10,500"},"content":{"rendered":"

Bitcoin struggled to clear the $12,000 resistance zone and corrected lower against the US Dollar. BTC\u2019s daily chart suggests the price could extend its decline towards the $10,500 support.<\/em><\/p>\n

\n
Bitcoin topped near the $12,080 level and it is currently correcting gains.<\/li>\n
The price is trading below the $11,500 support and approaching the next major support.<\/li>\n
There is a key bullish trend line forming with support near $11,240 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start an extended decline towards the $10,500 level if it breaks the trend line support.<\/li>\n<\/ul>\n
Bitcoin Price Correcting Gains<\/h2>\n
Earlier this month, bitcoin price gained bullish momentum<\/a> above the $11,00 level against the US Dollar. BTC even broke the $11,500 resistance and settled well above the 100-day simple moving average.<\/p>\n
There was a break above the $12,000 level and the price climbed to a new monthly high near $12,100. However, it failed to stay above the $12,000 level and recently started a downside correction<\/a>. The bears were able to push the price below the $11,800 level.<\/p>\n
Bitcoin price traded below the 23.6% Fib retracement level of the upward move from the $9,000 swing low to $12,100 swing high. It is now trading near the $11,300 level. There is also a key bullish trend line forming with support near $11,240 on the daily chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price trades below $11,500: Source: TradingView.com<\/a><\/pre>\n
If the pair breaks the trend line support, there is a risk of an extended decline. The next major support is near the $11,000. The main support is near the $10,500 level or the 50% Fib retracement level of the upward move from the $9,000 swing low to $12,100 swing high.<\/p>\n
Fresh Increase?<\/h2>\n
If bitcoin price stays above the trend line support or $11,200, it could bounce back. An initial resistance is near the $11,500 level, above which the bulls could gain strength.<\/p>\n
The main hurdle is still near the $12,000 barrier, above which the price is likely to start another strong rally in the coming days. In the mentioned case, it could rise towards the $12,400 and $12,500 levels.<\/p>\n
Technical indicators:<\/p>\n
Daily MACD \u2013 The MACD is slowly moving into the bearish zone.<\/p>\n
Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now correcting lower towards the 50 level.<\/p>\n
Major Support Levels \u2013 $11,200 followed by $11,000.<\/p>\n
Major Resistance Levels \u2013 $11,500, $11,800 and $12,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin struggled to clear the $12,000 resistance zone and corrected lower against the US Dollar. BTC\u2019s daily chart suggests the price could extend its decline towards the $10,500 support. Bitcoin topped near the $12,080 level and it is currently correcting gains. The price is trading below the $11,500 support and approaching the next major support. There is a key bullish trend line forming with support near $11,240 on the daily chart of the BTC\/USD pair (data feed from Kraken). The pair could start an extended decline towards the $10,500 level if it breaks the trend line support. Bitcoin Price Correcting Gains Earlier this month, bitcoin price gained bullish momentum above the $11,00 level against the US Dollar. BTC even broke the $11,500 resistance and settled well above the 100-day simple moving average. There was a break above the $12,000 level and the price climbed to a new monthly high near $12,100. However, it failed to stay above the $12,000 level and recently started a downside correction. The bears were able to push the price below the $11,800 level. Bitcoin price traded below the 23.6% Fib retracement level of the upward move from the $9,000 swing low to $12,100 swing high. It is now trading near the $11,300 level. There is also a key bullish trend line forming with support near $11,240 on the daily chart of the BTC\/USD pair. Bitcoin price trades below $11,500: Source: TradingView.com If the pair breaks the trend line support, there is a risk of an extended decline. The next major support is near the $11,000. The main support is near the $10,500 level or the 50% Fib retracement level of the upward move from the $9,000 swing low to $12,100 swing high. Fresh Increase? If bitcoin price stays above the trend line support or $11,200, it could bounce back. An initial resistance is near the $11,500 level, above which the bulls could gain strength. The main hurdle is still near the $12,000 barrier, above which the price is likely to start another strong rally in the coming days. In the mentioned case, it could rise towards the $12,400 and $12,500 levels. Technical indicators: Daily MACD \u2013 The MACD is slowly moving into the bearish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now correcting lower towards the 50 level. Major Support Levels \u2013 $11,200 followed by $11,000. Major Resistance Levels \u2013 $11,500, $11,800 and $12,000.<\/p>\n","protected":false},"author":67,"featured_media":434217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-434215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nDaily Chart Suggests Bitcoin At Risk of Extended Correction To $10,500<\/title>\n<meta name=\"description\" content=\"Bitcoin struggled to clear the $12,000 resistance zone and corrected lower against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Daily Chart Suggests Bitcoin At Risk of Extended Correction To $10,500","url":"http:\/\/wncen.com\/news\/bitcoin-risk-extended-correction-to-10500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-risk-extended-correction-to-10500\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/Depositphotos_39681551_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/Depositphotos_39681551_s-2019.jpg?fit=999%2C693"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-08-12T03:58:50Z","datePublished":"2020-08-12T03:58:50Z","dateModified":"2024-06-11T14:14:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Daily Chart Suggests Bitcoin At Risk of Extended Correction To $10,500\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-risk-extended-correction-to-10500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-risk-extended-correction-to-10500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/Depositphotos_39681551_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/Depositphotos_39681551_s-2019.jpg?fit=999%2C693\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-08-12T03:58:50Z\",\"datePublished\":\"2020-08-12T03:58:50Z\",\"dateModified\":\"2024-06-11T14:14:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/Depositphotos_39681551_s-2019.jpg?fit=999%2C693","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/434215"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=434215"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/434215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/434217"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=434215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=434215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=434215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}