{"id":448264,"date":"2020-10-29T03:48:34","date_gmt":"2020-10-29T03:48:34","guid":{"rendered":"https:\/\/wncen.com\/?p=448264"},"modified":"2024-06-11T10:09:42","modified_gmt":"2024-06-11T10:09:42","slug":"bitcoin-risk-of-extended-downside-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-risk-of-extended-downside-correction\/","title":{"rendered":"TA: Bitcoin Key Indicators Suggest Risk of Extended Downside Correction"},"content":{"rendered":"<p><em>Bitcoin price is down over $500 from the $13,850 swing high against the US Dollar. BTC is showing bearish signs and it could even decline below the $13,000 support.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to stay above the $13,500 support and declined below $13,200.<\/li>\n<li>The price is currently consolidating near $13,200 and the 100 hourly simple moving average.<\/li>\n<li>There is a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to resume its decline below $13,200 and $13,100 in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Starts Downside Correction<\/h2>\n<p>Bitcoin price traded to a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-just-broke-13-8k\/\" target=\"_blank\" rel=\"noopener \">new monthly high at $13,850<\/a> before starting a major downside correction. BTC broke the key $13,500 support level to move into a short-term bearish zone.<\/p>\n<p>The decline gained pace below the $13,200 level and the 100 hourly simple moving average. The price even spiked below the $13,000 level and traded as low as $12,899. Recently, there was a recovery wave above the $13,000 and $13,100 levels.<\/p>\n<p>The price traded above the 23.6% Fib retracement level of the recent decline from the $13,850 high to $12,899 low. Bitcoin is currently consolidating near $13,200 and the 100 hourly simple moving average.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-448265\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-24.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>There is also a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC\/USD pair. If there is a downside break below the triangle support and $13,200, there is a risk of a fresh decline. The <a href=\"https:\/\/wncen.com\/analysis\/btc\/ta-bitcoin-rally-vulnerable-if-it-continues-to-struggle-below-13-2k\/\" target=\"_blank\" rel=\"noopener \">next major support is near the $13,000 level<\/a>.<\/p>\n<p>If the bulls fail to defend the $13,000 support level, it could open the doors for an extended downside correction towards the $12,600 level or $12,500 in the coming sessions.<\/p>\n<h2>Upside Break in BTC?<\/h2>\n<p>If bitcoin stays above the $13,200 support level, it could clear the triangle resistance near the $13,315 level. The next key resistance is near the $13,375 level. It is close to the 50% Fib retracement level of the recent decline from the $13,850 high to $12,899 low.<\/p>\n<p>The main hurdle for the bulls is near the $13,500 level, above which the price is likely to restart its rally and it could even revisit the $13,850 high.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $13,200, followed by $13,000.<\/p>\n<p>Major Resistance Levels \u2013 $13,315, $13,375 and $13,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is down over $500 from the $13,850 swing high against the US Dollar. BTC is showing bearish signs and it could even decline below the $13,000 support. Bitcoin failed to stay above the $13,500 support and declined below $13,200. The price is currently consolidating near $13,200 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to resume its decline below $13,200 and $13,100 in the near term. Bitcoin Price Starts Downside Correction Bitcoin price traded to a new monthly high at $13,850 before starting a major downside correction. BTC broke the key $13,500 support level to move into a short-term bearish zone. The decline gained pace below the $13,200 level and the 100 hourly simple moving average. The price even spiked below the $13,000 level and traded as low as $12,899. Recently, there was a recovery wave above the $13,000 and $13,100 levels. The price traded above the 23.6% Fib retracement level of the recent decline from the $13,850 high to $12,899 low. Bitcoin is currently consolidating near $13,200 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC\/USD pair. If there is a downside break below the triangle support and $13,200, there is a risk of a fresh decline. The next major support is near the $13,000 level. If the bulls fail to defend the $13,000 support level, it could open the doors for an extended downside correction towards the $12,600 level or $12,500 in the coming sessions. Upside Break in BTC? If bitcoin stays above the $13,200 support level, it could clear the triangle resistance near the $13,315 level. The next key resistance is near the $13,375 level. It is close to the 50% Fib retracement level of the recent decline from the $13,850 high to $12,899 low. The main hurdle for the bulls is near the $13,500 level, above which the price is likely to restart its rally and it could even revisit the $13,850 high. Technical indicators: Hourly MACD \u2013 The MACD is likely to move into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $13,200, followed by $13,000. Major Resistance Levels \u2013 $13,315, $13,375 and $13,500.<\/p>\n","protected":false},"author":67,"featured_media":448266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-448264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Key Indicators Suggest Risk of Extended Downside Correction<\/title>\n<meta name=\"description\" content=\"Bitcoin price is down over $500 from the $13,850 high. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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":"TA: Bitcoin Key Indicators Suggest Risk of Extended Downside Correction","url":"http:\/\/wncen.com\/news\/bitcoin-risk-of-extended-downside-correction\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-risk-of-extended-downside-correction\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Depositphotos_179456522_l-2015-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Depositphotos_179456522_l-2015-1.jpg?fit=2000%2C1334"},"articleSection":"Cryptocurrency Market News","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":"2020-10-29T03:48:34Z","datePublished":"2020-10-29T03:48:34Z","dateModified":"2024-06-11T10:09:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Key Indicators Suggest Risk of Extended Downside Correction\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-risk-of-extended-downside-correction\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-risk-of-extended-downside-correction\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Depositphotos_179456522_l-2015-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Depositphotos_179456522_l-2015-1.jpg?fit=2000%2C1334\"},\"articleSection\":\"Cryptocurrency Market News\",\"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\":\"2020-10-29T03:48:34Z\",\"datePublished\":\"2020-10-29T03:48:34Z\",\"dateModified\":\"2024-06-11T10:09:42Z\"}<\/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\/10\/Depositphotos_179456522_l-2015-1.jpg?fit=2000%2C1334","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/448264","targetHints":{"allow":["GET"]}}],"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=448264"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/448264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/448266"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=448264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=448264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=448264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}