{"id":451481,"date":"2020-12-04T03:48:51","date_gmt":"2020-12-04T03:48:51","guid":{"rendered":"https:\/\/wncen.com\/?p=451481"},"modified":"2024-06-11T14:08:59","modified_gmt":"2024-06-11T14:08:59","slug":"bitcoin-price-could-correct-sharply-19k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-could-correct-sharply-19k\/","title":{"rendered":"TA: Why Bitcoin Price Could Correct Sharply If It Breaks 100 SMA"},"content":{"rendered":"<p><em>Bitcoin price attempted an upside break above the $19,500 resistance against the US Dollar, but failed. BTC could decline sharply if there is a clear break below the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Bitcoin is currently struggling to clear the key $19,500 resistance level.<\/li>\n<li>The price is likely to continue lower below $19,150 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $19,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to accelerate lower if there is a clear break below $19,150 and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Showing Bearish Signs<\/h2>\n<p>There was a fresh increase in bitcoin price above $19,250 and $19,400. BTC made another attempt to clear the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-must-clear-19-3k-to-start-rally\/\" target=\"_blank\" rel=\"noopener \">$19,500 resistance<\/a>, but it failed to gain bullish momentum.<\/p>\n<p>A high was formed near $19,586 and the price is currently trading above the 100 hourly simple moving average. There was a break below the $19,400 level. The price even traded below the 23.6% Fib retracement level of the recent increase from the $18,851 low to $19,586 high.<\/p>\n<p>Bitcoin is now trading near the $19,300 level. An initial support is near the $19,220 level. There is also a key bullish trend line forming with support near $19,200 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-451482\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The trend line is close to the 50% Fib retracement level of the recent increase from the $18,851 low to $19,586 high. The next key support is near the 100 hourly simple moving average at $19,120. If there is a downside break below the trend line support, the 100 hourly SMA, and $19,000, the price could start a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-correcting-gains-18350\/\" target=\"_blank\" rel=\"noopener \">significant downside correction<\/a>. The next major support could be $18,500.<\/p>\n<h2>Upside Break in BTC?<\/h2>\n<p>If bitcoin manages to stay above the trend line support and the 100 hourly simple moving average, it could rise above $19,400. The main resistance is near the $19,500 level.<\/p>\n<p>The price must gain bullish momentum above the $19,500 level and the recent higher. A proper close above the $19,500 level could lead the price towards the main $20,000 barrier.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $19,200, followed by $19,150.<\/p>\n<p>Major Resistance Levels \u2013 $19,400, $19,500 and $19,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price attempted an upside break above the $19,500 resistance against the US Dollar, but failed. BTC could decline sharply if there is a clear break below the 100 hourly SMA. Bitcoin is currently struggling to clear the key $19,500 resistance level. The price is likely to continue lower below $19,150 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $19,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate lower if there is a clear break below $19,150 and the 100 hourly SMA. Bitcoin Price is Showing Bearish Signs There was a fresh increase in bitcoin price above $19,250 and $19,400. BTC made another attempt to clear the $19,500 resistance, but it failed to gain bullish momentum. A high was formed near $19,586 and the price is currently trading above the 100 hourly simple moving average. There was a break below the $19,400 level. The price even traded below the 23.6% Fib retracement level of the recent increase from the $18,851 low to $19,586 high. Bitcoin is now trading near the $19,300 level. An initial support is near the $19,220 level. There is also a key bullish trend line forming with support near $19,200 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent increase from the $18,851 low to $19,586 high. The next key support is near the 100 hourly simple moving average at $19,120. If there is a downside break below the trend line support, the 100 hourly SMA, and $19,000, the price could start a significant downside correction. The next major support could be $18,500. Upside Break in BTC? If bitcoin manages to stay above the trend line support and the 100 hourly simple moving average, it could rise above $19,400. The main resistance is near the $19,500 level. The price must gain bullish momentum above the $19,500 level and the recent higher. A proper close above the $19,500 level could lead the price towards the main $20,000 barrier. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level. Major Support Levels \u2013 $19,200, followed by $19,150. Major Resistance Levels \u2013 $19,400, $19,500 and $19,800.<\/p>\n","protected":false},"author":67,"featured_media":451483,"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-451481","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: Why Bitcoin Price Could Correct Sharply If It Breaks 100 SMA<\/title>\n<meta name=\"description\" content=\"Bitcoin price attempted an upside break above $19,500, but failed. 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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: Why Bitcoin Price Could Correct Sharply If It Breaks 100 SMA","url":"http:\/\/wncen.com\/news\/bitcoin-price-could-correct-sharply-19k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-could-correct-sharply-19k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/shutterstock_104159111.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/shutterstock_104159111.jpg?fit=1000%2C745"},"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":"2020-12-04T03:48:51Z","datePublished":"2020-12-04T03:48:51Z","dateModified":"2024-06-11T14:08:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Why Bitcoin Price Could Correct Sharply If It Breaks 100 SMA\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-could-correct-sharply-19k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-could-correct-sharply-19k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/shutterstock_104159111.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/shutterstock_104159111.jpg?fit=1000%2C745\"},\"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\":\"2020-12-04T03:48:51Z\",\"datePublished\":\"2020-12-04T03:48:51Z\",\"dateModified\":\"2024-06-11T14:08:59Z\"}<\/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\/12\/shutterstock_104159111.jpg?fit=1000%2C745","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/451481"}],"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=451481"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/451481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/451483"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=451481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=451481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=451481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}