{"id":451842,"date":"2020-12-09T03:48:22","date_gmt":"2020-12-09T03:48:22","guid":{"rendered":"https:\/\/wncen.com\/?p=451842"},"modified":"2024-06-11T14:09:08","modified_gmt":"2024-06-11T14:09:08","slug":"bitcoin-upsides-capped-18-6k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-upsides-capped-18-6k\/","title":{"rendered":"TA: Bitcoin Corrects 5%, Why Upsides Could Remain Capped Near $18.6K"},"content":{"rendered":"<p><em>Bitcoin price declined more than 5% and broke many supports near $18,500 against the US Dollar. BTC could correct higher, but upsides might face hurdles near $18,600.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline after it failed to stay above the $19,000 support.<\/li>\n<li>The price traded close to the $18,000 support and settled below the 100 hourly simple moving average.<\/li>\n<li>There is a short-term contracting triangle forming with resistance near $18,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct higher, but the previous support at $18,500 and $18,600 might stop upsides.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Correcting Gains<\/h2>\n<p>After many <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-stuck-crucial-range-19-5k\/\" target=\"_blank\" rel=\"noopener \">failed attempts to surpass $19,500 and $19,600<\/a>, bitcoin price reacted to the downside. BTC broke the $19,000 support and settled below the 100 hourly simple moving average to move into a short-term bearish zone.<\/p>\n<p>The price gained pace after it broke the key $18,600 and $18,500 support levels. The bears gained strength and they managed to push the price towards the $18,000 zone. A low is formed near $18,033 and the price is currently consolidating losses.<\/p>\n<p>An initial resistance is near the $18,300 zone or the 23.6% Fib retracement level of the recent decline from the $18,986 high to $18,033 low. There is also a short-term contracting triangle forming with resistance near $18,320 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-451843\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-7.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>If there is an upside break above the triangle resistance, bitcoin price might recover above $18,350. The next major resistance is near the $18,500 level. It is close to the 50% Fib retracement level of the recent decline from the $18,986 high to $18,033 low.<\/p>\n<p>The main resistance is near the $18,600 level (the recent <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-is-facing-uphill-task-19-5k\/\" target=\"_blank\" rel=\"noopener \">breakdown zone<\/a>). A close above the $18,600 level is must for a recovery wave towards the $19,000 level.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to clear the $18,500 resistance zone, it could continue to move down. An initial support is near the triangle lower trend line at $18,100.<\/p>\n<p>The first major support is near $18,000, below which the price might decline sharply. The next major support is near the $17,650 level. Any more losses might lead the price towards the $17,200 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is showing many negative signs in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering from the 22 level.<\/p>\n<p>Major Support Levels \u2013 $18,100, followed by $18,000.<\/p>\n<p>Major Resistance Levels \u2013 $18,320, $18,500 and $18,600.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined more than 5% and broke many supports near $18,500 against the US Dollar. BTC could correct higher, but upsides might face hurdles near $18,600. Bitcoin started a fresh decline after it failed to stay above the $19,000 support. The price traded close to the $18,000 support and settled below the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $18,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct higher, but the previous support at $18,500 and $18,600 might stop upsides. Bitcoin Price is Correcting Gains After many failed attempts to surpass $19,500 and $19,600, bitcoin price reacted to the downside. BTC broke the $19,000 support and settled below the 100 hourly simple moving average to move into a short-term bearish zone. The price gained pace after it broke the key $18,600 and $18,500 support levels. The bears gained strength and they managed to push the price towards the $18,000 zone. A low is formed near $18,033 and the price is currently consolidating losses. An initial resistance is near the $18,300 zone or the 23.6% Fib retracement level of the recent decline from the $18,986 high to $18,033 low. There is also a short-term contracting triangle forming with resistance near $18,320 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com If there is an upside break above the triangle resistance, bitcoin price might recover above $18,350. The next major resistance is near the $18,500 level. It is close to the 50% Fib retracement level of the recent decline from the $18,986 high to $18,033 low. The main resistance is near the $18,600 level (the recent breakdown zone). A close above the $18,600 level is must for a recovery wave towards the $19,000 level. More Losses in BTC? If bitcoin fails to clear the $18,500 resistance zone, it could continue to move down. An initial support is near the triangle lower trend line at $18,100. The first major support is near $18,000, below which the price might decline sharply. The next major support is near the $17,650 level. Any more losses might lead the price towards the $17,200 level. Technical indicators: Hourly MACD \u2013 The MACD is showing many negative signs in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering from the 22 level. Major Support Levels \u2013 $18,100, followed by $18,000. Major Resistance Levels \u2013 $18,320, $18,500 and $18,600.<\/p>\n","protected":false},"author":67,"featured_media":451844,"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-451842","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 Corrects 5%, Why Upsides Could Remain Capped Near $18.6K<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined more than 5% and broke many supports near $18,500. 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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 Corrects 5%, Why Upsides Could Remain Capped Near $18.6K","url":"http:\/\/wncen.com\/news\/bitcoin-upsides-capped-18-6k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-upsides-capped-18-6k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/bitcoin-price-decline.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/bitcoin-price-decline.jpg?fit=1160%2C768"},"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":"2020-12-09T03:48:22Z","datePublished":"2020-12-09T03:48:22Z","dateModified":"2024-06-11T14:09:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Corrects 5%, Why Upsides Could Remain Capped Near $18.6K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-upsides-capped-18-6k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-upsides-capped-18-6k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/bitcoin-price-decline.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/bitcoin-price-decline.jpg?fit=1160%2C768\"},\"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\":\"2020-12-09T03:48:22Z\",\"datePublished\":\"2020-12-09T03:48:22Z\",\"dateModified\":\"2024-06-11T14:09:08Z\"}<\/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\/bitcoin-price-decline.jpg?fit=1160%2C768","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/451842"}],"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=451842"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/451842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/451844"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=451842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=451842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=451842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}