{"id":470073,"date":"2021-08-25T03:08:21","date_gmt":"2021-08-25T03:08:21","guid":{"rendered":"https:\/\/wncen.com\/?p=470073"},"modified":"2024-06-11T13:58:00","modified_gmt":"2024-06-11T13:58:00","slug":"bitcoin-price-downsides-below-47k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-downsides-below-47k\/","title":{"rendered":"TA: Why Bitcoin Price Is Signaling More Downsides Below $47K"},"content":{"rendered":"<p><em>Bitcoin price started a downside correction from $50K against the US Dollar. BTC could extend its decline below the $47,600 support zone in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to gain strength above $50,000 and started a downside correction.<\/li>\n<li>The price is now trading below $48,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could extend its decline as long as it is below the $49,000 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Corrects Lower<\/h2>\n<p>Bitcoin price failed to settle above the $50,000 zone and started a steady decline. BTC broke the $49,000 support level and settled below the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-rejected-above-50k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>The price even broke the $48,500 support level and spiked below $47,800. A low is formed near $47,600 and the price is now consolidating losses. An immediate resistance is near the $48,300 level. It is near the 23.6% Fib retracement level of the downward move from the $50,519 high to $47,611 low.<\/p>\n<p>The first major resistance is near the $48,800 level. There is also a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-470074\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png?resize=1828%2C867\" alt=\"Bitcoin Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-17.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>On the downside, the $47,600 level is a short-term support. The first key support is near the $47,300 level. If there is a downside break below the $47,300 level, the price could continue to move down. The next major support is near the $46,800 level. Any more losses could open the doors for a move towards the $46,000 support zone in the near term.<\/p>\n<h2>Fresh Increase in BTC?<\/h2>\n<p>If bitcoin stays above the $47,000 support zone, it could start a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-breaks-50k\/\" target=\"_blank\" rel=\"noopener \">fresh increase<\/a>. On the upside, an immediate resistance is near the $48,300 level.<\/p>\n<p>The first key resistance is near the $48,800 level and the trend line. The 50% Fib retracement level of the downward move from the $50,519 high to $47,611 low is also near the trend line resistance. A close above the trend line could set the pace for a decent increase towards the $50,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $47,600, followed by $47,300.<\/p>\n<p>Major Resistance Levels \u2013 $48,300, $48,800 and $49,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction from $50K against the US Dollar. BTC could extend its decline below the $47,600 support zone in the near term. Bitcoin failed to gain strength above $50,000 and started a downside correction. The price is now trading below $48,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could extend its decline as long as it is below the $49,000 resistance zone. Bitcoin Price Corrects Lower Bitcoin price failed to settle above the $50,000 zone and started a steady decline. BTC broke the $49,000 support level and settled below the 100 hourly simple moving average. The price even broke the $48,500 support level and spiked below $47,800. A low is formed near $47,600 and the price is now consolidating losses. An immediate resistance is near the $48,300 level. It is near the 23.6% Fib retracement level of the downward move from the $50,519 high to $47,611 low. The first major resistance is near the $48,800 level. There is also a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com On the downside, the $47,600 level is a short-term support. The first key support is near the $47,300 level. If there is a downside break below the $47,300 level, the price could continue to move down. The next major support is near the $46,800 level. Any more losses could open the doors for a move towards the $46,000 support zone in the near term. Fresh Increase in BTC? If bitcoin stays above the $47,000 support zone, it could start a fresh increase. On the upside, an immediate resistance is near the $48,300 level. The first key resistance is near the $48,800 level and the trend line. The 50% Fib retracement level of the downward move from the $50,519 high to $47,611 low is also near the trend line resistance. A close above the trend line could set the pace for a decent increase towards the $50,000 level. Technical indicators: Hourly MACD \u2013 The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $47,600, followed by $47,300. Major Resistance Levels \u2013 $48,300, $48,800 and $49,000.<\/p>\n","protected":false},"author":67,"featured_media":463916,"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-470073","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 Is Signaling More Downsides Below $47K<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction from $50K against the US Dollar. 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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 Is Signaling More Downsides Below $47K","url":"http:\/\/wncen.com\/news\/bitcoin-price-downsides-below-47k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-downsides-below-47k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Depositphotos_183063862_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Depositphotos_183063862_s-2019.jpg?fit=999%2C738"},"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":"2021-08-25T03:08:21Z","datePublished":"2021-08-25T03:08:21Z","dateModified":"2024-06-11T13:58:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Why Bitcoin Price Is Signaling More Downsides Below $47K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-downsides-below-47k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-downsides-below-47k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_183063862_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_183063862_s-2019.jpg?fit=999%2C738\"},\"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\":\"2021-08-25T03:08:21Z\",\"datePublished\":\"2021-08-25T03:08:21Z\",\"dateModified\":\"2024-06-11T13:58:00Z\"}<\/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\/2021\/05\/Depositphotos_183063862_s-2019.jpg?fit=999%2C738","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470073"}],"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=470073"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470073\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/463916"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=470073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=470073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=470073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}