{"id":473271,"date":"2021-10-08T03:38:42","date_gmt":"2021-10-08T03:38:42","guid":{"rendered":"https:\/\/wncen.com\/?p=473271"},"modified":"2024-06-11T13:59:17","modified_gmt":"2024-06-11T13:59:17","slug":"bitcoin-corrective-decrease-53k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-corrective-decrease-53k\/","title":{"rendered":"TA: Bitcoin Starts Corrective Decrease, $53K Holds The Key"},"content":{"rendered":"<p><em>Bitcoin started a downside correction from the $55,700 zone against the US Dollar. BTC is correcting lower, but dips remain supported near $53,000 and $53,200.<\/em><\/p>\n<ul>\n<li>Bitcoin started a downside correction from well above the $55,500 level.<\/li>\n<li>The price is now trading above $53,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct lower, but the bulls are likely to remain active near $53,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Corrects Lower<\/h2>\n<p>Bitcoin price remained in a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-surge-to-60k\/\" target=\"_blank\" rel=\"noopener \">positive zone<\/a> above the $52,000 resistance. BTC even broke the $55,000 resistance level and settled above the 100 hourly simple moving average.<\/p>\n<p>However, the price failed to continue higher above the $55,700 zone. A high was formed near $55,770 before there was a downside correction. The price corrected lower below the $55,200 support level. The price even traded below the 23.6% Fib retracement level of the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-turns-attractive-50k\/\" target=\"_blank\" rel=\"noopener \">upward wave<\/a> from the $50,365 swing low to $55,777 high.<\/p>\n<p>There was also a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC\/USD pair. An immediate support on the downside is near the $53,500 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-473272\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-5.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 upside, an initial resistance is near the $54,500 level. The first major resistance is near the $55,000 level, above which the price could accelerate higher. The next major resistance sits near the $55,500 level. Any more gains could set the pace for a move towards the $58,000 level.<\/p>\n<h2>Dips Limited In BTC?<\/h2>\n<p>If bitcoin fails to clear the $55,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $53,500 level. The first major support is now forming near the $53,100 level.<\/p>\n<p>The next major support is near the $53,000 level. It is near the 50% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high. Any more losses could open the doors for a move towards the $52,500 level. The next key support sits near the $52,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now moving 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 $53,500, followed by $53,000.<\/p>\n<p>Major Resistance Levels \u2013 $54,500, $55,000 and $55,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a downside correction from the $55,700 zone against the US Dollar. BTC is correcting lower, but dips remain supported near $53,000 and $53,200. Bitcoin started a downside correction from well above the $55,500 level. The price is now trading above $53,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to remain active near $53,000. Bitcoin Price Corrects Lower Bitcoin price remained in a positive zone above the $52,000 resistance. BTC even broke the $55,000 resistance level and settled above the 100 hourly simple moving average. However, the price failed to continue higher above the $55,700 zone. A high was formed near $55,770 before there was a downside correction. The price corrected lower below the $55,200 support level. The price even traded below the 23.6% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high. There was also a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC\/USD pair. An immediate support on the downside is near the $53,500 level. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $54,500 level. The first major resistance is near the $55,000 level, above which the price could accelerate higher. The next major resistance sits near the $55,500 level. Any more gains could set the pace for a move towards the $58,000 level. Dips Limited In BTC? If bitcoin fails to clear the $55,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $53,500 level. The first major support is now forming near the $53,100 level. The next major support is near the $53,000 level. It is near the 50% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high. Any more losses could open the doors for a move towards the $52,500 level. The next key support sits near the $52,000 level. Technical indicators: Hourly MACD \u2013 The MACD is now moving 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 $53,500, followed by $53,000. Major Resistance Levels \u2013 $54,500, $55,000 and $55,500.<\/p>\n","protected":false},"author":67,"featured_media":461328,"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-473271","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 Starts Corrective Decrease, $53K Holds The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin started a downside correction from the $55,700 zone 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: Bitcoin Starts Corrective Decrease, $53K Holds The Key","url":"http:\/\/wncen.com\/news\/bitcoin-corrective-decrease-53k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-corrective-decrease-53k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_638895124.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_638895124.jpg?fit=1000%2C574"},"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":"2021-10-08T03:38:42Z","datePublished":"2021-10-08T03:38:42Z","dateModified":"2024-06-11T13:59:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Starts Corrective Decrease, $53K Holds The Key\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-corrective-decrease-53k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-corrective-decrease-53k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_638895124.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_638895124.jpg?fit=1000%2C574\"},\"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\":\"2021-10-08T03:38:42Z\",\"datePublished\":\"2021-10-08T03:38:42Z\",\"dateModified\":\"2024-06-11T13:59:17Z\"}<\/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\/04\/shutterstock_638895124.jpg?fit=1000%2C574","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473271"}],"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=473271"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473271\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/461328"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=473271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=473271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=473271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}