{"id":447346,"date":"2020-10-22T03:48:48","date_gmt":"2020-10-22T03:48:48","guid":{"rendered":"https:\/\/wncen.com\/?p=447346"},"modified":"2024-06-11T14:07:25","modified_gmt":"2024-06-11T14:07:25","slug":"bitcoin-key-uptrend-support-nearby","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-key-uptrend-support-nearby\/","title":{"rendered":"TA: Bitcoin Correcting Gains, But Key Uptrend Support Is Nearby"},"content":{"rendered":"<p><em>Bitcoin price rallied more than 5%% and it even broke the $13,000 resistance against the US Dollar. BTC is now correcting gains, but there are key supports near $12,500.<\/em><\/p>\n<ul>\n<li>Bitcoin gained bullish momentum and it rallied above the $12,500 and $13,000 resistance levels.<\/li>\n<li>The price traded to a new monthly high at $13,243 and it is well above the 100 hourly simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $12,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to resume its upward move as long as it is above $12,650 and $12,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Rallies Above $13K<\/h2>\n<p>Bitcoin price extended its rise and <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-smashes-heavy-resistance\/\" target=\"_blank\" rel=\"noopener \">broke many hurdles<\/a> near the $12,500 level. BTC even surged above the $13,000 resistance level and settled well above the 100 hourly simple moving average.<\/p>\n<p>A new monthly high is formed near the $13,243 level before the price started a sharp downside correction. It declined more than $500 and broke the $13,000 level. There was also a break below the 23.6% Fib retracement level of the recent rally from the $12,155 low to $13,243 high.<\/p>\n<p>However, the price is holding a couple of important support near $12,700 and $12,650. There is also a key bullish trend line forming with support near $12,650 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-447347\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-18.png?w=1140 1140w\" sizes=\"auto, (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 rally from the $12,155 low to $13,243 high. If bitcoin stays above the trend line support, it is likely to <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-more-upsides-above-12k-likely\/\" target=\"_blank\" rel=\"noopener \">resume its upward move<\/a> above the $12,850 and $13,000 levels.<\/p>\n<p>The next key resistance is near the $13,250 level. A clear break above the recent high and $13,250 could open the doors for a test of the $13,650 zone in the coming sessions.<\/p>\n<h2>More Downsides in BTC?<\/h2>\n<p>If bitcoin fails to stay above the trend line support and $12,650, it could extend its downside correction. The next major support is near the $12,500 level.<\/p>\n<p>Any further losses could start a larger degree downside correction may be towards the $12,000 support or the 100 hourly simple moving average.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 50 level, with a minor bearish angle.<\/p>\n<p>Major Support Levels \u2013 $12,650, followed by $12,500.<\/p>\n<p>Major Resistance Levels \u2013 $12,850, $13,000 and $13,250.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price rallied more than 5%% and it even broke the $13,000 resistance against the US Dollar. BTC is now correcting gains, but there are key supports near $12,500. Bitcoin gained bullish momentum and it rallied above the $12,500 and $13,000 resistance levels. The price traded to a new monthly high at $13,243 and it is well above the 100 hourly simple moving average. There is a key bullish trend line forming with support near $12,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to resume its upward move as long as it is above $12,650 and $12,500. Bitcoin Price Rallies Above $13K Bitcoin price extended its rise and broke many hurdles near the $12,500 level. BTC even surged above the $13,000 resistance level and settled well above the 100 hourly simple moving average. A new monthly high is formed near the $13,243 level before the price started a sharp downside correction. It declined more than $500 and broke the $13,000 level. There was also a break below the 23.6% Fib retracement level of the recent rally from the $12,155 low to $13,243 high. However, the price is holding a couple of important support near $12,700 and $12,650. There is also a key bullish trend line forming with support near $12,650 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 rally from the $12,155 low to $13,243 high. If bitcoin stays above the trend line support, it is likely to resume its upward move above the $12,850 and $13,000 levels. The next key resistance is near the $13,250 level. A clear break above the recent high and $13,250 could open the doors for a test of the $13,650 zone in the coming sessions. More Downsides in BTC? If bitcoin fails to stay above the trend line support and $12,650, it could extend its downside correction. The next major support is near the $12,500 level. Any further losses could start a larger degree downside correction may be towards the $12,000 support or the 100 hourly simple moving average. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 50 level, with a minor bearish angle. Major Support Levels \u2013 $12,650, followed by $12,500. Major Resistance Levels \u2013 $12,850, $13,000 and $13,250.<\/p>\n","protected":false},"author":67,"featured_media":447348,"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-447346","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 Correcting Gains, But Key Uptrend Support Is Nearby<\/title>\n<meta name=\"description\" content=\"Bitcoin price rallied more than 5%% and it even broke $13,000. 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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 Correcting Gains, But Key Uptrend Support Is Nearby","url":"http:\/\/wncen.com\/news\/bitcoin-key-uptrend-support-nearby\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-key-uptrend-support-nearby\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/bitcoin_price_btc.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/bitcoin_price_btc.jpg?fit=1000%2C667"},"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":"2020-10-22T03:48:48Z","datePublished":"2020-10-22T03:48:48Z","dateModified":"2024-06-11T14:07:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Correcting Gains, But Key Uptrend Support Is Nearby\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-key-uptrend-support-nearby\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-key-uptrend-support-nearby\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/bitcoin_price_btc.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/bitcoin_price_btc.jpg?fit=1000%2C667\"},\"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\":\"2020-10-22T03:48:48Z\",\"datePublished\":\"2020-10-22T03:48:48Z\",\"dateModified\":\"2024-06-11T14:07:25Z\"}<\/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\/bitcoin_price_btc.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/447346","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=447346"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/447346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/447348"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=447346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=447346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=447346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}