{"id":450778,"date":"2020-11-25T03:48:15","date_gmt":"2020-11-25T03:48:15","guid":{"rendered":"https:\/\/wncen.com\/?p=450778"},"modified":"2024-06-11T14:08:44","modified_gmt":"2024-06-11T14:08:44","slug":"bitcoin-resistance-turned-support-18-8","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-resistance-turned-support-18-8\/","title":{"rendered":"TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby"},"content":{"rendered":"<p><em>Bitcoin price broke to the upside and traded close to $19,500 against the US Dollar. BTC is currently correcting gains, but the previous resistance near $18,800 could provide support.<\/em><\/p>\n<ul>\n<li>Bitcoin traded above the $18,700 and $18,800 resistance levels before correcting lower.<\/li>\n<li>The price traded close to the $19,500 level and settled above the 100 hourly simple moving average.<\/li>\n<li>There is a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a fresh increase as long as it is above $18,800 and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Approaching Key Support<\/h2>\n<p>Finally, bitcoin price was able to clear the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-stuck-in-range-18-5k\/\" target=\"_blank\" rel=\"noopener \">$18,700 and $18,800 resistance levels<\/a>. BTC climbed above the $19,000 and $19,200 levels. A new yearly high was formed near $19,450 before the price started a downside correction.<\/p>\n<p>There was a break below the $19,300 and $19,200 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high. It is now approaching a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-trades-below-100-sma\/\" target=\"_blank\" rel=\"noopener \">major support zone<\/a> at $18,800 (the recent hurdle).<\/p>\n<p>There is also a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-450779\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Bitcoin-21.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 next support is near the $18,650 level or the 100 hourly simple moving average. Any further losses could start a major downside correction below the $18,500 support. In the stated case, bitcoin price might even revisit the $18,000 support zone in the near term.<\/p>\n<h2>Fresh Increase in BTC?<\/h2>\n<p>If bitcoin stays above the $18,800 support level and the 100 hourly SMA, there could be a fresh increase. An initial resistance is near the $19,200 level.<\/p>\n<p>The first major resistance is near the $19,400 level. A successful close above the $19,400 level could open the doors for more gains above the recent higher. The main target for the bulls could be a new all-time high above the $19,800 and $20,000 levels.<\/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 currently close to the 50 level.<\/p>\n<p>Major Support Levels \u2013 $18,800, followed by $18,650.<\/p>\n<p>Major Resistance Levels \u2013 $19,200, $19,400 and $19,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price broke to the upside and traded close to $19,500 against the US Dollar. BTC is currently correcting gains, but the previous resistance near $18,800 could provide support. Bitcoin traded above the $18,700 and $18,800 resistance levels before correcting lower. The price traded close to the $19,500 level and settled above the 100 hourly simple moving average. There is a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh increase as long as it is above $18,800 and the 100 hourly SMA. Bitcoin Price is Approaching Key Support Finally, bitcoin price was able to clear the $18,700 and $18,800 resistance levels. BTC climbed above the $19,000 and $19,200 levels. A new yearly high was formed near $19,450 before the price started a downside correction. There was a break below the $19,300 and $19,200 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high. It is now approaching a major support zone at $18,800 (the recent hurdle). There is also a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high. Source: BTCUSD on TradingView.com The next support is near the $18,650 level or the 100 hourly simple moving average. Any further losses could start a major downside correction below the $18,500 support. In the stated case, bitcoin price might even revisit the $18,000 support zone in the near term. Fresh Increase in BTC? If bitcoin stays above the $18,800 support level and the 100 hourly SMA, there could be a fresh increase. An initial resistance is near the $19,200 level. The first major resistance is near the $19,400 level. A successful close above the $19,400 level could open the doors for more gains above the recent higher. The main target for the bulls could be a new all-time high above the $19,800 and $20,000 levels. 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 currently close to the 50 level. Major Support Levels \u2013 $18,800, followed by $18,650. Major Resistance Levels \u2013 $19,200, $19,400 and $19,500.<\/p>\n","protected":false},"author":67,"featured_media":450780,"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-450778","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, Key Resistance Turned Support Nearby<\/title>\n<meta name=\"description\" content=\"Bitcoin price broke to the upside and traded close to $19,500. 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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 Correcting Gains, Key Resistance Turned Support Nearby","url":"http:\/\/wncen.com\/news\/bitcoin-resistance-turned-support-18-8\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-resistance-turned-support-18-8\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/shutterstock_602497679.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/shutterstock_602497679.jpg?fit=1000%2C600"},"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":"2020-11-25T03:48:15Z","datePublished":"2020-11-25T03:48:15Z","dateModified":"2024-06-11T14:08:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-resistance-turned-support-18-8\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-resistance-turned-support-18-8\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/shutterstock_602497679.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/shutterstock_602497679.jpg?fit=1000%2C600\"},\"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\":\"2020-11-25T03:48:15Z\",\"datePublished\":\"2020-11-25T03:48:15Z\",\"dateModified\":\"2024-06-11T14:08:44Z\"}<\/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\/11\/shutterstock_602497679.jpg?fit=1000%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/450778","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=450778"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/450778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/450780"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=450778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=450778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=450778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}