{"id":453213,"date":"2020-12-29T03:48:21","date_gmt":"2020-12-29T03:48:21","guid":{"rendered":"https:\/\/wncen.com\/?p=453213"},"modified":"2024-06-11T14:12:20","modified_gmt":"2024-06-11T14:12:20","slug":"bitcoin-losing-bullish-momentum-btc-17-3k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-losing-bullish-momentum-btc-17-3k\/","title":{"rendered":"TA: Bitcoin Losing Bullish Momentum, Why BTC Could Correct Lower"},"content":{"rendered":"<p><em>Bitcoin price is facing a strong resistance near the $27,300 area against the US Dollar. BTC could correct lower towards $26,000 or $25,500 in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin seems to be struggling to gain bullish momentum above the $27,300 barrier.<\/li>\n<li>The price is currently trading above the $26,500 support and the 100 hourly simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to continue lower if there is a break below $26,600 and $26,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Could Retest $26K<\/h2>\n<p>After forming a base above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-regains-strength-btc-28k\/\" target=\"_blank\" rel=\"noopener \">$26,500 support<\/a>, bitcoin price climbed above $27,000. BTC remained well bid above the $26,800 level and the 100 hourly simple moving average.<\/p>\n<p>There was a break above the $27,200 level. The price even spiked above the 50% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low. However, the price seems to be facing a strong resistance near the $27,300 zone.<\/p>\n<p>The 61.8% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low is also acting as a strong resistance. Bitcoin price is currently showing a few bearish, but it is holding the $26,500 support.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1942\" height=\"1143\" class=\"alignnone size-full wp-image-453214\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?resize=1942%2C1143\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?w=1942 1942w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-23.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>There is also a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC\/USD pair. If there is downside break below the trend line support, the price could even trade below the $26,500 support. The next major support is near the $26,000 level.<\/p>\n<p>Any more losses might put the 100 hourly SMA and $25,800 at a risk. In the stated case, the price may perhaps decline towards the $25,200 level.<\/p>\n<h2>Upside Break in BTC?<\/h2>\n<p>If bitcoin remains stable above the trend line support or $26,500, it could attempt an upside break. The main resistance is near the $27,300 zone.<\/p>\n<p>A clear break above the $27,300 resistance zone could open the doors for a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-reaches-27k-why-btc-could-hit-30k-before-new-year\/\" target=\"_blank\" rel=\"noopener \">larger increase<\/a>. In the stated case, the price could rise towards the $28,000 resistance. The next key hurdle sits at $28,200 and $28,400.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining towards the 40 level.<\/p>\n<p>Major Support Levels \u2013 $26,500, followed by $26,000.<\/p>\n<p>Major Resistance Levels \u2013 $27,300, $28,000 and $28,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is facing a strong resistance near the $27,300 area against the US Dollar. BTC could correct lower towards $26,000 or $25,500 in the near term. Bitcoin seems to be struggling to gain bullish momentum above the $27,300 barrier. The price is currently trading above the $26,500 support and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue lower if there is a break below $26,600 and $26,500. Bitcoin Price Could Retest $26K After forming a base above the $26,500 support, bitcoin price climbed above $27,000. BTC remained well bid above the $26,800 level and the 100 hourly simple moving average. There was a break above the $27,200 level. The price even spiked above the 50% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low. However, the price seems to be facing a strong resistance near the $27,300 zone. The 61.8% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low is also acting as a strong resistance. Bitcoin price is currently showing a few bearish, but it is holding the $26,500 support. Source: BTCUSD on TradingView.com There is also a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC\/USD pair. If there is downside break below the trend line support, the price could even trade below the $26,500 support. The next major support is near the $26,000 level. Any more losses might put the 100 hourly SMA and $25,800 at a risk. In the stated case, the price may perhaps decline towards the $25,200 level. Upside Break in BTC? If bitcoin remains stable above the trend line support or $26,500, it could attempt an upside break. The main resistance is near the $27,300 zone. A clear break above the $27,300 resistance zone could open the doors for a larger increase. In the stated case, the price could rise towards the $28,000 resistance. The next key hurdle sits at $28,200 and $28,400. Technical indicators: Hourly MACD \u2013 The MACD is losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining towards the 40 level. Major Support Levels \u2013 $26,500, followed by $26,000. Major Resistance Levels \u2013 $27,300, $28,000 and $28,400.<\/p>\n","protected":false},"author":67,"featured_media":449952,"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-453213","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 Losing Bullish Momentum, Why BTC Could Correct Lower<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing a strong resistance near the $27,300 area. 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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 Losing Bullish Momentum, Why BTC Could Correct Lower","url":"http:\/\/wncen.com\/news\/bitcoin-losing-bullish-momentum-btc-17-3k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-losing-bullish-momentum-btc-17-3k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/bitcoin_price_btc.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/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":"2020-12-29T03:48:21Z","datePublished":"2020-12-29T03:48:21Z","dateModified":"2024-06-11T14:12:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Losing Bullish Momentum, Why BTC Could Correct Lower\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-losing-bullish-momentum-btc-17-3k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-losing-bullish-momentum-btc-17-3k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/bitcoin_price_btc.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/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\":\"2020-12-29T03:48:21Z\",\"datePublished\":\"2020-12-29T03:48:21Z\",\"dateModified\":\"2024-06-11T14:12:20Z\"}<\/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\/bitcoin_price_btc.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/453213","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=453213"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/453213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/449952"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=453213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=453213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=453213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}