{"id":455028,"date":"2021-01-22T03:28:30","date_gmt":"2021-01-22T03:28:30","guid":{"rendered":"https:\/\/wncen.com\/?p=455028"},"modified":"2024-06-11T14:12:53","modified_gmt":"2024-06-11T14:12:53","slug":"bitcoin-nosedives-to-28-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-nosedives-to-28-5k\/","title":{"rendered":"TA: Bitcoin Nosedives To $28.5K, Why Important Support Turned Resistance"},"content":{"rendered":"<p><em>Bitcoin price is down over 15% and it broke many supports near $32,000 against the US Dollar. BTC even traded close to $28.5K and it is currently correcting losses.<\/em><\/p>\n<ul>\n<li>Bitcoin started a strong decline below the $33,000 and $32,000 support levels.<\/li>\n<li>The price is currently correcting losses, but it is now well below $32,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $32,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to face a strong selling interest near the $32,000 and $32,800 levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>Yesterday, we discussed the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-struggles-below-36k\/\" target=\"_blank\" rel=\"noopener \">chances of more losses in bitcoin price<\/a> below $33,000. BTC failed to recover above $34,500 and it started a strong decline. There was a break below many important supports near $33,000 and $32,800.<\/p>\n<p>It opened the doors for more downsides below $32,000 and the price settled well below the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-signaling-further-correction-33k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. The price even tumbled below the $30,000 level. It traded close to the $28,500 support and it is currently correcting losses.<\/p>\n<p>There was a break above the $30,000 level. Bitcoin price is now trading above the 23.6% Fib retracement level of the recent decline from the $32,707 high to $28,808 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-455029\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/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 upside, the first resistance is near the $30,800 and $31,000 levels. The 50% Fib retracement level of the recent decline from the $32,707 high to $28,808 low is also near the $30,800 level. The next key resistance is near the $32,000 level.<\/p>\n<p>There is also a key bearish trend line forming with resistance near $32,700 on the hourly chart of the BTC\/USD pair. To move into a positive zone, the price must clear $32,800 and $33,000 (support turned resistance).<\/p>\n<h2>More Downsides in BTC?<\/h2>\n<p>If bitcoin fails to recover above $31,000 and $31,800, there is a risk of another decline. An initial support on the downside is near the $30,000 level.<\/p>\n<p>The first major support is near the $28,800 and $28,500 levels. A close below the $28,000 support zone could open the doors for a drop towards the $25,000 support zone in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now recovering towards the 40 level.<\/p>\n<p>Major Support Levels \u2013 $30,000, followed by $28,800.<\/p>\n<p>Major Resistance Levels \u2013 $30,800, $31,000 and $32,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is down over 15% and it broke many supports near $32,000 against the US Dollar. BTC even traded close to $28.5K and it is currently correcting losses. Bitcoin started a strong decline below the $33,000 and $32,000 support levels. The price is currently correcting losses, but it is now well below $32,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $32,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to face a strong selling interest near the $32,000 and $32,800 levels. Bitcoin Price Turns Red Yesterday, we discussed the chances of more losses in bitcoin price below $33,000. BTC failed to recover above $34,500 and it started a strong decline. There was a break below many important supports near $33,000 and $32,800. It opened the doors for more downsides below $32,000 and the price settled well below the 100 hourly simple moving average. The price even tumbled below the $30,000 level. It traded close to the $28,500 support and it is currently correcting losses. There was a break above the $30,000 level. Bitcoin price is now trading above the 23.6% Fib retracement level of the recent decline from the $32,707 high to $28,808 low. Source: BTCUSD on TradingView.com On the upside, the first resistance is near the $30,800 and $31,000 levels. The 50% Fib retracement level of the recent decline from the $32,707 high to $28,808 low is also near the $30,800 level. The next key resistance is near the $32,000 level. There is also a key bearish trend line forming with resistance near $32,700 on the hourly chart of the BTC\/USD pair. To move into a positive zone, the price must clear $32,800 and $33,000 (support turned resistance). More Downsides in BTC? If bitcoin fails to recover above $31,000 and $31,800, there is a risk of another decline. An initial support on the downside is near the $30,000 level. The first major support is near the $28,800 and $28,500 levels. A close below the $28,000 support zone could open the doors for a drop towards the $25,000 support zone in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now recovering towards the 40 level. Major Support Levels \u2013 $30,000, followed by $28,800. Major Resistance Levels \u2013 $30,800, $31,000 and $32,800.<\/p>\n","protected":false},"author":67,"featured_media":455030,"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-455028","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 Nosedives To $28.5K, Why Important Support Turned Resistance<\/title>\n<meta name=\"description\" content=\"Bitcoin price is down over 15% and it broke many supports near $32,000. 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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 Nosedives To $28.5K, Why Important Support Turned Resistance","url":"http:\/\/wncen.com\/news\/bitcoin-nosedives-to-28-5k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-nosedives-to-28-5k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/bitcoin_price_btc_drop.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/bitcoin_price_btc_drop.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":"2021-01-22T03:28:30Z","datePublished":"2021-01-22T03:28:30Z","dateModified":"2024-06-11T14:12:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Nosedives To $28.5K, Why Important Support Turned Resistance\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nosedives-to-28-5k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nosedives-to-28-5k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/bitcoin_price_btc_drop.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/01\\\/bitcoin_price_btc_drop.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\":\"2021-01-22T03:28:30Z\",\"datePublished\":\"2021-01-22T03:28:30Z\",\"dateModified\":\"2024-06-11T14:12:53Z\"}<\/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\/01\/bitcoin_price_btc_drop.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455028"}],"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=455028"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/455028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/455030"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=455028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=455028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=455028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}