{"id":473599,"date":"2021-10-13T03:08:31","date_gmt":"2021-10-13T03:08:31","guid":{"rendered":"https:\/\/wncen.com\/?p=473599"},"modified":"2024-06-11T13:59:24","modified_gmt":"2024-06-11T13:59:24","slug":"bitcoin-corrects-lower-57k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-corrects-lower-57k\/","title":{"rendered":"TA: Bitcoin Corrects Lower, Why This Indicator Holds The Key"},"content":{"rendered":"<p><em>Bitcoin started a downside correction from the $57,800 zone against the US Dollar. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin corrected lower below the $57,000 pivot level.<\/li>\n<li>The price is now trading above $56,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a fresh increase if it clears the $57,000 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains Supported<\/h2>\n<p>Bitcoin price extended its increase above the $57,000 pivot level. BTC even broke the $57,500 level and settled above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-holds-strong-57k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>However, the price struggled to extend gains above the $58,000 level. It traded as high as $57,837 and recently corrected lower. There was a break below the $57,000 level. The price even spiked below the $56,000 level and the 100 hourly SMA.<\/p>\n<p>Bitcoin found support near $54,019 and recently started an <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-lacks-momentum-56k\/\" target=\"_blank\" rel=\"noopener \">upward move<\/a>. It climbed above the $55,000 level. There was a break above the 50% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low.<\/p>\n<p>It is now trading above $56,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, the bulls are facing resistance is near the $56,350 level. It is near the 61.8% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low. The first key resistance is near the $57,000 level and a connecting bearish trend line on the same chart.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-473600\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.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>A clear break above the $57,000 resistance could open the doors for a fresh increase. The next major resistance sits near the $58,000 level.<\/p>\n<h2>Dips Supported In BTC?<\/h2>\n<p>If bitcoin fails to clear the $57,000 resistance zone, it could again correct lower. An immediate support on the downside is near the $56,000 level.<\/p>\n<p>The first major support is now forming near the $55,900 level and the 100 hourly SMA. A downside break below the 100 hourly SMA might push the price towards the $54,000 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $56,000, followed by $55,900.<\/p>\n<p>Major Resistance Levels \u2013 $56,350, $57,000 and $58,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a downside correction from the $57,800 zone against the US Dollar. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term. Bitcoin corrected lower below the $57,000 pivot level. The price is now trading above $56,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh increase if it clears the $57,000 resistance zone. Bitcoin Price Remains Supported Bitcoin price extended its increase above the $57,000 pivot level. BTC even broke the $57,500 level and settled above the 100 hourly simple moving average. However, the price struggled to extend gains above the $58,000 level. It traded as high as $57,837 and recently corrected lower. There was a break below the $57,000 level. The price even spiked below the $56,000 level and the 100 hourly SMA. Bitcoin found support near $54,019 and recently started an upward move. It climbed above the $55,000 level. There was a break above the 50% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low. It is now trading above $56,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC\/USD pair. On the upside, the bulls are facing resistance is near the $56,350 level. It is near the 61.8% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low. The first key resistance is near the $57,000 level and a connecting bearish trend line on the same chart. Source: BTCUSD on TradingView.com A clear break above the $57,000 resistance could open the doors for a fresh increase. The next major resistance sits near the $58,000 level. Dips Supported In BTC? If bitcoin fails to clear the $57,000 resistance zone, it could again correct lower. An immediate support on the downside is near the $56,000 level. The first major support is now forming near the $55,900 level and the 100 hourly SMA. A downside break below the 100 hourly SMA might push the price towards the $54,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $56,000, followed by $55,900. Major Resistance Levels \u2013 $56,350, $57,000 and $58,000.<\/p>\n","protected":false},"author":67,"featured_media":459029,"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-473599","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 Corrects Lower, Why This Indicator Holds The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin started a downside correction from the $57,800 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 Corrects Lower, Why This Indicator Holds The Key","url":"http:\/\/wncen.com\/news\/bitcoin-corrects-lower-57k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-corrects-lower-57k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_65884069.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_65884069.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":"2021-10-13T03:08:31Z","datePublished":"2021-10-13T03:08:31Z","dateModified":"2024-06-11T13:59:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Corrects Lower, Why This Indicator Holds The Key\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-corrects-lower-57k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-corrects-lower-57k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_65884069.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_65884069.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\":\"2021-10-13T03:08:31Z\",\"datePublished\":\"2021-10-13T03:08:31Z\",\"dateModified\":\"2024-06-11T13:59:24Z\"}<\/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\/03\/shutterstock_65884069.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473599"}],"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=473599"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459029"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=473599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=473599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=473599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}