{"id":422410,"date":"2020-05-01T03:28:39","date_gmt":"2020-05-01T03:28:39","guid":{"rendered":"https:\/\/ktsl888.com\/?p=422410"},"modified":"2024-06-11T13:48:09","modified_gmt":"2024-06-11T13:48:09","slug":"bitcoin-btc-could-correct-to-8200-fresh-increase","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-could-correct-to-8200-fresh-increase\/","title":{"rendered":"Bitcoin Could Correct Further To 100 SMA at $8,200 Before Fresh Increase"},"content":{"rendered":"<p><em>Bitcoin rallied to $9,500 before starting a downside correction against the US Dollar. BTC price might dip towards the $8,200 support zone before a fresh increase.<\/em><\/p>\n<ul>\n<li>Bitcoin jumped more than 20% and tested the main target of $9,500 (as discussed yesterday).<\/li>\n<li>The price is down more than 8% and it is now trading well below the $9,000 level.<\/li>\n<li>There is a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct further towards $8,400 or $8,200 before a fresh increase.<\/li>\n<\/ul>\n<h2>Bitcoin Correcting Gains<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/ktsl888.com\/2020\/04\/29\/bitcoin-btc-pre-halving-rally-above-8000\/\" target=\"_blank\" rel=\"noopener \">strong pre-halving rally<\/a> in bitcoin above the $8,000 and $8,500 resistance levels against the US Dollar. BTC price gained more than 20% and it even tested the <a href=\"https:\/\/ktsl888.com\/2020\/04\/30\/bitcoin-btc-could-rally-9-5k\/\" target=\"_blank\" rel=\"noopener \">main target of $9,500<\/a> (as discussed yesterday\u2019s analysis using the daily chart).<\/p>\n<p>A new monthly high is formed near $9,498 and the price recently started a substantial downside correction. There was a break below the $9,200 and $9,000 support levels.<\/p>\n<p>Bitcoin even dived below the $8,800 level and tested the $8,400 support area. A low is formed near $8,405 and the price is currently trading above the 23.6% Fib retracement level of the recent decline from the $9,498 high to $8,405 low.<\/p>\n<p>On the upside, an initial resistance is near the $8,800 level. There is also a short term declining channel forming with resistance near $8,800 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_422411\" aria-describedby=\"caption-attachment-422411\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-422411\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/05\/Bitcoin.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-422411\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Above the channel resistance, the next resistance is near the $8,950. It is close to the 50% Fib retracement level of the recent decline from the $9,498 high to $8,405 low.<\/p>\n<p>To start a fresh increase, the bulls need to push the price above the channel resistance and then clear the $8,950 resistance. A successful follow through above the $9,000 level could pump the price towards the $9,200 and $9,500 levels in the near term.<\/p>\n<h2>Downside Thrust<\/h2>\n<p>On the downside, the first major support for bitcoin buyers is near the $8,400 level. The next major support is near the $8,200 level or the 100 hourly simple moving average.<\/p>\n<p>It seems like the price might dive towards the $8,400 support or the 100 hourly SMA to complete the current wave. Later, it is likely to start a fresh increase above $9,000 unless there is a close below $8,200.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising and it is near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,400 followed by $8,200.<\/p>\n<p>Major Resistance Levels \u2013 $8,800, $8,950 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin rallied to $9,500 before starting a downside correction against the US Dollar. BTC price might dip towards the $8,200 support zone before a fresh increase. Bitcoin jumped more than 20% and tested the main target of $9,500 (as discussed yesterday). The price is down more than 8% and it is now trading well below the $9,000 level. There is a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct further towards $8,400 or $8,200 before a fresh increase. Bitcoin Correcting Gains Yesterday, we saw a strong pre-halving rally in bitcoin above the $8,000 and $8,500 resistance levels against the US Dollar. BTC price gained more than 20% and it even tested the main target of $9,500 (as discussed yesterday\u2019s analysis using the daily chart). A new monthly high is formed near $9,498 and the price recently started a substantial downside correction. There was a break below the $9,200 and $9,000 support levels. Bitcoin even dived below the $8,800 level and tested the $8,400 support area. A low is formed near $8,405 and the price is currently trading above the 23.6% Fib retracement level of the recent decline from the $9,498 high to $8,405 low. On the upside, an initial resistance is near the $8,800 level. There is also a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC\/USD pair. Above the channel resistance, the next resistance is near the $8,950. It is close to the 50% Fib retracement level of the recent decline from the $9,498 high to $8,405 low. To start a fresh increase, the bulls need to push the price above the channel resistance and then clear the $8,950 resistance. A successful follow through above the $9,000 level could pump the price towards the $9,200 and $9,500 levels in the near term. Downside Thrust On the downside, the first major support for bitcoin buyers is near the $8,400 level. The next major support is near the $8,200 level or the 100 hourly simple moving average. It seems like the price might dive towards the $8,400 support or the 100 hourly SMA to complete the current wave. Later, it is likely to start a fresh increase above $9,000 unless there is a close below $8,200. Technical indicators: Hourly MACD \u2013 The MACD is about to move into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising and it is near the 50 level. Major Support Levels \u2013 $8,400 followed by $8,200. Major Resistance Levels \u2013 $8,800, $8,950 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":422412,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144],"class_list":["post-422410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Could Correct Further To 100 SMA at $8,200 Before Fresh Increase<\/title>\n<meta name=\"description\" content=\"Bitcoin rallied to $9,500 before starting a downside correction. 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