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{"id":451274,"date":"2020-12-02T03:48:05","date_gmt":"2020-12-02T03:48:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=451274"},"modified":"2024-06-11T14:08:55","modified_gmt":"2024-06-11T14:08:55","slug":"bitcoin-correcting-gains-18350","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-correcting-gains-18350\/","title":{"rendered":"TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline"},"content":{"rendered":"

Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA.<\/em><\/p>\n

\n
Bitcoin is currently correcting lower below the $19,500 and $19,000 levels.<\/li>\n
The price is approaching a key support at $18,350 and the 100 hourly simple moving average.<\/li>\n
There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200.<\/li>\n<\/ul>\n
Bitcoin Price is Grinding Lower<\/h2>\n
There was an upside extension in bitcoin price above the $19,500 resistance<\/a>. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no test of $20,000 and the price reacted to the downside.<\/p>\n
There was a sharp decline of more than 5% and the price traded below the $19,000 level. Bitcoin found support near the $18,100 level and the 100 hourly simple moving average. A swing low was formed near $18,111 before the price corrected higher.<\/p>\n
There was a recovery above $19,000, but the bears protected the $19,500 zone. A high is formed near $19,512 and the price is currently declining. It is trading below the 50% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
It seems like there is major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC\/USD pair. On the downside, the price is approaching a key support at $18,350 and the 100 hourly simple moving average.<\/p>\n
The 76.4% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high is also near $18,400. A downside break below the $18,350 support and the 100 hourly SMA could spark a larger decline. The next major support could be $18,000 or $17,850.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin remains stable above the $18,350 support and the 100 hourly simple moving average, it could attempt a fresh increase. An initial hurdle for the bulls is near the trend line and $18,800.<\/p>\n
The first major resistance is near the $19,000 level<\/a>. A clear break above the $19,000 level could pump the price towards the $19,500 resistance level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving higher towards the 50 level.<\/p>\n
Major Support Levels \u2013 $18,350, followed by $18,000.<\/p>\n
Major Resistance Levels \u2013 $18,800, $19,200 and $19,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA. Bitcoin is currently correcting lower below the $19,500 and $19,000 levels. The price is approaching a key support at $18,350 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200. Bitcoin Price is Grinding Lower There was an upside extension in bitcoin price above the $19,500 resistance. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no test of $20,000 and the price reacted to the downside. There was a sharp decline of more than 5% and the price traded below the $19,000 level. Bitcoin found support near the $18,100 level and the 100 hourly simple moving average. A swing low was formed near $18,111 before the price corrected higher. There was a recovery above $19,000, but the bears protected the $19,500 zone. A high is formed near $19,512 and the price is currently declining. It is trading below the 50% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high. Source: BTCUSD on TradingView.com It seems like there is major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC\/USD pair. On the downside, the price is approaching a key support at $18,350 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high is also near $18,400. A downside break below the $18,350 support and the 100 hourly SMA could spark a larger decline. The next major support could be $18,000 or $17,850. Fresh Increase in BTC? If bitcoin remains stable above the $18,350 support and the 100 hourly simple moving average, it could attempt a fresh increase. An initial hurdle for the bulls is near the trend line and $18,800. The first major resistance is near the $19,000 level. A clear break above the $19,000 level could pump the price towards the $19,500 resistance level. 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 moving higher towards the 50 level. Major Support Levels \u2013 $18,350, followed by $18,000. Major Resistance Levels \u2013 $18,800, $19,200 and $19,500.<\/p>\n","protected":false},"author":67,"featured_media":451277,"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-451274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin price formed a new yearly high close to $20,000 before correcting lower. 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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:\/\/ktsl888.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline","url":"http:\/\/ktsl888.com\/news\/bitcoin-correcting-gains-18350\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-correcting-gains-18350\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/12\/shutterstock_173627021.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/12\/shutterstock_173627021.jpg?fit=1000%2C693"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-12-02T03:48:05Z","datePublished":"2020-12-02T03:48:05Z","dateModified":"2024-06-11T14:08:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-correcting-gains-18350\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-correcting-gains-18350\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/shutterstock_173627021.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/shutterstock_173627021.jpg?fit=1000%2C693\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-12-02T03:48:05Z\",\"datePublished\":\"2020-12-02T03:48:05Z\",\"dateModified\":\"2024-06-11T14:08:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/12\/shutterstock_173627021.jpg?fit=1000%2C693","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/451274"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=451274"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/451274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/451277"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=451274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=451274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=451274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Fresh Increase in BTC?<\/h2>\nIf bitcoin remains stable above the $18,350 support and the 100 hourly simple moving average, it could attempt a fresh increase. An initial hurdle for the bulls is near the trend line and $18,800.<\/p>\n