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{"id":452809,"date":"2020-12-22T03:48:26","date_gmt":"2020-12-22T03:48:26","guid":{"rendered":"https:\/\/ktsl888.com\/?p=452809"},"modified":"2024-06-11T14:12:13","modified_gmt":"2024-06-11T14:12:13","slug":"bitcoin-100-sma-could-trigger-another-leg-lower","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-100-sma-could-trigger-another-leg-lower\/","title":{"rendered":"TA: Bitcoin Corrects, Why 100 SMA Could Trigger Another Leg Lower"},"content":{"rendered":"

Bitcoin price started a downside correction below the $23,000 support against the US Dollar. BTC is likely to decline again as long as it is below $23,500 and the 100 hourly SMA.<\/em><\/p>\n

\n
Bitcoin started a fresh correction and traded below the $23,500 and 23,200 support levels.<\/li>\n
The price is currently trading well below $23,500 and the 100 hourly simple moving average.<\/li>\n
There was a break below a major bullish trend line with support near $23,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to continue lower unless it clears $23,500 and the 100 hourly SMA.<\/li>\n<\/ul>\n
Bitcoin Price is Correcting Gains<\/h2>\n
After yet another failure near $24,000, bitcoin price started a downside correction. BTC traded below the $23,500 and 23,200 support levels<\/a> to move into a short-term bearish zone.<\/p>\n
The price even declined below $22,500 and settled below the 100 hourly simple moving average. There was also a break below a major bullish trend line with support near $23,250 on the hourly chart of the BTC\/USD pair. A low was formed near $21,879 before the price started a strong recovery.<\/p>\n
Bitcoin climbed above the $22,000 and $22,200 levels. It even spiked above the 50% Fib retracement level of the recent decline from the $24,300 swing high to $21,879 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
However, the bulls struggled to surpass the $23,200 resistance level and the broken trend line. The 100 hourly simple moving average is also acting as a strong resistance near $23,400. More importantly, there is a connecting bearish trend line forming with resistance near $23,400.<\/p>\n
The trend line is close to the 61.8% Fib retracement level of the recent decline from the $24,300 swing high to $21,879 low. A close above the trend line resistance, 100 hourly SMA, and $23,500 could open the doors for a fresh surge<\/a> towards $24,000 and $24,300.<\/p>\n
More Downsides in BTC?<\/h2>\n
If bitcoin fails to surpass the 100 hourly SMA and $23,500, it could start another decline. An initial support on the downside is near the $22,500 level.<\/p>\n
The first key support is near the $22,200 level. The main support is forming near the $22,000 level, below which there is a risk of a drop towards the $21,000 zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is struggling to move into the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level.<\/p>\n
Major Support Levels \u2013 $22,200, followed by $22,000.<\/p>\n
Major Resistance Levels \u2013 $23,000, $23,200 and $23,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a downside correction below the $23,000 support against the US Dollar. BTC is likely to decline again as long as it is below $23,500 and the 100 hourly SMA. Bitcoin started a fresh correction and traded below the $23,500 and 23,200 support levels. The price is currently trading well below $23,500 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $23,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue lower unless it clears $23,500 and the 100 hourly SMA. Bitcoin Price is Correcting Gains After yet another failure near $24,000, bitcoin price started a downside correction. BTC traded below the $23,500 and 23,200 support levels to move into a short-term bearish zone. The price even declined below $22,500 and settled below the 100 hourly simple moving average. There was also a break below a major bullish trend line with support near $23,250 on the hourly chart of the BTC\/USD pair. A low was formed near $21,879 before the price started a strong recovery. Bitcoin climbed above the $22,000 and $22,200 levels. It even spiked above the 50% Fib retracement level of the recent decline from the $24,300 swing high to $21,879 low. Source: BTCUSD on TradingView.com However, the bulls struggled to surpass the $23,200 resistance level and the broken trend line. The 100 hourly simple moving average is also acting as a strong resistance near $23,400. More importantly, there is a connecting bearish trend line forming with resistance near $23,400. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $24,300 swing high to $21,879 low. A close above the trend line resistance, 100 hourly SMA, and $23,500 could open the doors for a fresh surge towards $24,000 and $24,300. More Downsides in BTC? If bitcoin fails to surpass the 100 hourly SMA and $23,500, it could start another decline. An initial support on the downside is near the $22,500 level. The first key support is near the $22,200 level. The main support is forming near the $22,000 level, below which there is a risk of a drop towards the $21,000 zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is struggling to move into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level. Major Support Levels \u2013 $22,200, followed by $22,000. Major Resistance Levels \u2013 $23,000, $23,200 and $23,500.<\/p>\n","protected":false},"author":67,"featured_media":452811,"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-452809","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 Corrects, Why 100 SMA Could Trigger Another Leg Lower<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction below $23,000. 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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 Corrects, Why 100 SMA Could Trigger Another Leg Lower","url":"http:\/\/ktsl888.com\/news\/bitcoin-100-sma-could-trigger-another-leg-lower\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-100-sma-could-trigger-another-leg-lower\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/12\/shutterstock_1146095702-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/12\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810"},"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":"2020-12-22T03:48:26Z","datePublished":"2020-12-22T03:48:26Z","dateModified":"2024-06-11T14:12:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Corrects, Why 100 SMA Could Trigger Another Leg Lower\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-100-sma-could-trigger-another-leg-lower\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-100-sma-could-trigger-another-leg-lower\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/shutterstock_1146095702-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810\"},\"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\":\"2020-12-22T03:48:26Z\",\"datePublished\":\"2020-12-22T03:48:26Z\",\"dateModified\":\"2024-06-11T14:12:13Z\"}<\/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_1146095702-scaled.jpg?fit=2560%2C1810","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/452809"}],"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=452809"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/452809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/452811"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=452809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=452809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=452809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}