{"id":458338,"date":"2021-03-10T03:28:34","date_gmt":"2021-03-10T03:28:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=458338"},"modified":"2024-06-11T14:13:51","modified_gmt":"2024-06-11T14:13:51","slug":"bitcoin-corrects-from-55-8k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-corrects-from-55-8k\/","title":{"rendered":"TA: Bitcoin Corrects From $55.8K, Why Dips Could Be Limited"},"content":{"rendered":"<p><em>Bitcoin price extended its rise above the $55,000 resistance against the US Dollar. BTC is correcting lower from $55,800 and it could find bids near the $52,500 zone.<\/em><\/p>\n<ul>\n<li>Bitcoin climbed further above the $54,500 and $55,000 resistance levels.<\/li>\n<li>The price is now trading well above $52,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is currently correcting gains, but it is likely to find support near $52,500 and $52,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains Elevated<\/h2>\n<p>There was an upside extension in bitcoin above the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-btc-could-soon-hit-55k\/\" target=\"_blank\" rel=\"noopener \">$54,500 resistance zone<\/a>. BTC even cleared the $55,000 resistance and settled well above the 100 hourly simple moving average.<\/p>\n<p>It tested the $55,800 resistance zone before the bears appeared. A high is formed near $55,805 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent increase from the $49,375 low to $55,805 high.<\/p>\n<p>Bitcoin is testing the $53,500 support level and it is still well above the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-turns-attractive-above-50k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. The next major support is near the $52,500 level. There is also a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-458339\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png?resize=1828%2C867\" alt=\"Bitcoin Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Bitcoin-8.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/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>The trend line is close to the 50% Fib retracement level of the recent increase from the $49,375 low to $55,805 high. On the upside, the $55,000 level is likely to act as a resistance again. The next key resistance is near the $55,500 level. A clear break above the $55,500 resistance could open the doors for a move above the $56,000 level.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin continues to move down, the $52,800 and $52,500 levels are likely to hold losses. If there is a downside break below the trend line support, there are chances of a move towards the $52,000.<\/p>\n<p>The next major support is near the $51,200 level. Any more downsides might call for a test of the main $50,000 support zone in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now approaching the 50 level.<\/p>\n<p>Major Support Levels \u2013 $53,000, followed by $52,500.<\/p>\n<p>Major Resistance Levels \u2013 $54,500, $55,000 and $55,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its rise above the $55,000 resistance against the US Dollar. BTC is correcting lower from $55,800 and it could find bids near the $52,500 zone. Bitcoin climbed further above the $54,500 and $55,000 resistance levels. The price is now trading well above $52,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently correcting gains, but it is likely to find support near $52,500 and $52,000. Bitcoin Price Remains Elevated There was an upside extension in bitcoin above the $54,500 resistance zone. BTC even cleared the $55,000 resistance and settled well above the 100 hourly simple moving average. It tested the $55,800 resistance zone before the bears appeared. A high is formed near $55,805 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent increase from the $49,375 low to $55,805 high. Bitcoin is testing the $53,500 support level and it is still well above the 100 hourly simple moving average. The next major support is near the $52,500 level. There is also a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent increase from the $49,375 low to $55,805 high. On the upside, the $55,000 level is likely to act as a resistance again. The next key resistance is near the $55,500 level. A clear break above the $55,500 resistance could open the doors for a move above the $56,000 level. Dips Supported in BTC? If bitcoin continues to move down, the $52,800 and $52,500 levels are likely to hold losses. If there is a downside break below the trend line support, there are chances of a move towards the $52,000. The next major support is near the $51,200 level. Any more downsides might call for a test of the main $50,000 support zone in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now approaching the 50 level. Major Support Levels \u2013 $53,000, followed by $52,500. Major Resistance Levels \u2013 $54,500, $55,000 and $55,500.<\/p>\n","protected":false},"author":67,"featured_media":458340,"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-458338","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 From $55.8K, Why Dips Could Be Limited<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its rise above the $55,000 resistance against the US Dollar. 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