{"id":500577,"date":"2022-08-31T02:18:07","date_gmt":"2022-08-31T02:18:07","guid":{"rendered":"https:\/\/ktsl888.com\/?p=500577"},"modified":"2024-06-11T11:43:16","modified_gmt":"2024-06-11T11:43:16","slug":"bitcoin-price-correction-to-22k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-correction-to-22k\/","title":{"rendered":"TA: Bitcoin Price Correction To $22k On Horizon After Bears Lose Control At $20k"},"content":{"rendered":"
Bitcoin is consolidating near the $20,000 zone against the US Dollar. BTC could start a decent recovery wave if it clears the $20,550 resistance zone.<\/em><\/p>\n Bitcoin price started a minor upside correction<\/a> above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly simple moving average.<\/p>\n It spiked above the $20,500 level but the bulls struggled to push the price further higher. A high was formed near $20,576 before there was a bearish reaction. The price declined sharply below the $20,000 level and the 100 hourly simple moving average<\/a>.<\/p>\n However, it stayed above the $19,500 support zone. A low is formed near $19,555 and the price is now rising. There was a move above the 50% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\n Bitcoin is now trading above the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,340 level.<\/p>\n There is also a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\n <\/a><\/p>\n The next major resistance sits near the $20,550 level. A clear move above the $20,550 resistance might send the price towards $21,000. Any more gains might send the price towards the $22,000 resistance zone.<\/p>\n If bitcoin fails to clear the $20,550 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.<\/p>\n The next major support sits near the $19,780 level. A break below the $19,780 support might push the price to $19,550. Any more losses might call for a new low below $19,500.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $19,780, followed by $19,500.<\/p>\n Major Resistance Levels \u2013 $20,340, $20,550 and $21,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin is consolidating near the $20,000 zone against the US Dollar. BTC could start a decent recovery wave if it clears the $20,550 resistance zone. Bitcoin is showing a few positive signs above the $20,000 resistance. The price is now trading above the $20,000 level and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must clear the $20,340 zone and $20,550 to start a steady increase. Bitcoin Price Struggles Bitcoin price started a minor upside correction above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly simple moving average. It spiked above the $20,500 level but the bulls struggled to push the price further higher. A high was formed near $20,576 before there was a bearish reaction. The price declined sharply below the $20,000 level and the 100 hourly simple moving average. However, it stayed above the $19,500 support zone. A low is formed near $19,555 and the price is now rising. There was a move above the 50% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low. Bitcoin is now trading above the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,340 level. There is also a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low. Source: BTCUSD on TradingView.com The next major resistance sits near the $20,550 level. A clear move above the $20,550 resistance might send the price towards $21,000. Any more gains might send the price towards the $22,000 resistance zone. Fresh Decline in BTC? If bitcoin fails to clear the $20,550 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone. The next major support sits near the $19,780 level. A break below the $19,780 support might push the price to $19,550. Any more losses might call for a new low below $19,500. Technical indicators: Hourly MACD \u2013 The MACD is now 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 $19,780, followed by $19,500. Major Resistance Levels \u2013 $20,340, $20,550 and $21,000.<\/p>\n","protected":false},"author":67,"featured_media":458642,"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-500577","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\n
Bitcoin Price Struggles<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Decline in BTC?<\/h2>\n