BTCUSD on TradingView.com<\/a><\/p>\nThe first major resistance is near the $30,550 level and the trend line, above which the price might revisit the $31,400 resistance zone. The next major resistance is near the $32,000 level. Any more gains could send the price toward the $32,500 resistance zone.<\/p>\n
More Downsides in BTC?<\/h2>\n If Bitcoin\u2019s price fails to clear the $30,550 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level.<\/p>\n
The next major support is near the $29,550 level, below which there is a risk of a move toward the $29,200 support. Any more losses might send the price toward $28,500 in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is below the 50 level.<\/p>\n
Major Support Levels \u2013 $30,000, followed by $29,550.<\/p>\n
Major Resistance Levels \u2013 $30,400, $30,550, and $31,400.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is correcting gains from the $31,400 zone. BTC could revisit the $29,200 support or even $28,500 before it starts a fresh increase. Bitcoin is currently correcting gains from the $31,400 zone. The price is trading below $30,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $30,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to correct lower toward the $29,200 support or $28,500. Bitcoin Price Starts Downside Correction Bitcoin price remained well-bid above the $29,500 resistance zone. BTC cleared the $30,000 resistance to move further into a positive zone. Finally, there was a push above the $31,000 zone. The price tested the $31,500 zone. A high is formed near $31,435 and the price is now correcting lower. There was a move below the $30,500 level. The price traded below the 50% Fib retracement level of the upward move from the $29,550 swing low to the $31,435 high. Bitcoin price is now trading below $30,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $30,550 on the hourly chart of the BTC\/USD pair. The pair is trading close to the 76.4% Fib retracement level of the upward move from the $29,550 swing low to the $31,435 high. If the price remains stable above the $30,000 level, it could soon start a fresh increase. On the upside, the price is facing resistance near the $30,400 level and the 100 hourly Simple moving average. Source: BTCUSD on TradingView.com The first major resistance is near the $30,550 level and the trend line, above which the price might revisit the $31,400 resistance zone. The next major resistance is near the $32,000 level. Any more gains could send the price toward the $32,500 resistance zone. More Downsides in BTC? If Bitcoin\u2019s price fails to clear the $30,550 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level. The next major support is near the $29,550 level, below which there is a risk of a move toward the $29,200 support. Any more losses might send the price toward $28,500 in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is below the 50 level. Major Support Levels \u2013 $30,000, followed by $29,550. Major Resistance Levels \u2013 $30,400, $30,550, and $31,400.<\/p>\n","protected":false},"author":67,"featured_media":461328,"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":[428,679,1144,78790,76835],"class_list":["post-539591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
Bitcoin Price Signals Downside Correction Before Fresh Increase<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n