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Tag: Trigger

  • Bitcoin Consolidates Below $45K, What Could Trigger A Correction

    Bitcoin Consolidates Below $45K, What Could Trigger A Correction

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    Bitcoin spiked to test the $45,000 resistance against the US Dollar. BTC is consolidating gains and might correct lower towards $43,000 in the near term.

    • Bitcoin extended increase and traded close to the $45,000 resistance zone.
    • The price is trading above $44,000 and the 100 hourly simple moving average.
    • There is a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could correct lower if there is a move below the $43,000 support zone.

    Bitcoin Price Extends Rally

    Bitcoin price started a major increase above the $42,000 level. BTC was able to stay above the $43,000 level and consolidating near $44,000.

    Finally, there was another increase and the price climbed above $44,500. The price traded close the $45,000 resistance, where it faced sellers. It is now consolidating gains and there was a minor decline below the $44,500 level.

    The price is now trading above $44,000 and the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the upward move from the $37,030 swing low to $44,955 high.

    There is also a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance is near the $44,200 level. The first key resistance is near the $44,450 level and the triangle upper trend line.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The main resistance is now near the $45,000 level. A clear move above the $45,000 resistance could send the price further higher. In the stated case, it could even attempt a clear move above $45,500.

    Dips Limited in BTC?

    If bitcoin fails to clear the $44,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,800 zone and the triangle lower trend line.

    The next major support is seen near the $43,000 level. If there is a downside break below the $43,000 support, the price might gain decline towards $41,000. It is near the 50% Fib retracement level of the upward move from the $37,030 swing low to $44,955 high.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still correcting from the overbought zone.

    Major Support Levels – $43,800, followed by $43,000.

    Major Resistance Levels – $44,200, $44,450 and $45,000.

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  • Bitcoin Holds Key Support, What Could Trigger Strong Recovery

    Bitcoin Holds Key Support, What Could Trigger Strong Recovery

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    Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.

    • Bitcoin is trading in a bearish zone below the $48,000 resistance level.
    • The price is trading below $47,000 and the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair might start a strong recovery wave if it stays above the $45,500 support zone.

    Bitcoin Price Eyes Recovery

    Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline.

    There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses.

    Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low.

    An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.

    More Losses In BTC?

    If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500.

    A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level.

    Major Support Levels – $46,000, followed by $45,500.

    Major Resistance Levels – $46,500, $47,000 and $47,500.

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  • Bitcoin Dips From Highs, What Could Trigger Fresh Increase

    Bitcoin Dips From Highs, What Could Trigger Fresh Increase

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    Bitcoin price started a downside correction from the $68,500 zone against the US Dollar. BTC might start a fresh increase unless there is a break below $64,000.

    • Bitcoin started a downside correction below the $68,000 and $67,000 levels.
    • The price is still trading above $65,000 and the 100 hourly simple moving average.
    • There is a key bullish trend line forming with support near $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a fresh increase if the $64,000 support remains intact.

    Bitcoin Price Corrects Lower

    Bitcoin price gained pace above the $65,000 support zone. BTC extended its rally above the $66,500 and $67,000 resistance levels. The price even surged above the $68,000 level.

    It traded to a new all-time high near $68,495 before there was a downside correction. The price declined below the $68,000 and $67,800 support levels. There was a break below the 50% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high.

    However, bitcoin still trading above $65,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $66,000 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    On the upside, an immediate resistance is near the $67,500 level. The first major resistance is near the $68,000 level. A clear break above $68,000 resistance may possibly call open the doors for a fresh increase. The next major resistance sits near the $68,500 level. Any more gains might lead the price towards the $70,000 level.

    Dips Supported in BTC?

    If bitcoin fails to clear the $68,000 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $66,500 level. The first major support is now forming near the $66,400 level.

    It is close to the 61.8% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. The next major support is near the $65,000 level, below which the price could dive towards the key breakdown support at USD 64,000 in the near term.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

    Major Support Levels – $66,400, followed by $66,000.

    Major Resistance Levels – $67,500, $68,000 and $68,500.

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