Bitcoin (BTC) has been undergoing a correction in its price, currently trading below the $29,800 mark. Despite this correction, the cryptocurrency remains above the $29,400 support level and the 100-hourly Simple Moving Average (SMA). Let’s delve into the technical analysis of BTC’s recent price action:
The BTC/USD hourly chart from Kraken’s data feed reveals some significant developments:
Bitcoin witnessed a decent upward movement, surpassing resistance levels at $29,400 and $29,500. It even crossed the $30,000 threshold, but a daily close above this level was not achieved.
The peak was around $30,190, following which the price initiated a downward correction.
Key support was breached as the price fell below $30,000 and $29,800. Moreover, a crucial bullish trend line support at approximately $29,840 was broken.
Currently, Bitcoin’s price exceeds $29,400 and is supported by the 100-hourly SMA. This level is also significant as it represents a pivot zone.
Bitcoin’s immediate resistance lies around the $29,680 level. The first major resistance point is at $29,800, followed by $30,000. Should the price successfully breach this level, it could retest $30,200.
A close above the $30,200 resistance might trigger a new steady growth phase, potentially driving the price towards $31,200 or even $32,000 in the coming days.
Conversely, failure to overcome the $29,800 resistance could lead to a renewed decline. The first line of support is at $29,400, followed by a more crucial support level of around $29,300 or the 100-hourly SMA.
A break below $29,300 might signal the start of bearish movements, possibly revisiting the $29,000 level. Subsequent losses could even push the price toward the $28,680 level in the near future.
The technical indicators offer further insights:
The hourly MACD (Moving Average Convergence Divergence) shows an acceleration in the bearish zone.
The Relative Strength Index (RSI) for BTC/USD has fallen below 50, indicating weakening bullish momentum.
Bitcoin’s recent correction is a focal point for traders and investors alike. While there’s potential for a resumption of an upward trend, the market sentiment will be influenced by the price’s ability to clear crucial resistance levels and maintain support at key points.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://bitcoinworld.co.in/bitcoin-price-correction-analyzing-key-support-and-resistance-levels/
- :has
- :is
- :not
- 000
- 10
- 200
- 300
- 50
- 500
- 8
- a
- ability
- above
- acceleration
- achieved
- Action
- alike
- also
- an
- analysis
- analyzing
- and
- approximately
- around
- AS
- At
- average
- BE
- bearish
- been
- below
- Bitcoin
- Bitcoin Price
- Bitcoinworld
- BlackRock
- breach
- Break
- Broken
- BTC
- BTC/USD
- Bullish
- but
- by
- Category
- Chart
- clear
- Close
- CO
- coming
- Convergence
- could
- Crossed
- crucial
- crypto
- Crypto Market
- cryptocurrency
- Currently
- daily
- data
- Days
- decent
- Decline
- Despite
- developments
- Divergence
- downward
- driving
- Even
- exceeds
- Failure
- Fallen
- far
- First
- followed
- following
- For
- from
- further
- future
- given
- Growing
- Growth
- here
- HTTPS
- immediate
- in
- index
- indicating
- Indicators
- influenced
- initiated
- insights
- into
- Investors
- IT
- ITS
- Key
- lead
- Level
- levels
- lies
- Line
- loss
- losses
- MACD
- maintain
- major
- mark
- Market
- market sentiment
- might
- Momentum
- months
- more
- Moreover
- movement
- movements
- moving
- moving average
- Near
- net
- New
- of
- offer
- or
- Overcome
- own
- Peak
- phase
- Pivot
- Platforms
- plato
- Plato Data Intelligence
- PlatoData
- Point
- points
- possibly
- potential
- potentially
- price
- PRICE ACTION
- Push
- Q2
- recent
- relative
- relative strength index
- Relative Strength Index (RSI)
- remains
- renewed
- represents
- Resistance
- Reveals
- ROW
- rsi
- sentiment
- should
- Shows
- Signal
- significant
- Simple
- SMA
- some
- stable
- start
- stay
- steady
- strength
- subsequent
- Successfully
- support
- support level
- Supported
- TAG
- Technical
- Technical Analysis
- The
- this
- threshold
- to
- toward
- towards
- Traders
- Trading
- Trend
- trigger
- undergoing
- upward
- was
- weekend
- which
- while
- will
- witnessed
- you
- zephyrnet