Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin traded as high as $9,950 and recently started a downside correction. BTC price is likely to remains well supported above $9,000 and it could continue higher.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-btc-just-saw-key-technical-correction-9200\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally\" \/>\n<meta property=\"og:description\" content=\"Bitcoin traded as high as $9,950 and recently started a downside correction. 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{"id":423978,"date":"2020-05-15T03:38:17","date_gmt":"2020-05-15T03:38:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=423978"},"modified":"2024-06-11T13:48:46","modified_gmt":"2024-06-11T13:48:46","slug":"bitcoin-btc-just-saw-key-technical-correction-9200","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-just-saw-key-technical-correction-9200\/","title":{"rendered":"Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally"},"content":{"rendered":"

Bitcoin traded as high as $9,950 and recently started a downside correction against the US Dollar. BTC price is likely to remains well supported above $9,000 and it could continue higher.<\/em><\/p>\n

\n
Bitcoin is currently correcting lower from the $9,950 and $10,000 resistance levels.<\/li>\n
The price is still trading well above the $9,200 support and the 100 hourly simple moving average.<\/li>\n
There is a crucial bullish trend line forming with support near $9,210 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could correct lower towards $9,200 and $9,000, but it is likely to bounce back.<\/li>\n<\/ul>\n
Bitcoin Correcting Gains<\/h2>\n
There was a steady rise in bitcoin price above the $9,200 and $9,500 resistance levels against the US Dollar. BTC price extended its rise above the $9,700 level and the 100 hourly simple moving average.<\/p>\n
It even traded close to the $10,000 resistance (as discussed in yesterday\u2019s post<\/a>). However, the bulls failed to gain strength for more gains above $9,950 and $10,000. A high was formed near $9,950 and the price is currently correcting lower.<\/p>\n
It traded below the $9,600 level, and the 23.6% Fib retracement level of the upward move from the $8,186 swing low to $9,950 high. Bitcoin even spiked below the $9,400 and $9,300 levels.<\/p>\n
However, the bulls defended the $9,200 support zone (the previous key resistance<\/a>). There is also a crucial bullish trend line forming with support near $9,210 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
If there is a downside break below the trend line, the price could continue to move down towards the $9,070 support zone since it is close to the 100 hourly simple moving average. The 50% Fib retracement level of the upward move from the $8,186 swing low to $9,950 high is also near $9,070.<\/p>\n
Once the current correction wave is complete, the price is likely to bounce back from $9,200 or $9,080 in the coming sessions.<\/p>\n
Bearish Reversal?<\/h2>\n
If bitcoin settles below the trend line support and breaks the $9,070 support, it might struggle to stay above the $9,000 support zone.<\/p>\n
A downside break below the $9,000 support may possibly change the trend and the bears are likely to aim a larger decline towards $8,400 or even $8,200 in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n
Major Support Levels \u2013 $9,200 followed by $9,070.<\/p>\n
Major Resistance Levels \u2013 $9,600, $9,800 and $10,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin traded as high as $9,950 and recently started a downside correction against the US Dollar. BTC price is likely to remains well supported above $9,000 and it could continue higher. Bitcoin is currently correcting lower from the $9,950 and $10,000 resistance levels. The price is still trading well above the $9,200 support and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $9,210 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct lower towards $9,200 and $9,000, but it is likely to bounce back. Bitcoin Correcting Gains There was a steady rise in bitcoin price above the $9,200 and $9,500 resistance levels against the US Dollar. BTC price extended its rise above the $9,700 level and the 100 hourly simple moving average. It even traded close to the $10,000 resistance (as discussed in yesterday\u2019s post). However, the bulls failed to gain strength for more gains above $9,950 and $10,000. A high was formed near $9,950 and the price is currently correcting lower. It traded below the $9,600 level, and the 23.6% Fib retracement level of the upward move from the $8,186 swing low to $9,950 high. Bitcoin even spiked below the $9,400 and $9,300 levels. However, the bulls defended the $9,200 support zone (the previous key resistance). There is also a crucial bullish trend line forming with support near $9,210 on the hourly chart of the BTC\/USD pair. If there is a downside break below the trend line, the price could continue to move down towards the $9,070 support zone since it is close to the 100 hourly simple moving average. The 50% Fib retracement level of the upward move from the $8,186 swing low to $9,950 high is also near $9,070. Once the current correction wave is complete, the price is likely to bounce back from $9,200 or $9,080 in the coming sessions. Bearish Reversal? If bitcoin settles below the trend line support and breaks the $9,070 support, it might struggle to stay above the $9,000 support zone. A downside break below the $9,000 support may possibly change the trend and the bears are likely to aim a larger decline towards $8,400 or even $8,200 in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $9,200 followed by $9,070. Major Resistance Levels \u2013 $9,600, $9,800 and $10,000.<\/p>\n","protected":false},"author":67,"featured_media":423980,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-423978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin traded as high as $9,950 and recently started a downside correction. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-just-saw-key-technical-correction-9200\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-just-saw-key-technical-correction-9200\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/shutterstock_1154470285-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/shutterstock_1154470285-1.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-05-15T03:38:17Z","datePublished":"2020-05-15T03:38:17Z","dateModified":"2024-06-11T13:48:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-just-saw-key-technical-correction-9200\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-just-saw-key-technical-correction-9200\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_1154470285-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_1154470285-1.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-05-15T03:38:17Z\",\"datePublished\":\"2020-05-15T03:38:17Z\",\"dateModified\":\"2024-06-11T13:48:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/shutterstock_1154470285-1.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/423978"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=423978"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/423978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/423980"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=423978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=423978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=423978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}