{"id":430234,"date":"2020-07-10T03:48:30","date_gmt":"2020-07-10T03:48:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=430234"},"modified":"2024-06-11T14:05:00","modified_gmt":"2024-06-11T14:05:00","slug":"bitcoin-saw-correction-9200-key","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-saw-correction-9200-key\/","title":{"rendered":"Bitcoin Just Saw Key Technical Correction But This Level Can Trigger Fresh Increase"},"content":{"rendered":"
Bitcoin started a downside correction after it was rejected near $9,500 against the US Dollar. BTC is now trading near the main $9,200 support and it could either start a fresh increase or dive to $9,000.<\/em><\/p>\n After a decent upward move, bitcoin faced a strong resistance near $9,480 and $9,500<\/a> against the US Dollar. BTC traded as high as $9,480 and recently started a downside correction.<\/p>\n There was a break below the $9,400 and $9,300 levels. The price even broke the $9,280 pivot level and the 100 hourly simple moving average. There was also a break below the 23.6% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high.<\/p>\n More importantly, there was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC\/USD pair. The pair is now trading near the $9,200 and $9,180 support levels<\/a>.<\/p>\n <\/a><\/p>\n The 50% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high is also acting as a strong support. It seems like the price is trading near a major inflection zone at $9,180. If it stays above the $9,180 support, it could start a fresh increase in the coming sessions.<\/p>\n On the upside, an initial resistance is near the $9,280 level and the 100 hourly SMA. A successful close above the $9,280 level might open the doors for a push towards the $9,400 and $9,500 levels.<\/p>\n Conversely, there is a risk of a bearish break below the $9,200 and $9,180 support levels. If bitcoin closes below the $9,180 level, it could continue to move down.<\/p>\n The next major support is near the $9,000 level, where the bulls are likely to appear. Any further losses might lead the price towards the $8,800 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is about to move back into the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 40 level.<\/p>\n Major Support Levels \u2013 $9,180, followed by $9,000.<\/p>\n Major Resistance Levels \u2013 $9,280, $9,400 and $9,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin started a downside correction after it was rejected near $9,500 against the US Dollar. BTC is now trading near the main $9,200 support and it could either start a fresh increase or dive to $9,000. Bitcoin is correcting lower and approaching the $9,200 and $9,180 support levels. The price is currently trading below the $9,280 pivot level and the 100 hourly simple moving average. There was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $9,180-$9,200 support area to start a fresh increase. Bitcoin Price Testing Key Support After a decent upward move, bitcoin faced a strong resistance near $9,480 and $9,500 against the US Dollar. BTC traded as high as $9,480 and recently started a downside correction. There was a break below the $9,400 and $9,300 levels. The price even broke the $9,280 pivot level and the 100 hourly simple moving average. There was also a break below the 23.6% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high. More importantly, there was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC\/USD pair. The pair is now trading near the $9,200 and $9,180 support levels. Bitcoin price testing $9,200: Source: TradingView.com The 50% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high is also acting as a strong support. It seems like the price is trading near a major inflection zone at $9,180. If it stays above the $9,180 support, it could start a fresh increase in the coming sessions. On the upside, an initial resistance is near the $9,280 level and the 100 hourly SMA. A successful close above the $9,280 level might open the doors for a push towards the $9,400 and $9,500 levels. Bearish Break in BTC Conversely, there is a risk of a bearish break below the $9,200 and $9,180 support levels. If bitcoin closes below the $9,180 level, it could continue to move down. The next major support is near the $9,000 level, where the bulls are likely to appear. Any further losses might lead the price towards the $8,800 level. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 40 level. Major Support Levels \u2013 $9,180, followed by $9,000. Major Resistance Levels \u2013 $9,280, $9,400 and $9,500.<\/p>\n","protected":false},"author":67,"featured_media":430236,"comment_status":"closed","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-430234","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":"\n\n
Bitcoin Price Testing Key Support<\/h2>\n
Bitcoin price testing $9,200: Source: TradingView.com<\/a><\/pre>\n
Bearish Break in BTC<\/h2>\n