{"id":455429,"date":"2021-01-28T03:28:34","date_gmt":"2021-01-28T03:28:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=455429"},"modified":"2024-06-11T09:32:22","modified_gmt":"2024-06-11T09:32:22","slug":"bitcoin-btc-could-correct-above-32k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-could-correct-above-32k\/","title":{"rendered":"TA: Bitcoin Bulls Protecting $30K, Why BTC Could Correct above $32K"},"content":{"rendered":"
Bitcoin price extended its decline below $31,000 and $30,000 against the US Dollar. BTC is correcting higher and it seems like the bulls are aiming a break above $32,000.<\/em><\/p>\n As discussed yesterday, bitcoin price did extend its decline<\/a> and traded below the $32,000 support. BTC even broke the $31,000 level and settled below the 100 hourly simple moving average.<\/p>\n There was a clear break below the $30,000 support zone and the price tested $28,250. A low is formed near $29,271 and the price is currently correcting higher. It surpassed the $30,000 and $30,200 resistance levels.<\/p>\n There was a break above the 23.6% Fib retracement level of the downward wave<\/a> from the $34,915 high to $29,271 low. However, the price is now facing resistance near $31,200 and $31,300. There is also a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n If there is a clear break above the trend line resistance, bitcoin price could recover towards the $32,000 resistance. The 50% Fib retracement level of the downward wave from the $34,915 high to $29,271 low is also near the $32,000 level along with the 100 hourly SMA.<\/p>\n A successful break above the $32,000 resistance and the 100 hourly SMA could open the doors for a strong increase. The next major resistance is near the $32,800 and $33,000 levels.<\/p>\n If bitcoin fails to clear the $31,300 resistance or $32,000, it could start a fresh decline. An initial support is near the channel support at $30,000.<\/p>\n The main support is now forming near the $29,250 zone. A clear break below the $29,250 support zone could open the doors for a larger decline towards $28K.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $30,400, followed by $30,000.<\/p>\n Major Resistance Levels \u2013 $31,300, $32,000 and $32,800.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price extended its decline below $31,000 and $30,000 against the US Dollar. BTC is correcting higher and it seems like the bulls are aiming a break above $32,000. Bitcoin declined below the $32,000 support level and revisited the $29,250 zone. The price is currently recovering above $30,000, but it is well below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct towards $32,000 or $32,800 if it clears the trend line resistance. Bitcoin Price Is Attempting Strong Recovery As discussed yesterday, bitcoin price did extend its decline and traded below the $32,000 support. BTC even broke the $31,000 level and settled below the 100 hourly simple moving average. There was a clear break below the $30,000 support zone and the price tested $28,250. A low is formed near $29,271 and the price is currently correcting higher. It surpassed the $30,000 and $30,200 resistance levels. There was a break above the 23.6% Fib retracement level of the downward wave from the $34,915 high to $29,271 low. However, the price is now facing resistance near $31,200 and $31,300. There is also a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com If there is a clear break above the trend line resistance, bitcoin price could recover towards the $32,000 resistance. The 50% Fib retracement level of the downward wave from the $34,915 high to $29,271 low is also near the $32,000 level along with the 100 hourly SMA. A successful break above the $32,000 resistance and the 100 hourly SMA could open the doors for a strong increase. The next major resistance is near the $32,800 and $33,000 levels. Fresh Dip in BTC? If bitcoin fails to clear the $31,300 resistance or $32,000, it could start a fresh decline. An initial support is near the channel support at $30,000. The main support is now forming near the $29,250 zone. A clear break below the $29,250 support zone could open the doors for a larger decline towards $28K. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $30,400, followed by $30,000. Major Resistance Levels \u2013 $31,300, $32,000 and $32,800.<\/p>\n","protected":false},"author":67,"featured_media":455431,"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":[428,1144,78790,76835],"class_list":["post-455429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Is Attempting Strong Recovery<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Dip in BTC?<\/h2>\n