Bitcoin
A$ 78,386
WINkLink
A$ 0.0007783
Ethereum
A$ 5,324.6

TA: Bitcoin Corrects Lower, Why This Indicator Holds The Key

Bitcoin started a downside correction from the $57,800 zone against the US Dollar. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.

Bitcoin corrected lower below the $57,000 pivot level.
The price is now trading above $56,000 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it clears the $57,000 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price extended its increase above the $57,000 pivot level. BTC even broke the $57,500 level and settled above the 100 hourly simple moving average.

However, the price struggled to extend gains above the $58,000 level. It traded as high as $57,837 and recently corrected lower. There was a break below the $57,000 level. The price even spiked below the $56,000 level and the 100 hourly SMA.

Bitcoin found support near $54,019 and recently started an upward move. It climbed above the $55,000 level. There was a break above the 50% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low.

It is now trading above $56,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC/USD pair.

On the upside, the bulls are facing resistance is near the $56,350 level. It is near the 61.8% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low. The first key resistance is near the $57,000 level and a connecting bearish trend line on the same chart.

Source: BTCUSD on TradingView.com

A clear break above the $57,000 resistance could open the doors for a fresh increase. The next major resistance sits near the $58,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $57,000 resistance zone, it could again correct lower. An immediate support on the downside is near the $56,000 level.

The first major support is now forming near the $55,900 level and the 100 hourly SMA. A downside break below the 100 hourly SMA might push the price towards the $54,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

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

Major Support Levels – $56,000, followed by $55,900.

Major Resistance Levels – $56,350, $57,000 and $58,000.

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Donate To Cryptonic Australia


Donate BTC: 1MPYuHUKm3AhNivMSngqLnoEbpNEecHeEK
Donate Doge: DDYybw7H8zx8EYU74JrGW8WwmYh9AGuyMC
Donate WinK: TDiXutqKE3P17LpZMQh3SDBCGSkAC6iEjB




Bitcoin Dives Beneath $60K, Why Bulls Might Battle In Brief-Time period
October 28, 2021
El Salvador Buys The Dip: 420 Extra Bitcoins —And The Funding Is Already Worthwhile
October 28, 2021
Assist I need to discover out if i personal bit cash or not [duplicate]
October 28, 2021




Bitcoin Dives Beneath $60K, Why Bulls Might Battle In Brief-Time period
October 28, 2021
El Salvador Buys The Dip: 420 Extra Bitcoins —And The Funding Is Already Worthwhile
October 28, 2021
Assist I need to discover out if i personal bit cash or not [duplicate]
October 28, 2021


CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin78,386 0.34 % 4.15 % 11.15 %
Ethereum5,324.6 0.21 % 6.93 % 4.13 %
Binance Coin605.72 0.33 % 6.43 % 9.60 %
Tether1.330 0.14 % 0.25 % 0.01 %
Cardano2.550 1.15 % 11.13 % 12.64 %
Solana249.94 0.12 % 8.27 % 6.87 %
XRP1.360 1.47 % 8.63 % 10.86 %
Polkadot54.81 0.13 % 9.21 % 7.64 %
Shiba Inu0.0001031 8.50 % 46.87 % 164.76 %
USD Coin1.330 0.17 % 0.39 % 0.46 %

Recent Comments

Allison wick

I was a victim of WDC Markets investment scam some months ago myself. It was...

Greatness

he is the best when it comes to recovery, he helped recover my funds without...

URL

... [Trackback] [...] There you will find 63491 more Infos: cryptonic.com.au/evaluation-suggests-bitcoin-robust-palms-are-shopping-for-this-dip/ [...]