{"id":108001,"date":"2021-01-11T05:30:10","date_gmt":"2021-01-11T05:30:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108001"},"modified":"2021-01-11T05:30:10","modified_gmt":"2021-01-11T05:30:10","slug":"ta-bitcoin-corrects-to-35k-why-btc-could-start-a-fresh-increase","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-corrects-to-35k-why-btc-could-start-a-fresh-increase\/","title":{"rendered":"TA: Bitcoin Corrects To $35K, Why BTC Could Start A Fresh Increase"},"content":{"rendered":"<p><em>Bitcoin price started a downside correction after it broke $39,000 against the US Dollar. BTC tested the key $35,000 support and it is currently consolidating losses.<\/em><\/p>\n<ul>\n<li>Bitcoin started a downside correction below the $39,000 and $38,000 support levels.<\/li>\n<li>The price is now trading well below $38,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key contracting triangle with support near $40,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is holding a major support near $35,000, below which it could dive another $2,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Corrects Lower<\/h2>\n<p>After forming a short-term top near the $42,000 level, bitcoin price started a downside correction. BTC broke a couple of important supports near the $40,000 level to start the current correction.<\/p>\n<p>There was also a break below a key contracting triangle with support near $40,000 on the hourly chart of the BTC\/USD pair. The pair settled well below the $38,000 level and the 100 hourly simple moving average.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/01\/Bitcoin-7.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>There was also a spike below the 50% Fib retracement level of the upward move from the $29,894 swing low to $42,068 swing high. However, the bulls were seen active near the $35,000 support zone (the last key breakout zone).<\/p>\n<p>The next major support is near the $34,500 level. It is close to the 61.8% Fib retracement level of the upward move from the $29,894 swing low to $42,068 swing high. If bitcoin fails to stay above the $35,000 and $34,500 support levels, it could start another decline. The next major support below $34,500 is near the $32,000 level.<\/p>\n<h2>Fresh Increase in BTC?<\/h2>\n<p>If bitcoin stays above the $34,500 and $35,000 support levels, it could start a fresh increase. An initial resistance on the upside is near the $37,800 level. There is also a contracting triangle forming with resistance near $38,000.<\/p>\n<p>A clear break above the $37,800 and $38,000 resistance levels may possibly spark a bullish wave. The next key resistance is near the $39,200 level and the 100 hourly simple moving average (the recent breakdown zone). A close above $39,200 might increase the chances of a fresh wave towards the $42,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD dipped below the 40 level.<\/p>\n<p>Major Support Levels &ndash; $35,000, followed by $34,500.<\/p>\n<p>Major Resistance Levels &ndash; $37,800, $38,000 and $39,200.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-corrects-to-35k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction after<\/p>\n","protected":false},"author":3,"featured_media":108000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Bitcoin Corrects To $35K, Why BTC Could Start A Fresh Increase - 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