{"id":112278,"date":"2021-02-11T05:17:02","date_gmt":"2021-02-11T05:17:02","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112278"},"modified":"2021-02-11T05:17:02","modified_gmt":"2021-02-11T05:17:02","slug":"ta-bitcoin-corrects-lower-why-100-sma-is-the-key-for-fresh-increase","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-corrects-lower-why-100-sma-is-the-key-for-fresh-increase\/","title":{"rendered":"TA: Bitcoin Corrects Lower, Why 100 SMA Is The Key For Fresh Increase"},"content":{"rendered":"<p><em>Bitcoin price started a downside correction below $46,000 against the US Dollar. BTC is now consolidating above the $43,800 support and the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to stay above the $47,000 level and corrected below $46,000.<\/li>\n<li>The price is holding the $44,000 level and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key contracting triangle pattern with support near $46,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to start a fresh increase if it stays above $43,000 and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Showing a Few Bearish Signs<\/h2>\n<p>After struggling to climb back above $47,000, bitcoin price started a downside correction. BTC traded below the $46,000 support level to move into a short-term bearish zone.<\/p>\n<p>There was also a break below a key contracting triangle pattern with support near $46,000 on the hourly chart of the BTC\/USD pair. The pair even traded below the $45,000 and $44,450 levels. A low is formed near $43,748 and the price is currently consolidating losses.<\/p>\n<p>An initial resistance on the upside is near the $45,500 level. It is close to the 50% Fib retracement level recent decline from the $47,356 high to $43,748 low.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/02\/Bitcoin-9.png\"><\/p>\n<p>The next major resistance is near the $46,000 level (the recent breakdown zone). The 61.8% Fib retracement level recent decline from the $47,356 high to $43,748 low is also near the $46,000 level. A successful break above the $46,000 resistance level is likely to start a fresh increase in the near term.<\/p>\n<p>The next major resistance is near the $47,000 level. Any more gains could open the doors for a push towards the $48,000 level.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin fails to continue higher, it could correct further lower below the $44,000 level. The first major support is near the $43,750 level.<\/p>\n<p>The main support is now forming near the $43,000 level or the 100 hourly simple moving average. Any more losses below the $43,000 may possibly lead the price towards the $41,000 support level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is slowly losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels &ndash; $43,750, followed by $43,000.<\/p>\n<p>Major Resistance Levels &ndash; $45,500, $46,000 and $47,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-corrects-lower-44000\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction below<\/p>\n","protected":false},"author":3,"featured_media":112277,"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 - 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