{"id":141555,"date":"2021-10-13T04:29:44","date_gmt":"2021-10-13T04:29:44","guid":{"rendered":"https:\/\/precoinnews.com\/?p=141555"},"modified":"2021-10-13T04:29:44","modified_gmt":"2021-10-13T04:29:44","slug":"ta-bitcoin-corrects-lower-why-this-indicator-holds-the-key","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-corrects-lower-why-this-indicator-holds-the-key\/","title":{"rendered":"TA: Bitcoin Corrects Lower, Why This Indicator Holds The Key"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Bitcoin corrected lower below the $57,000 pivot level.<\/li>\n<li>The price is now trading above $56,000 and the 100 hourly simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair could start a fresh increase if it clears the $57,000 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains Supported<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/10\/Bitcoin-8.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>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.<\/p>\n<h2>Dips Supported In BTC?<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $56,000, followed by $55,900.<\/p>\n<p>Major Resistance Levels \u2013 $56,350, $57,000 and $58,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-corrects-lower-57k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a downside correction from the<\/p>\n","protected":false},"author":3,"featured_media":141554,"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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