• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
technical analysis bitcoin
Sensei Inu Logo

Bitcoin Price Watch: BTC Could Correct Lower Before Fresh Upside

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price traded above the $3,900 resistance and later corrected lower against the US Dollar.
  • There is a short term contracting triangle formed with support at $3,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could extend the current correction towards the $3,580 support before a fresh upward move.

Bitcoin price traded further above $3,900 before correcting lower against the US Dollar. BTC might test the $3,580 support where buyers are likely to emerge.

Bitcoin Price Analysis

Yesterday, we discussed the chances of an upward move towards $4,000 in bitcoin price against the US Dollar. The BTC/USD pair did move higher and broke the $3,750, $3,800 and $3,900 resistance levels. However, there was no complete test of the $4,000 resistance and a high was formed at $3,922. Later, there was a downside correction and the price declined below $3,900 and $3,800. There was also a break below the 23.6% Fib retracement level of the recent wave from the $3,442 low to $3,922 high.

However, the decline was protected by the $3,650 level. Besides, the 50% Fib retracement level of the recent wave from the $3,442 low to $3,922 high is also protecting losses. More importantly, there is a short term contracting triangle formed with support at $3,680 on the hourly chart of the BTC/USD pair. Therefore, it seems like the price is approaching the next break either above $3,750 or below $3,680. If there is a downside break, the price may extend correction towards the key $3,580 support. On the other hand, a break above $3,750 and $3,800 might start a fresh upward move.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price could extend the current correction towards $3,580, which is a major support. As long as there is no break below $3,580, the price is likely to climb higher again.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD moved into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI recently moved below the 50 level.

Major Support Level – $3,600

Major Resistance Level – $3,800

Tags: bitcoinbtc
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

XRP

Crypto CEO Very Bullish On XRP Price, Sets Make Or Break Point

19 hours ago
Chainlink LINK price

LINK Price Primed For Meteoric Rise: Analyst Predicts 130% Rally To $18

1 day ago
MATIC

MATIC Price Downtrend Halted As Google Cloud Joins Polygon Network

2 days ago
MATIC price whales

MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

2 days ago
MakerDAO

MakerDAO Secures $6 Billion For Treasury Bill Investments As MKR Dominates 2023

2 days ago
XRP price

Important Events That Could Have A Massive Impact On XRP Price

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Investing in Trading 212: Is the Risk Worth the Reward?

    1 day ago
  • Bitcoin Spark: Cross-Chain with Polygon, BSC, and Cosmos

    2 days ago
  • Explosive Surge: Curve DAO and Everlodge on a Wild Pumping...

    2 days ago
  • The DeFi Big Three: Solana (SOL), Chainlink (LINK), and...

    2 days ago
  • Plus 500 Reviews Get Moderate Risk Rating From Trading...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.