• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin

Bitcoin Just Saw Key Technical Correction But This Level Can Trigger Fresh Increase

Aayush Jindal by Aayush Jindal
3 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin started a downside correction after it was rejected near $9,500 against the US Dollar. BTC is now trading near the main $9,200 support and it could either start a fresh increase or dive to $9,000.

  • Bitcoin is correcting lower and approaching the $9,200 and $9,180 support levels.
  • The price is currently trading below the $9,280 pivot level and the 100 hourly simple moving average.
  • There was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $9,180-$9,200 support area to start a fresh increase.

Bitcoin Price Testing Key Support

After a decent upward move, bitcoin faced a strong resistance near $9,480 and $9,500 against the US Dollar. BTC traded as high as $9,480 and recently started a downside correction.

There was a break below the $9,400 and $9,300 levels. The price even broke the $9,280 pivot level and the 100 hourly simple moving average. There was also a break below the 23.6% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

More importantly, there was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC/USD pair. The pair is now trading near the $9,200 and $9,180 support levels.

Bitcoin Price

Bitcoin price testing $9,200: Source: TradingView.com

The 50% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high is also acting as a strong support. It seems like the price is trading near a major inflection zone at $9,180. If it stays above the $9,180 support, it could start a fresh increase in the coming sessions.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

On the upside, an initial resistance is near the $9,280 level and the 100 hourly SMA. A successful close above the $9,280 level might open the doors for a push towards the $9,400 and $9,500 levels.

Bearish Break in BTC

Conversely, there is a risk of a bearish break below the $9,200 and $9,180 support levels. If bitcoin closes below the $9,180 level, it could continue to move down.

The next major support is near the $9,000 level, where the bulls are likely to appear. Any further losses might lead the price towards the $8,800 level.

Technical indicators:

Hourly MACD – The MACD is about to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 40 level.

Major Support Levels – $9,180, followed by $9,000.

Major Resistance Levels – $9,280, $9,400 and $9,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

Bitcoin Volatility Ahead? Open Interest Registers Sharp Jump

9 hours ago
bitcoin mining difficulty adjustment

Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment

10 hours ago
Bitcoin U.S. institutional investors

U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

3 days ago
XRP Whales Accumulate Almost 60.2 Million Tokens, Is A Bull Run Coming?

XRP Whales Accumulate Massive Tokens – Is A Bull Run Coming?

4 days ago
Bitcoin BTC

This Is How The Bitcoin Price Will Be Affected By Macro: Charles Edwards

5 days ago
Bitcoin Bull

CryptoQuant’s Bitcoin PnL Index Forms Bullish Crossover

5 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

“Gold has been the best performing investment asset over the last two decades”: an interview with Easygold

January 30, 2023

The Crypto Dream Team: Binance Coin (BNB), Polygon (MATIC) and Orbeon Protocol (ORBN)

January 30, 2023

Polygon (MATIC) and Fantom (FTM) Are Losing Favor With Investors As They Turn To Snowfall Protocol (SNW) For 1000x Potential Gains!

January 30, 2023

Tezos (XTZ) shares its 12th protocol upgrade, Twitch Co-Founder’s Gaming NFT Marketplace Expands to Polygon (MATIC) Network while Snowfall Protocol (SNW) Breaks Record Highs

January 30, 2023

Snowfall Protocol Investors Happy After the Release of Snowfall DEX, Twitch Co-Founder’s Solana Gaming Platform Fractal Expands to Polygon, And Majority of Dogecoin Holders Are in Profits Despite the Meme Coin Being Down 87% From Its 2021 ATH

January 30, 2023

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.

Links

Crypto Prices from Nomics

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

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 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.