• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • 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
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • 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
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Bitcoin

Bitcoin Takes a Bit Hit, But Price Action Suggests Limited Downsides

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

Bitcoin price started a downside correction from the $12,500 resistance against the US Dollar. BTC is currently trading below $12,000, but there are many key supports on the downside.

  • Bitcoin started a short-term downside correction and traded below the $12,000 support.
  • The price is likely to find a strong support near $11,800 or $11,550.
  • There is a major bullish trend line forming with support near $11,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might bounce back as long as it is above the $11,550 support level in the coming sessions.

Bitcoin Price Starts Corrective Wave

After a sharp upward move, bitcoin traded close to the $12,500 resistance against the US Dollar. BTC traded as high as $12,491 and recently started a downside correction.

There was a break below the $12,200 support level to start the recent correction. The price even broke the $12,000 support area and the 100 hourly simple moving average. However, the $11,800 level acted as a strong support.

There is also a major bullish trend line forming with support near $11,850 on the hourly chart of the BTC/USD pair. The pair is currently trading near the 23.6% Fib retracement level of the recent decline from the $12,491 high to $11,813 low.

Bitcoin Price

Bitcoin price trades below $12,000. Source: TradingView.com

On the upside, the $12,000 level is a short-term resistance along with the 100 hourly SMA. The next resistance is near the $12,100 level and a connecting bearish trend line on the same chart.

The main resistance is now near the $12,150 level or the 50% Fib retracement level of the recent decline from the $12,491 high to $11,813 low. A successful push above the trend line, $12,150, and $12,200 is must to start a fresh increase in the near term. In the mentioned case, the price might revisit the $12,500 resistance.

Downsides Limited in BTC?

If bitcoin struggles to start a fresh increase above $12,100 and $12,200, it could continue to move down. The first major support is near the $11,800 level.

The next major support is near the $11,650 and $11,550 levels, below which the price bulls are likely to lose control in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $11,800, followed by $11,650.

Major Resistance Levels – $12,100, $12,150 and $12,200.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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

Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

BNB Price Prediction: Risk of Sharp Drop Below $300

14 hours ago
Ethereum Price ETH

Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $1,920

14 hours ago
Bitcoin

Bitcoin Price Takes Hit – Upsides Turn Attractive To Sellers

15 hours ago
XRP

XRP Breaks 2-Year Trendline: Is A 500x Surge On The Horizon?

21 hours ago
Optimism (OP)

Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

1 day ago
Dogecoin

Dogecoin Price Prediction: Doge Breaking This Single Level Will Spark Fresh Rally

2 days ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    23 hours ago
  • Willing to buy new crypto: Here are the best 10...

    1 day ago
  • Best Crypto Meme Coin Presales in 2023

    1 day ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Lido DAO (LDO) Finally Launches V2 While Uwerx(WERX) Has...

    2 mins ago
  • MOOKY Price Prediction – the next Dogecoin (DOGE)?

    1 hour ago
  • The Graph (GRT) and InQubeta (QUBE) Are Two Crypto AI...

    1 hour ago
  • Steadfastness Under Scrutiny: Mooky (MOOKY) and ApeMax...

    2 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    2 hours 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

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • 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
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 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.