Bitcoin Bulls Take Break, What Could Trigger A Downside Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,298,815,825,437	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,298,815,825,437

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-275.54	-0.41%	66,138.99	66,129.04	66,133.59

Price Change

Price Change %

Current Price

Bid Price

Offer

-275.54

-0.41%

66,138.99

66,129.04

66,133.59

High Price	Low Price	Open Price	Prev. Close	52 Week Range
67,077.97	65,801.12	66,560.41	66,410.56	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

67,077.97

65,801.12

66,560.41

66,410.56

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:48:20	0.000045	66,133.59	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:48:20

0.000045

66,133.59

USD

Price x Volume	Volume	Base Symbol	Related Pairs
380,703,812.66	5,726.47	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

380,703,812.66

5,726.47

Bitcoin Bulls Take Break, What Could Trigger A Downside Correction

21/03/2023 2:54am

NEWSBTC

Bitcoin price attempted a fresh increase above the $28,000 resistance zone. BTC struggled and is currently consolidating gains below $28,000. Bitcoin is facing a few hurdles above the $28,000 resistance. The price is trading above $27,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a downside correction if there is a break below $27,200. Bitcoin Price Consolidates Gains Bitcoin price remained well supported above the $26,000 zone. BTC made a couple of attempts to clear the $28,000 and $28,400 resistance levels. However, the bears were active near the $28,500 level. A high is formed near $28,590 and the price is currently consolidating gains. There was a move below the $28,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $23,912 swing low to $28,590 high. Bitcoin price is now trading above $27,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $28,200 level. The next major resistance is near the $28,500 zone or the recent high. A clear break above the $28,500 resistance might start another steady increase. In the stated case, the price could rise towards the $29,500 level. The next key resistance is near the $30,000 barrier, where the bears might take a stand. Downside Break in BTC? If bitcoin price fails to clear the $28,500 resistance, it could start a downside correction. An immediate support on the downside is near the $27,700 zone and the trend line. The next major support is near the trend line and $27,200 and the 100 hourly simple moving average. Any more losses might send the price towards the 50% Fib retracement level of the upward wave from the $23,912 swing low to $28,590 high at $26,250. The next major support is near the $25,700 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $27,700, followed by $27,200. Major Resistance Levels – $28,200, $28,500 and $30,000.

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