Bitcoin Price Corrects Sharply But This Support Might Spark Another Increase

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,679,776,817	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,679,776,817

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000891	-0.73%	0.121421	0.12141	0.121437

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000891

-0.73%

0.121421

0.12141

0.121437

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122312	0.120987	0.122312	0.122312	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.122312

0.120987

0.122312

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	10:23:55	1,224.76	0.121421	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

10:23:55

1,224.76

0.121421

USD

Price x Volume	Volume	Base Symbol	Related Pairs
27,764.97	228,833.53	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

27,764.97

228,833.53

Bitcoin Price Corrects Sharply But This Support Might Spark Another Increase

15/03/2023 3:22am

NEWSBTC

Bitcoin price rallied and even spiked above the $26,000 resistance. BTC corrected lower, but the bulls are active above the $24,000 support zone. Bitcoin started a strong increase above the $24,500 resistance zone. The price is trading above $24,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $24,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $24,000 support zone. Bitcoin Price Rejects $26.5K Bitcoin price started a strong increase above the $24,000 resistance zone. BTC even surpassed the $25,000 resistance to move further into a positive zone. Finally, the price spiked above the $26,000 and $26,200 resistance levels. A high was formed near $26,526 before there was a sharp downside correction. The price declined heavily below the $26,000 and $25,500 levels. It traded close to the $24,000 support zone. A low is formed near $24,051 and the price is now rising. Bitcoin price is trading above $24,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $24,750 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $25,300 level. It is near the 50% Fib retracement level of the recent decline from the $26,526 swing high to $24,051 low. Source: BTCUSD on TradingView.com The next major resistance is near the $25,600 zone. It is near the 61.8% Fib retracement level of the recent decline from the $26,526 swing high to $24,051 low. A close above the $25,600 resistance might start a fresh increase towards the $26,000 resistance. The next key resistance is near the $26,500 zone, above which the price might gain bullish momentum and test $27,500. Dips Limited in BTC? If bitcoin price fails to clear the $25,300 resistance, it could start another decline. An immediate support on the downside is near the $24,750 zone and the trend line. The next major support is near the $24,000 zone, below which the price gain bearish momentum. The next major support is near the $23,200 level. Any more losses might send the price towards the $22,500 level and the 100 hourly simple moving average. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $24,750, followed by $24,000. Major Resistance Levels – $25,300, $25,600 and $26,200.

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