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Tag: SMA

  • Bitcoin Regains Strength, Why 100 SMA Is The Key For More Upsides

    Bitcoin Regains Strength, Why 100 SMA Is The Key For More Upsides

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    Bitcoin started a fresh increase above $58,000 against the US Dollar. BTC traded close to $60,000 and is currently correcting gains.

    • Bitcoin started a fresh increase above the $58,000 and $58,500 levels.
    • The price is now trading above $58,000 and the 100 hourly simple moving average.
    • There was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair must remain above $57,500 and the 100 hourly SMA to start another increase.

    Bitcoin Price is Back above 100 SMA

    Bitcoin price was stable above the $57,000 level. BTC started a fresh increase and was able to clear the $58,000 resistance zone. There was also a break above the $58,500 level and the 100 hourly simple moving average.

    However, there was no test of the $60,000 resistance zone. A high was formed near $59,400 and the price is now correcting gains. There was a break below the $58,500 support level.

    Besides, there was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high.

    An immediate support is near the $58,200 level. The first major support is now forming near the $57,650 level. It is close to the 50% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The next major support is near the $57,500 level and the 100 hourly SMA, below which the price could resume its decline towards the main breakdown support at $55,500.

    Fresh Increase In BTC?

    If bitcoin stays above the $57,500 support and the 100 hourly SMA, it could start a fresh increase. On the upside, an initial resistance is near the $59,000 level.

    The next key resistance is near the $59,500 level. A close above the $59,000 and $59,500 levels may possibly push the price above $60,000. The next major resistance sits near the $61,200 level.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining towards the 50 level.

    Major Support Levels – $57,650, followed by $57,500.

    Major Resistance Levels – $59,000, $59,500 and $60,000.

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  • Bitcoin Starts Recovery, Why Close above 100 SMA Is Important

    Bitcoin Starts Recovery, Why Close above 100 SMA Is Important

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    Bitcoin price started a fresh increase from the $37,500 support against the US Dollar. BTC must clear the 100 hourly SMA and $40,000 to move into a positive zone.

    • Bitcoin started a decent increase above the $38,000 and $38,500 resistance levels.
    • The price is now struggling near the $40,000 zone and the 100 hourly simple moving average.
    • There was a break above a major bearish trend line with resistance near $38,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair must settle above the $40,000 barrier to continue higher in the near term.

    Bitcoin Price is Rising

    Bitcoin price extended its decline below the $38,200 and $38,000 support levels. BTC tested the $37,500 zone, where the bulls took a stand.

    A base was formed near $37,500 before the price started a fresh increase. Earlier, there was a break above a major bearish trend line with resistance near $38,250 on the hourly chart of the BTC/USD pair. The pair climbed higher nicely above the $38,000 and $38,500 resistance levels.

    Bitcoin broke the 23.6% Fib retracement level of the main decline from the $42,630 swing high to $37,533 low. It is now struggling near the $40,000 zone and the 100 hourly simple moving average.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The 50% Fib retracement level of the main decline from the $42,630 swing high to $37,533 low is also near the $40,000 zone. Therefore, a close above the 100 hourly SMA and $40,000 might trigger a steady increase. The next major resistance is near the $41,500 level. Any more gains could set the pace for a move towards the $42,500 resistance zone in the near term.

    Fresh Decline in BTC?

    If bitcoin fails to climb above the $40,000 and $40,200 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $39,000 level.

    The first major support is now near the $38,750 zone. A clear downside break below the $38,750 support might call for a sharp decline. In the stated case, the price might decline towards the $38,000 level. The next major support is near the $37,500 zone.

    Technical indicators:

    Hourly MACD – The MACD is slowly losing pace in the bullish zone.

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

    Major Support Levels – $38,750, followed by $38,000.

    Major Resistance Levels – $40,000, $40,200 and $41,200.

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