Bitcoin Flirts With Key Resistance Here’s Why 100 SMA Could Spark New

138 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

vikramfinavker
Published
Bitcoin is consolidating above the $9,100 level against the US Dollar. BTC could start a strong increase towards $9,500 as long as it is above the 100 hourly SMA. In the past few sessions, bitcoin remained well bid above the $9,000 support against the US Dollar. BTC also settled above the $9,100 level and the 100 hourly simple moving average. However, the bulls are facing a few important hurdles near $9,200, $9,300 and $9,320. The recent high was formed near $9,225 before the price starting a downside correction. It broke the 23.6% Fib retracement level of the upward move from the $8,813 low to $9,225 swing high. The decline was limited below the $9,100 level and the 100 hourly simple moving average. It seems like there is a crucial contracting triangle forming with resistance near $9,160 on the hourly chart of the BTC/USD pair. If there is an upside break above the triangle resistance, the price could start a decent increase. An immediate resistance could be the $9,225 swing high. The main resistance is still near $9,300. A proper close above the $9,300 and $9,320 resistance levels will most likely open the doors for a larger upward move in the coming sessions. The next crucial resistance is near the $9,500 and $9,550 levels. On the downside, the triangle support is at $9,100 and the 100 hourly simple moving average. If bitcoin breaks the 100 SMA, the bears are likely to gain momentum. The next support is near the $9,000 level or the 50% Fib retracement level of the upward move from the $8,813 low to $9,225 swing high. A downside break below the $9,000 support may perhaps push the price towards the $8,800 support level. Technical indicators:Hourly MACD – The MACD is struggling to gain momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is attempting a break above the 50 level. Major Support Levels – $9,100, followed by $9,000. Major Resistance Levels – $9,160, $9,225 and $9,300.


All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/07/01/bitcoin-100-sma-could-spark-rally/


#level #huobiglobal #grayscalebitcointrust #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
Category
Crypto Trading
Tags
Be the first to comment