Bitcoin Price Attempts Recovery, Why 100 SMA Is The Key

Bitcoin saw an uptrend from its $18,223 US Dollar level. BTC rose above $19,000 but now faces resistance close to the 100-hourly SMA.

  • Bitcoin trading at $18,223 was the lowest before its upside correction.
  • The current price of the stock is trading at $20,000, with the simple moving average for 100 hours.
  • On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $19,650 (data feed Kraken).
  • For the pair to move higher towards $20,500 they must break the trend line or the 100 hourly SMA.

The Bitcoin price recovers above $19,000

Bitcoin’s price suffered further losses when it dropped below $19,000 BTC fell below the $18,500 level and trade as low as $18,223.

The $18,000 level was not tested and prices began an upward correction. It was steady above $18,500, $18,800 and $28,800. Price was able surpass the 50% Fib Retracement level for the downmove from $20,198 swing high and $18,223 low.

Bitcoin’s price spiked even above the $19,000.500 resistance level. The bears were still active at the $19600 level, and 100-hourly simple moving average.

A key bearish trendline is also in place with resistance close to $19650, as shown on the hourly BTC/USD chart. This trend line lies close to the 76.4% Fib Retracement level for the downmove from the $18,223 high to the low of $20,198.

Bitcoin Price

Source: BTCUSD at TradingView.com

Surprisingly, a resistance level is located near $19600 and the trendline. Next is the $20,000 resistance zone. The $20,500 zone could be reached if the market gains more. If the bulls are still active, it could reach $21,200.

BTC – A New Decline

Bitcoin could begin a new decline if it fails to rise above $19,600 resistance. Support for the downside lies near the $19,000.

Near the $18,850 support level is the next significant support. Clear moves below the $18,850- $18,800 levels could lead to a movement towards the $18,223 or new lows.

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 above the 50 level.

Major Support Levels – $19,200, followed by $18,850.

Major Resistance Levels – $19,600, $19,650 and $20,500.

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