TA: Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key
27 Giugno 2022 - 05:28AM
NEWSBTC
Bitcoin is showing positive signs above the $21,000 zone against
the US Dollar. BTC might start a fresh increase and could even
clear the $21,750 resistance zone. Bitcoin remains well supported
above the $21,000 and $20,500 levels. The price is now above the
$20,800 level and the 100 hourly simple moving average. There was a
break below a key bullish trend line with support near $21,300 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could gain bullish momentum if it stays above $20,500 and the
100 hourly SMA. Bitcoin Price Remains Supported Bitcoin price
started a decent increase above the $20,000 resistance zone. The
price was able to clear the $20,500 level to move into a positive
zone. There was a steady move above the $21,000 level and the 100
hourly simple moving average. However, the bears were again active
near the $21,700 and $21,750 levels. A high was formed near $21,780
and the price started a downside correction. Bitcoin traded below
the $21,500 level. There was a break below the 23.6% Fib
retracement level of the upward move from the $19,750 swing low to
$21,780 high. Besides, there was a break below a key bullish trend
line with support near $21,300 on the hourly chart of the BTC/USD
pair. It is now consolidating above the $21,000 level and the 100
hourly simple moving average. An immediate resistance on the upside
is near the $21,250 level. Source: BTCUSD on TradingView.com The
next key resistance is near the $21,750 level. A clear move above
the $21,750 level might start a decent increase. In the stated
case, the price could rise above the $22,200 level. Any more gains
could send the price towards the $23,000 resistance zone. Fresh
Decline in BTC? If bitcoin fails to clear the $21,750 resistance
zone, it could start another decline. An immediate support on the
downside is near the $21,000 level and the 100 hourly SMA. The
first major support is near the $20,750 level. It is near the 50%
Fib retracement level of the upward move from the $19,750 swing low
to $21,780 high. A downside break below the $20,750 support could
put a lot of pressure on the bulls in the near term. In the stated
case, the price might slide towards the $20,000 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 now just below the 50 level. Major Support Levels –
$21,000, followed by $20,750. Major Resistance Levels – $21,250,
$21,750 and $23,000.
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