[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Bitcoin Price Reclaims $20K, Why 100 SMA Is The Key To More Upsides

0

Bitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing a strong resistance near the 100 hourly SMA.

  • Bitcoin started a minor upside correction and climbed above the $20,000 resistance.
  • The price is now trading below the $20,500 level and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $20,400 zone and the 100 hourly SMA to continue higher.

Bitcoin Price Faces Hurdles

Bitcoin price found support near the $19,525 zone and started a minor upside correction. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.

There was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low.

However, the price is now facing a major resistance near the $20,400 zone and the 100 hourly simple moving average. The bulls made a couple of attempts to clear the 100 hourly simple moving average but failed.

Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level and the 100 hourly SMA. The next major resistance sits near the $20,700 level.

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low is also near the $20,700 level to act as a resistance. Any more gains might send the price towards the $21,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $20,400 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.

The next major support sits near the $19,850 level. A break below the $19,850 support might push the price further lower. In the stated case, the price might decline towards the $19,525 low in the coming sessions.

Technical indicators:

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

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

Major Support Levels – $19,850, followed by $19,500.

Major Resistance Levels – $20,400, $20,700 and $21,000.

Leave A Reply

Your email address will not be published.