Bitcoin just saw a key technical fix, but 100 SMA could spark another rally
[ad_1]
Bitcoin was trading up to $ 9,950 and recently started a downward correction against the US dollar. The BTC price is expected to remain well above $ 9,000 and may continue to rise.
- Bitcoin is currently correcting less than the resistance levels of $ 9,950 and $ 10,000.
- The price is still trading well above the support of $ 9,200 and the simple moving average of 100 hours.
- There is a crucial bullish trend line forming with support close to $ 9,210 on the hourly chart of the BTC / USD pair (data from Kraken).
- The pair could correct a fall towards $ 9,200 and $ 9,000, but should recover.
Bitcoin correction revenue
The price of bitcoin has risen steadily above the resistance levels of $ 9,200 and $ 9,500 against the US dollar. The BTC price continued to rise above the $ 9,700 level and the 100-hour simple moving average.
It even traded near the $ 10,000 resistance (as discussed in yesterday's post). However, the bulls failed to gain ground for more profits above $ 9,950 and $ 10,000. A peak has formed near $ 9,950 and the price is currently correcting downward.
It traded below the $ 9,600 level, and the Fibonacci retracement level of 23.6% from the uptrend, from the lowest of $ 8,186 to the highest of $ 9,950. Bitcoin even reached levels below $ 9,400 and $ 9,300.
Related Downloads:
However, the bulls defended the $ 9,200 support area (the previous key resistance). A crucial uptrend line is also forming with support close to $ 9,210 per hour graphic of the BTC / USD pair.
Bitcoin price
If there is a bearish break below the trend line, the price could continue to slide towards the support zone of $ 9,070 as it is close to the simple moving average of 100 hours. The 50% retracement level of the upward movement from the lowest of $ 8,186 to the highest of $ 9,950 is also close to $ 9,070.
Once the current correction wave ends, the price should go up by $ 9,200 or $ 9,080 during the next sessions.
Bearish investment?
If bitcoin is below the trend line support and breaks the $ 9,070 support, it could be difficult to stay above the $ 9,000 support area.
A bearish break below the $ 9,000 support could possibly change the trend and the declines should indicate a further decline towards $ 8,400 or even $ 8,200 in the short term.
Technical indicators:
Hourly MACD: MACD is now gaining momentum in the bullish zone.
Hourly Relative Index (RSI): The RSI for BTC / USD is now well below the 50 level.
Main support levels: $ 9,200 followed by $ 9,070.
Main resistance levels: $ 9,600, $ 9,800 and $ 10,000.