Changelly

Cryptocurrency

Bitcoin Near Make-or-Break Levels, Why 100 SMA Is The Key

1 Mins read


Bitcoin started a recovery wave above the $38,400 resistance against the US Dollar. BTC must clear $39,600 to move into a positive zone.

  • Bitcoin managed to stay above $37,650 and started an upside correction.
  • The price is now trading near $39,200 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $39,600 resistance to start a decent increase in the near term.

Bitcoin Price Recovers Ground

Bitcoin price formed a base above the $38,000 and started a recovery wave. BTC broke the $38,400 and $38,500 resistance levels.

There was a move above the 50% Fib retracement level of the key drop from the $40,775 swing high to $37,672 low. Bitcoin even climbed above the $39,500 level, but it faced sellers near the $39,600 level. It is now trading near $39,200 and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $39,600 level.

The 61.8% Fib retracement level of the key drop from the $40,775 swing high to $37,672 low is also near the $39,600 level. The next key resistance could be near the $40,000 zone. A close above the $39,600 level and the 100 hourly simple moving average could open the doors for a decent increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the stated case, the price could even surpass the $40,000 resistance. The next major resistance may perhaps be near the $40,770 zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $39,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $39,250 level.

The next major support is seen near the trend line and $39,200. A close below the $39,200 support zone might start another decline. In the stated case, the price might drop to $38,400.

Technical indicators:

Hourly MACD – The MACD is slowly 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 – $39,200, followed by $38,400.

Major Resistance Levels – $39,600, $40,000 and $40,770.



Source link

Related posts
Cryptocurrency

Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

2 Mins read
Over the past nine days, Bitcoin’s (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12…
Cryptocurrency

TAG Heuer Now Accepts Online Bitcoin As Payment

1 Mins read
TAG Heuer, a luxury watchmaker from Switzerland, is now accepting bitcoin and other cryptocurrencies as payment online. TAG partnered with BitPay to…
Cryptocurrency

Building a more open financial system: How Coinbase detects bad actors | by Coinbase | May, 2022

3 Mins read
By Paul Grewal, Chief Legal Officer Tl;dr: At Coinbase, we take our responsibility to build a more open, accessible financial system very…

Leave a Reply

Your email address will not be published. Required fields are marked *