sexta-feira, novembro 22, 2024
HomeMarketBitcoin Dips Could Be Limited, Why 100 SMA Is The Key

Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key


Bitcoin is displaying constructive indicators above the $21,000 zone in opposition to the US Dollar. BTC may begin a recent improve and will even clear the $21,750 resistance zone.

  • Bitcoin stays effectively supported above the $21,000 and $20,500 ranges.
  • The value is now above the $20,800 degree and the 100 hourly easy shifting common.
  • There was a break under a key bullish pattern line with assist close to $21,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might achieve bullish momentum if it stays above $20,500 and the 100 hourly SMA.

Bitcoin Price Remains Supported

Bitcoin value began a decent increase above the $20,000 resistance zone. The value was in a position to clear the $20,500 degree to maneuver right into a constructive zone.

There was a gentle transfer above the $21,000 degree and the 100 hourly simple moving average. However, the bears have been once more lively close to the $21,700 and $21,750 ranges. A excessive was shaped close to $21,780 and the value began a draw back correction.

Bitcoin traded under the $21,500 degree. There was a break under the 23.6% Fib retracement degree of the upward transfer from the $19,750 swing low to $21,780 excessive.

Besides, there was a break under a key bullish pattern line with assist close to $21,300 on the hourly chart of the BTC/USD pair. It is now consolidating above the $21,000 degree and the 100 hourly easy shifting common. An fast resistance on the upside is close to the $21,250 degree.

Bitcoin Price

Source: BTCUSD on TradingView.com

The subsequent key resistance is close to the $21,750 degree. A transparent transfer above the $21,750 degree may begin a good improve. In the acknowledged case, the value might rise above the $22,200 degree. Any extra positive factors might ship the value in the direction of the $23,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $21,750 resistance zone, it might begin one other decline. An fast assist on the draw back is close to the $21,000 degree and the 100 hourly SMA.

The first main assist is close to the $20,750 degree. It is close to the 50% Fib retracement degree of the upward transfer from the $19,750 swing low to $21,780 excessive. A draw back break under the $20,750 assist might put quite a lot of stress on the bulls within the close to time period. In the acknowledged case, the value may slide in the direction of the $20,000 degree.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now slightly below the 50 degree.

Major Support Levels – $21,000, adopted by $20,750.

Major Resistance Levels – $21,250, $21,750 and $23,000.



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