HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Breaking This Single Level Will Spark a Pre-Halving Rally

Bitcoin 2020/04/29 05:28 by Aayush Jindal
Bitcoin is showing bullish signs above the $7,700 level against the US Dollar. BTC could start a strong pre-halving rally if it breaks the $8,000 resistance and the 100-day simple moving average. Bitcoin is following a positive path above the $7,500 pivot level against the US Dollar. The price is now facing a major hurdle near $8,000 and the 100-day simple moving average. There is a key bullish trend line forming with support at $7,200 on the daily chart of the BTC/USD pair (data feed from Kraken). The pair could either surge above the $8,000 resistance or retest the bullish trend line. Bitcoin Price is Approaching Key Hurdle After forming a major swing low, bitcoin started a steady rise above the $6,500 and $7,500 resistance levels against the US Dollar. BTC price even settled above the $7,500 pivot zone to move into a bullish zone. During the rise, it surpassed the 50% Fib retracement level of the main drop from the $10,497 high to $3,930 swing low. The current price action is positive above $7,500, but the bulls are clearly facing a major hurdle near the $8,000 level. The 100-day simple moving average is positioned near the $8,000 level to prevent an upside break. The 61.8% Fib retracement level of the main drop from the $10,497 high to $3,930 swing low is also close to $7,980 level. More importantly, there is a connecting resistance trend line forming at $8,000 on the daily chart of the BTC/USD pair. Therefore, a successful break above the $8,000 level and the 100-day simple moving average could open the doors for a pre-halving rally in the coming days. Bitcoin Price The next key resistance is near the $8,280 level, above which bitcoin bulls are likely to aim a test of the $9,000 and $9,200 levels in the medium term. Bearish Rejection If bitcoin price fails to surpass the $8,000 resistance and the 100-day SMA, there might be a bearish reaction. An initial support is near the $7,500 level. The main support is near the $7,200 level and a key bullish trend line forming with support at $7,200 on the same chart. A bearish break below the $7,200 level could spark a fresh bearish wave. In the mentioned bearish case, the price could dive towards the $6,000 level. Technical indicators: Daily MACD – The MACD is currently gaining momentum in the bullish zone. Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 55 level. Major Support Levels – $7,500 followed by $7,200. Major Resistance Levels – $8,000, $8,280 and $9,000.

1 Like(s)



You should also read...

Bitcoin 29/06/20 05:58 by Aayush Jindal
Bitcoin Is Recovering But $9,300 Could Trigger A Fresh Decline
Bitcoin is currently correcting higher from the $8,813 swing low against the US Dollar. BTC is trading above $9,000, but it is facing many hurdles near $9,200 and $9,300. Bitcoin started an upside co...
Read More
Bitcoin 02/07/20 05:58 by Aayush Jindal
Bitcoin Hesitates But Indicators Suggest BTC Could Surge Above $9,300
Bitcoin is slowly moving higher and it recently tested $9,300 against the US Dollar. BTC is now trading well above the 100 hourly SMA, and it is likely to surge above $9,300. Bitcoin is showing a few...
Read More
Bitcoin 05/07/20 06:28 by Aayush Jindal
Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Sharp Decline
Bitcoin is still holding the $9,000 support zone against the US Dollar. BTC is now approaching a crucial juncture and it could either rally above $9,200 or start a sharp decline below $9,000. Bitcoin...
Read More
Bitcoin 21/07/20 05:58 by Aayush Jindal
This Technical Pattern Suggests Bitcoin’s $9K Deadlock Could Be Over Soon
Bitcoin is trading above the $9,150 support against the US Dollar. BTC seems to be preparing for a major increase if it succeeds in clearing the $9,200 resistance zone. Bitcoin is still struggling to...
Read More
Bitcoin 27/10/20 05:08 by Aayush Jindal
TA: Bitcoin Rally Vulnerable If It Continues To Struggle Below $13.2K
Bitcoin price made another attempt to gain momentum above $13,200 against the US Dollar, but failed. BTC is likely to react to the downside if it continues to struggle near $13,200 and $13,300. Bitco...
Read More