HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Lacks Momentum Above 100 SMA: Here’s Why Bears Are Comfortable

Bitcoin 2020/04/14 05:38 by Aayush Jindal
Bitcoin is currently correcting higher from the $6,559 swing low against the US Dollar. BTC price is now testing the 100 hourly SMA and it is likely to struggle near $6,960-$7,000. Bitcoin is slowly recovering higher after trading as low as $6,559 against the US Dollar. The bulls were able to push the price above the $6,750 and $6,800 level. There is a major bearish trend line forming with resistance near $7,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to struggle near the 100 hourly simple moving average and $6,960. Bitcoin Facing Hurdles Yesterday, we saw a sharp decline in bitcoin price below the $6,800 level against the US Dollar. BTC price even traded below the $6,700 level and formed a new monthly low at $6,559. It is currently correcting higher and trading above the $6,800 level. There was a break above the 23.6% Fib retracement level of the key drop from the $7,220 swing high to $6,559 low. Bitcoin is now trading near a major resistance at $6,900 and the 100 hourly simple moving average. The 50% Fib retracement level of the key drop from the $7,220 swing high to $6,559 low is also acting as a strong resistance near the $6,888 level. If the bulls manage to surpass the 100 hourly SMA, the price is likely to face hurdles near the $6,950 and $7,000 levels. There is also a major bearish trend line forming with resistance near $7,100 on the hourly chart of the BTC/USD pair. Bitcoin Price Therefore, the price is clearly facing a lot of hurdles, starting with $6,900 and up to $7,100. To move into a positive zone, the bulls need to gain momentum above the $7,000 resistance and then settle above $7,100. The next key hurdle on the upside is near the $7,500 level. Fresh Decline? If bitcoin fails to continue above the $6,900 resistance or the 100 hourly SMA, it could start a fresh decline. On the downside, an initial support is near the $6,750 area. A successful break below the $6,700 support area could start a major decline. The next support is near the $6,560 level, below which the bears are likely to aim a test of the $6,200 support level in the near term. Technical indicators: Hourly MACD – The MACD is currently struggling to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level. Major Support Levels – $6,750 followed by $6,560. Major Resistance Levels – $6,900, $6,950 and $7,100.

1 Like(s)



You should also read...

Bitcoin 20/04/20 05:28 by Aayush Jindal
Bitcoin is Consolidating Above 100 SMA and Likely Gearing For Lift-off To $8K
Bitcoin gained traction and settled above the $7,000 resistance against the US Dollar. BTC price is consolidating gains above the 100 hourly SMA and likely to grind higher towards $7,500. Bitcoin is ...
Read More
Bitcoin 08/06/20 05:58 by Aayush Jindal
Bitcoin Rebounds Sharply: Here’s Why 100 SMA Could Trigger More Gains
Bitcoin is surging and it recently tested the $9,400 support area against the US Dollar. BTC price is likely to continue higher towards $10,000 as long as it is above the 100 hourly SMA. Bitcoin is s...
Read More
Bitcoin 22/06/20 05:58 by Aayush Jindal
3 Key Reasons Why Bitcoin Price Could Surge Above $9,500
Bitcoin is trading nicely above the $9,300 and $9,220 support levels against the US Dollar. BTC is likely to continue higher towards $9,500 and $9,800 as long as it is above $9,220. Bitcoin is formin...
Read More
Altcoins 22/06/20 07:28 by Aayush Jindal
Ripple (XRP) Lack of Bullish Momentum Could Derail Its Recovery To $0.20
Ripple is slowly correcting higher above the $0.1850 level against the US Dollar. However, XRP price must break the $0.1880 resistance and the 100 hourly SMA to start a strong upward move. Ripple is ...
Read More
Bitcoin 08/07/20 05:58 by Aayush Jindal
Technicals Suggest Bitcoin Likely To Target Fresh Monthly High Above $9,400
Bitcoin traded as high as $9,377 before starting a downside correction against the US Dollar. BTC is currently up holding the $9,200 support and it could continue to rise steadily. Bitcoin is trading...
Read More