HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Bitcoin Struggles Below $57K, Here’s Why 100 SMA Holds The Key

Bitcoin 2021/04/21 05:08 by Aayush Jindal

Bitcoin price is holding the $55,000 support zone against the US Dollar. BTC must clear the $57,000 resistance and the 100 hourly SMA to move into a positive zone.

  • Bitcoin is somehow holding the $55,000 and $54,500 support levels.
  • The price is now facing a strong resistance near $57,500 and the 100 hourly simple moving average.
  • There was a break above a major declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase if there is a clear break above the $57,500 resistance zone.

Bitcoin Price is Facing Hurdles

Bitcoin remained below the main $57,500 resistance zone. BTC declined below the $55,000 support, but it found support near the $53,400 zone. A low was formed near $53,338 before the price started a fresh increase.

It broke the $54,500 and $55,000 resistance levels. There was also a break above a major declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair. The pair even climbed above $57,000, but it failed to clear the 100 hourly simple moving average.

A high is formed near $57,150 and the price is now correcting lower. It traded close to the 50% Fib retracement level of the upward move from the $53,338 low to $57,151 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, the price is facing a strong resistance near the $57,100 and $57,500 levels. The 100 hourly simple moving average is also near the $57,500 level to act as a hurdle. A successful break above the $57,500 resistance is must to start a strong increase in the coming sessions.

Dips Supported in BTC?

If bitcoin fails to clear the $57,000 and $57,500 resistance levels, it could correct lower. An immediate support on the downside is near the $55,200 level.

The first key support is near the $54,800 level. It is near the 61.8% Fib retracement level of the upward move from the $53,338 low to $57,151 high. Any more losses may possibly call for a retest of the $53,350 zone in the near term.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.

Major Support Levels – $55,200, followed by $54,800.

Major Resistance Levels – $56,500, $57,100 and $57,500.

0 Like(s)



You should also read...

Bitcoin 25/11/20 04:48 by Aayush Jindal
TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby
Bitcoin price broke to the upside and traded close to $19,500 against the US Dollar. BTC is currently correcting gains, but the previous resistance near $18,800 could provide support. Bitcoin traded ...
Read More
Bitcoin 29/01/21 04:28 by Aayush Jindal
TA: Bitcoin Price Turns Green, Why $35K Is Still A Major Barrier
Bitcoin price started a fresh increase above the $32,500 and $33,500 resistance levels against the US Dollar. BTC is showing positive signs, but $34,500 and $35,000 still presents a major resistance. ...
Read More
Bitcoin 02/03/21 04:18 by Aayush Jindal
TA: Bitcoin Revisits $50K, Why BTC Could Still Struggle Near $51K
Bitcoin price started a strong recovery from $53,000 against the US Dollar. BTC tested $50,000 and it could face a strong selling interest near $51K and $52K. Bitcoin started a decent upward move abo...
Read More
Bitcoin 27/04/21 04:58 by Aayush Jindal
TA: Bitcoin Price Breaks Hurdle, Here’s Why Bulls Could Aim $58K
Bitcoin price gained pace and it cleared the $53,000 resistance zone against the US Dollar. BTC is consolidating and it seems ready for more gains above $54,000. Bitcoin remained well bid and it was ...
Read More
Bitcoin 26/05/21 05:08 by Aayush Jindal
Bitcoin TA: Technical Breakout Suggests BTC Could Rally Above $40K
Bitcoin price is holding gains above the $38,000 pivot level against the US Dollar. BTC is signaling more gains above the $40,000 resistance zone in the near term. Bitcoin is showing positive signs a...
Read More