Bitcoin Attempts Fresh Increase, Why 100 SMA Is The Key

Bitcoin value discovered help close to $47,150 and began a recent enhance towards the US Dollar. BTC should settle above the 100 hourly SMA to proceed larger.

  • Bitcoin prolonged its decline and examined the $47,200 help zone.
  • The value is now buying and selling close to $48,800 and the 100 hourly easy shifting common.
  • There was a break above a key bearish development line with resistance close to $48,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may lengthen its enhance if there’s a clear break above $49,200 and the 100 hourly SMA.

Bitcoin Price Regains Strength

Bitcoin value began a gradual decline under the $48,000 help. BTC even prolonged its decline under $47,500, however the bulls had been lively close to $47,200.

A low was fashioned close to $47,165 and the worth began a recent enhance. It broke the $48,000 and $48,500 resistance ranges. There was a break above the 50% Fib retracement degree of the downward transfer from the $50,520 swing excessive to $47,165 low.

Besides, there was a break above a key bearish development line with resistance close to $48,850 on the hourly chart of the BTC/USD pair. The pair even examined the $49,200 resistance zone.

Bitcoin is now buying and selling close to $48,800 and the 100 hourly easy shifting common. The first main resistance is close to the $49,200 degree. It is near the 61.8% Fib retracement degree of the downward transfer from the $50,520 swing excessive to $47,165 low.

Source: BTCUSD on TradingView.com

A transparent break above the $49,200 resistance and an in depth above the 100 hourly SMA may open the doorways for a gradual enhance. The subsequent main cease for the bulls may very well be $50,000.

Fresh Decline in BTC?

If bitcoin fails to climb above the $49,200 resistance, it may begin a recent enhance. On the draw back, a right away help is close to the $48,500 degree.

The first key help is close to the $48,000 degree. If there’s a draw back break under the $48,000 degree, the worth may proceed to maneuver down. The subsequent main help is close to the $47,200 degree. Any extra losses may open the doorways for a transfer in direction of the $46,500 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is dropping tempo within the bullish zone.

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

Major Support Levels – $48,500, adopted by $48,000.

Major Resistance Levels – $49,000, $49,200 and $50,000.

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About the Author: Daniel