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 Greenback. BTC may begin a recent improve and will even clear the $21,750 resistance zone.

  • Bitcoin stays properly supported above the $21,000 and $20,500 ranges.
  • The worth is now above the $20,800 stage and the 100 hourly easy transferring common.
  • There was a break under a key bullish development line with help close to $21,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might achieve bullish momentum if it stays above $20,500 and the 100 hourly SMA.

Bitcoin Worth Stays Supported

Bitcoin worth began an honest improve above the $20,000 resistance zone. The worth was capable of clear the $20,500 stage to maneuver right into a constructive zone.

There was a gradual transfer above the $21,000 stage and the 100 hourly easy transferring common. Nevertheless, the bears had been once more lively close to the $21,700 and $21,750 ranges. A excessive was shaped close to $21,780 and the worth began a draw back correction.

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

In addition to, there was a break under a key bullish development line with help close to $21,300 on the hourly chart of the BTC/USD pair. It’s now consolidating above the $21,000 stage and the 100 hourly easy transferring common. A direct resistance on the upside is close to the $21,250 stage.

Supply: BTCUSD on TradingView.com

The following key resistance is close to the $21,750 stage. A transparent transfer above the $21,750 stage may begin an honest improve. Within the acknowledged case, the worth might rise above the $22,200 stage. Any extra features might ship the worth in direction of the $23,000 resistance zone.

Contemporary Decline in BTC?

If bitcoin fails to clear the $21,750 resistance zone, it might begin one other decline. A direct help on the draw back is close to the $21,000 stage and the 100 hourly SMA.

The primary main help is close to the $20,750 stage. It’s close to the 50% Fib retracement stage of the upward transfer from the $19,750 swing low to $21,780 excessive. A draw back break under the $20,750 help might put a number of strain on the bulls within the close to time period. Within the acknowledged case, the worth may slide in direction of the $20,000 stage.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now just under the 50 stage.

Main Help Ranges – $21,000, adopted by $20,750.

Main Resistance Ranges – $21,250, $21,750 and $23,000.

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