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Home»Analysis»Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key
Analysis

Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

2022-06-27No Comments3 Mins Read
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Bitcoin is exhibiting constructive indicators above the $21,000 zone in opposition to the US Greenback. BTC would possibly begin a contemporary improve and will even clear the $21,750 resistance zone.

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

Bitcoin Value Stays Supported

Bitcoin value began a good improve above the $20,000 resistance zone. The value was in a position to 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. Nonetheless, the bears have been once more energetic 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 beneath the $21,500 stage. There was a break beneath the 23.6% Fib retracement stage of the upward transfer from the $19,750 swing low to $21,780 excessive.

Moreover, there was a break beneath 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.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The following key resistance is close to the $21,750 stage. A transparent transfer above the $21,750 stage would possibly begin a good improve. Within the acknowledged case, the worth may rise above the $22,200 stage. Any extra positive aspects may ship the worth in the direction of the $23,000 resistance zone.

See also  Crypto Billionaire Brian Armstrong Explains Why Coinbase Is Different From Rest of Industry Amid Surging Fear

Recent Decline in BTC?

If bitcoin fails to clear the $21,750 resistance zone, it may 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 beneath the $20,750 help may put plenty of stress on the bulls within the close to time period. Within the acknowledged case, the worth would possibly slide in the direction of the $20,000 stage.

Technical indicators:

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

Hourly RSI (Relative Power 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.

Source link

Bitcoin Dips Key Limited SMA
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