ta:-why-bitcoin-price-could-correct-sharply-if-it-breaks-100-sma

TA: Why Bitcoin Price Could Correct Sharply If It Breaks 100 SMA

Bitcoin tag attempted an upside break above the $19,500 resistance against the US Greenback, but failed. BTC might maybe well well decline sharply if there might be a clear break below the 100 hourly SMA.

  • Bitcoin is currently struggling to certain essentially the most predominant $19,500 resistance level.
  • The worth is seemingly to proceed decrease below $19,150 and the 100 hourly straight forward shifting common.
  • There might be a key bullish vogue line forming with support almost about $19,200 on the hourly chart of the BTC/USD pair (files feed from Kraken).
  • The pair is seemingly to speed decrease if there might be a clear break below $19,150 and the 100 hourly SMA.

Bitcoin Tag is Exhibiting Bearish Signs

There used to be a unusual amplify in bitcoin tag above $19,250 and $19,400. BTC made one other are attempting to certain the $19,500 resistance, but it failed to variety bullish momentum.

A excessive used to be fashioned almost about $19,586 and the worth is currently buying and selling above the 100 hourly straight forward shifting common. There used to be a break below the $19,400 level. The worth even traded below the 23.6% Fib retracement level of essentially the most modern amplify from the $18,851 low to $19,586 excessive.

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Bitcoin is now buying and selling almost about the $19,300 level. An initial support is nearly about the $19,220 level. There is additionally a key bullish vogue line forming with support almost about $19,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The vogue line is nearly about the 50% Fib retracement level of essentially the most modern amplify from the $18,851 low to $19,586 excessive. The next key support is nearly about the 100 hourly straight forward shifting common at $19,120. If there might be a downside break below the vogue line support, the 100 hourly SMA, and $19,000, the worth might maybe well well commence a predominant downside correction. The next predominant support might maybe well well be $18,500.

Upside Destroy in BTC?

If bitcoin manages to close above the vogue line support and the 100 hourly straight forward shifting common, it might maybe well well upward push above $19,400. The predominant resistance is nearly about the $19,500 level.

The worth must variety bullish momentum above the $19,500 level and essentially the most modern elevated. A staunch variety close above the $19,500 level might maybe well additionally lead the worth towards the predominant $20,000 barrier.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently staunch below the 50 level.

Main Increase Ranges – $19,200, adopted by $19,150.

Main Resistance Ranges – $19,400, $19,500 and $19,800.

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