Bitcoin Price Consolidates, Why 100 SMA Could Start A Decent Recovery

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Bitcoin value remained steady above the $16,000 assist zone. BTC might begin a good restoration wave if there’s a clear transfer above the 100 hourly SMA.

  • Bitcoin remained properly bid above the $16,000 and $15,800 assist ranges.
  • The worth is buying and selling beneath $17,000 and the 100 hourly easy transferring common.
  • There’s a main bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a restoration wave if it clears the $17,000 resistance zone.

Bitcoin Worth Faces Hurdles

Bitcoin price reacted to the downside once again after it did not clear the $17,200 zone. BTC declined beneath the $17,000 and $16,500 ranges. It even spiked beneath the $16,200 stage.

Nonetheless, the bulls had been energetic above the $16,000 assist zone. A low was fashioned close to $16,164 and the worth began a sluggish enhance. There was a transfer above the $16,400 and $16,500 ranges. The worth cleared the 50% Fib retracement stage of the latest decline from the $17,149 swing excessive to $16,154 low.

Bitcoin value is now buying and selling beneath $17,000 and the 100 hourly simple moving average. It’s testing the 61.8% Fib retracement stage of the latest decline from the $17,149 swing excessive to $16,154 low.

On the upside, a right away resistance is close to the $16,800 stage. There may be additionally a significant bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly easy transferring common. A transparent transfer above the $17,000 resistance may push the worth additional greater.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to $17,200, above which the worth might check the $17,750 zone. Any extra good points may ship the worth in direction of the $18,000 resistance zone.

Recent Decline in BTC?

If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it might proceed to maneuver down. A direct assist on the draw back is close to the $16,400 stage.

The subsequent main assist is close to the $16,150 zone. A transparent transfer beneath the $16,150 assist may push the worth additional decrease. On this case, the worth might maybe decline in direction of the $15,550 assist zone.

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 above the 50 stage.

Main Assist Ranges – $16,150, adopted by $15,550.

Main Resistance Ranges – $16,800, $17,000 and $17,500.



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