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    Bitcoin Trims Gains, Why 100 SMA Could Trigger Fresh Increase


    Bitcoin struggled above the $21,500 resistance zone towards the US Dollar. BTC is trimming positive aspects and would possibly discover assist close to the 100 hourly SMA.

    • Bitcoin climbed above the $21,500 stage earlier than it confronted sellers.
    • The value is now above the $20,000 stage and the 100 hourly easy shifting common.
    • There was a break beneath a key bullish pattern line with assist close to $21,175 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might discover bids close to the $20,000 zone or the 100 hourly easy shifting common.

    Bitcoin Price Dips

    Bitcoin value began an upside correction above the $20,000 resistance zone. There was a good restoration wave above the $20,200 and $20,500 ranges.

    The value climbed the 61.8% Fib retracement stage of the important thing draw back from the $22,950 excessive to $17,600 low. Finally, there was a transfer above the $21,000 resistance zone and the value settled above the 100 hourly simple moving average.

    However, the bears had been lively above the $21,500 stage. A excessive was shaped close to the $21,698 and the value began a draw back correction.

    There was a break beneath the 23.6% Fib retracement stage of the upward transfer from the $17,600 swing low to $21,698 excessive. Besides, there was a break beneath a key bullish pattern line with assist close to $21,175 on the hourly chart of the BTC/USD pair.

    The value is now buying and selling beneath $21,000. An rapid resistance on the upside is close to the $20,550 stage. The first main resistance is close to the $21,000 and $21,220 ranges.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    A transparent transfer above the $21,220 stage would possibly name for a transfer to $21,700. Any extra positive aspects would possibly ship the value in the direction of the $22,200 stage within the coming classes.

    More Losses in BTC?

    If bitcoin fails to clear the $21,220 resistance zone, it might proceed to maneuver down. An rapid assist on the draw back is close to the $20,000 stage and the 100 hourly SMA.

    The subsequent main assist is close to the $19,650 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $17,600 swing low to $21,698 excessive. A draw back break beneath the $19,650 assist might restart downtrend within the close to time period.

    Technical indicators:

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

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

    Major Support Levels – $20,000, adopted by $19,650.

    Major Resistance Levels – $20,500, $21,220 and $21,700.



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