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Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally

Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally

Bitcoin traded as excessive as $9,950 and just lately began a draw back correction in opposition to the US Dollar. BTC worth is more likely to stays effectively supported above $9,000 and it might proceed greater.

Bitcoin is at present correcting decrease from the $9,950 and $10,000 resistance ranges.
The worth continues to be buying and selling effectively above the $9,200 assist and the 100 hourly easy transferring common.
There is an important bullish development line forming with assist close to $9,210 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair might appropriate decrease in direction of $9,200 and $9,000, however it’s more likely to bounce again.

Bitcoin Correcting Gains
There was a gradual rise in bitcoin worth above the $9,200 and $9,500 resistance ranges in opposition to the US Dollar. BTC worth prolonged its rise above the $9,700 stage and the 100 hourly easy transferring common.
It even traded near the $10,000 resistance (as mentioned in yesterday’s put up). However, the bulls failed to realize power for extra positive factors above $9,950 and $10,000. A excessive was fashioned close to $9,950 and the worth is at present correcting decrease.
It traded under the $9,600 stage, and the 23.6% Fib retracement stage of the upward transfer from the $8,186 swing low to $9,950 excessive. Bitcoin even spiked under the $9,400 and $9,300 ranges.
However, the bulls defended the $9,200 assist zone (the earlier key resistance). There can also be a vital bullish development line forming with assist close to $9,210 on the hourly chart of the BTC/USD pair.
Bitcoin Price
If there’s a draw back break under the development line, the worth might proceed to maneuver down in direction of the $9,070 assist zone since it’s near the 100 hourly easy transferring common. The 50% Fib retracement stage of the upward transfer from the $8,186 swing low to $9,950 excessive can also be close to $9,070.
Once the present correction wave is full, the worth is more likely to bounce again from $9,200 or $9,080 within the coming periods.
Bearish Reversal?
If bitcoin settles under the development line assist and breaks the $9,070 assist, it’d battle to remain above the $9,000 assist zone.
A draw back break under the $9,000 assist could presumably change the development and the bears are more likely to goal a bigger decline in direction of $8,400 and even $8,200 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now effectively under the 50 stage.
Major Support Levels – $9,200 adopted by $9,070.
Major Resistance Levels – $9,600, $9,800 and $10,000.

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