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

Bitcoin worth tried an upside break above the $19,500 resistance in opposition to the US Dollar, however failed. BTC may decline sharply if there’s a clear break under the 100 hourly SMA.

  • Bitcoin is presently struggling to clear the important thing $19,500 resistance degree.
  • The worth is more likely to proceed decrease under $19,150 and the 100 hourly easy transferring common.
  • There is a key bullish development line forming with assist close to $19,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is more likely to speed up decrease if there’s a clear break under $19,150 and the 100 hourly SMA.

Bitcoin Price is Showing Bearish Signs

There was a recent enhance in bitcoin worth above $19,250 and $19,400. BTC made one other try and clear the $19,500 resistance, nevertheless it failed to achieve bullish momentum.

A excessive was fashioned close to $19,586 and the worth is presently buying and selling above the 100 hourly easy transferring common. There was a break under the $19,400 degree. The worth even traded under the 23.6% Fib retracement degree of the latest enhance from the $18,851 low to $19,586 excessive.

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Bitcoin is now buying and selling close to the $19,300 degree. An preliminary assist is close to the $19,220 degree. There can also be a key bullish development line forming with assist close to $19,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The development line is near the 50% Fib retracement degree of the latest enhance from the $18,851 low to $19,586 excessive. The subsequent key assist is close to the 100 hourly easy transferring common at $19,120. If there’s a draw back break under the development line assist, the 100 hourly SMA, and $19,000, the worth may begin a major draw back correction. The subsequent main assist might be $18,500.

Upside Break in BTC?

If bitcoin manages to remain above the development line assist and the 100 hourly easy transferring common, it may rise above $19,400. The primary resistance is close to the $19,500 degree.

The worth should achieve bullish momentum above the $19,500 degree and the latest larger. A correct shut above the $19,500 degree could lead on the worth in the direction of the principle $20,000 barrier.

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Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently just under the 50 degree.

Major Support Levels – $19,200, adopted by $19,150.

Major Resistance Levels – $19,400, $19,500 and $19,800.

EditorialTeam

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