Cryptocurrency
TA: Bitcoin Trades Near Crucial Juncture, Why 100 SMA Is The Key
TA: Bitcoin Trades Near Crucial Juncture, Why 100 SMA Is The Key: As reported on NewsBTC, “Bitcoin price is facing a strong resistance near $15,500 and $15,600 against the US Dollar. BTC could clear the $15,500 resistance unless there is a clear break below the 100 hourly SMA. Bitcoin is facing a strong barrier near […]
TA: Bitcoin Trades Near Crucial Juncture, Why 100 SMA Is The Key:
As reported on NewsBTC, “Bitcoin price is facing a strong resistance near $15,500 and $15,600 against the US Dollar. BTC could clear the $15,500 resistance unless there is a clear break below the 100 hourly SMA.
- Bitcoin is facing a strong barrier near the $15,500 and $15,600 resistance levels.
- The price is currently holding the $15,200 support and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $15,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either rally above the $15,500 resistance or it might decline heavily below the 100 hourly SMA.
Bitcoin Price is Stuck Below $15,500
After forming a decent support near $15,000, bitcoin price attempted another increase. BTC broke the $15,200 pivot level to avoid more losses and it settled above the 100 hourly simple moving average.
There was a break above the 50% Fib retracement level of the downward move from the $15,850 high to $14,815 swing low. The price even climbed above the $15,400 level, but it seems like the bulls are facing an uphill task near the $15,500 level…”