Monday, May 16, 2022

TA: Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

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Bitcoin value corrected decrease and examined $59,500 towards the US Dollar. BTC is recovering losses, however upsides could be capped above $63,250 within the close to time period.

  • Bitcoin declined beneath the $63,200 and $62,000 help ranges.
  • The value is now buying and selling beneath $62,000 and the 100 hourly easy shifting common.
  • There was a break above a key bearish development line with resistance close to $61,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a gradual improve if there’s a shut above the 100 hourly SMA after which $63,250.

Bitcoin Price Faces Resistance

Bitcoin value traded to a brand new all-time excessive close to $66,982 earlier than beginning a downside correction. BTC corrected decrease beneath the $65,000 and $63,250 help ranges.

There was additionally a break beneath the $62,000 help zone and the 100 hourly simple moving average. Finally, the worth spiked beneath $60,000, however the bulls have been lively above the $59,500 degree. A low is fashioned close to $59,610 and the worth is now consolidating losses.

There was a restoration wave above the $60,500 and $61,000 ranges. Bitcoin surpassed the 23.6% Fib retracement degree of the downward transfer from the $66,982 swing excessive to $59,610 low.

There was additionally a break above a key bearish development line with resistance close to $61,000 on the hourly chart of the BTC/USD pair. The pair is now going through resistance close to the $62,000 degree and the 100 hourly SMA. A transparent break above the $62,000 resistance may open the doorways for a contemporary improve.

Source: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $63,250 degree. It is close to the 50% Fib retracement degree of the downward transfer from the $66,982 swing excessive to $59,610 low.

Any extra beneficial properties might probably name open the doorways for a transfer in the direction of the $64,000 degree. The subsequent main resistance sits close to the $65,000 degree.

More Losses In BTC?

If bitcoin fails to clear the $63,250 resistance zone, it may prolong its draw back correction. An instant help on the draw back is close to the $61,200 degree.

The first main help is now forming close to the $60,000 degree. A break beneath the $60,000 help might probably push the worth in the direction of the $58,000 help zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.

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

Major Support Levels – $61,200, adopted by $60,000.

Major Resistance Levels – $62,000, $62,500 and $63,250.



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