TA: Bitcoin Still Struggling Near $38K, Here’s Why 100 SMA Is The Key


Bitcoin worth made one other try and clear the $38,000 resistance towards the US Dollar, but it surely failed. BTC is correcting decrease, but it surely would possibly discover bids close to the 100 hourly SMA.

  • Bitcoin continues to be going through a robust resistance close to the $38,000 zone.
  • The worth is at present buying and selling effectively above $36,500 and the 100 hourly easy shifting common.
  • There is a connecting bullish development line forming with help close to $36,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair should keep above $36,000 and the 100 hourly SMA to stay in a constructive zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin began a good improve above the $36,500 resistance zone. BTC even broke the $37,000 resistance degree and settled effectively above the 100 hourly simple moving average.

The bulls made one other necessary try and surpass the $38,000 barrier. However, they failed to achieve energy and a brand new weekly excessive was shaped close to the $38,200 degree. The worth is now correcting decrease and it’s buying and selling beneath the $37,800 degree.

There was a break beneath the 23.6% Fib retracement degree of the latest wave from the $35,928 swing low to $38,200 excessive. An instant help on the draw back is close to the $37,000 degree.

Source: BTCUSD on TradingView.com

The 50% Fib retracement degree of the latest wave from the $35,928 swing low to $38,200 excessive can also be close to the $37,000 zone to behave as a help. There can also be a connecting bullish development line forming with help close to $36,400 on the hourly chart of the BTC/USD pair.

On the upside, a right away resistance is close to the $37,600 degree. The first main resistance is close to the $37,850 degree. The important barrier continues to be close to the $38,000 zone. A transparent break above the $38,000 zone is required for a push in direction of the $40,000 degree.

Downside Break in BTC?

If bitcoin fails to clear the $38,000 resistance, it might appropriate decrease. An preliminary help on the draw back is close to the $37,000 degree.

The first main help is close to the $36,500 degree and the 100 hourly easy shifting common. If there’s a draw back break beneath the $36,500 help after which the development line, the worth might begin a serious decline within the close to time period.

Technical indicators:

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

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

Major Support Levels – $36,500, adopted by $36,000.

Major Resistance Levels – $37,800, $38,000 and $40,000.



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