TA: Bitcoin Starts Recovery, Why Close above 100 SMA Is Important
05 August 2021 - 1:08PM
NEWSBTC
Bitcoin price started a fresh increase from the $37,500 support
against the US Dollar. BTC must clear the 100 hourly SMA and
$40,000 to move into a positive zone. Bitcoin started a decent
increase above the $38,000 and $38,500 resistance levels. The price
is now struggling near the $40,000 zone and the 100 hourly simple
moving average. There was a break above a major bearish trend line
with resistance near $38,250 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair must settle above the
$40,000 barrier to continue higher in the near term. Bitcoin Price
is Rising Bitcoin price extended its decline below the $38,200 and
$38,000 support levels. BTC tested the $37,500 zone, where the
bulls took a stand. A base was formed near $37,500 before the price
started a fresh increase. Earlier, there was a break above a major
bearish trend line with resistance near $38,250 on the hourly chart
of the BTC/USD pair. The pair climbed higher nicely above the
$38,000 and $38,500 resistance levels. Bitcoin broke the 23.6% Fib
retracement level of the main decline from the $42,630 swing high
to $37,533 low. It is now struggling near the $40,000 zone and the
100 hourly simple moving average. Source: BTCUSD on TradingView.com
The 50% Fib retracement level of the main decline from the $42,630
swing high to $37,533 low is also near the $40,000 zone. Therefore,
a close above the 100 hourly SMA and $40,000 might trigger a steady
increase. The next major resistance is near the $41,500 level. Any
more gains could set the pace for a move towards the $42,500
resistance zone in the near term. Fresh Decline in BTC? If bitcoin
fails to climb above the $40,000 and $40,200 resistance levels, it
could start a fresh downside correction. An initial support on the
downside is near the $39,000 level. The first major support is now
near the $38,750 zone. A clear downside break below the $38,750
support might call for a sharp decline. In the stated case, the
price might decline towards the $38,000 level. The next major
support is near the $37,500 zone. Technical indicators: Hourly MACD
– The MACD is slowly losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now well above
the 50 level. Major Support Levels – $38,750, followed by $38,000.
Major Resistance Levels – $40,000, $40,200 and $41,200.
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