TA: Bitcoin Price Below 100 SMA Could Spark Bearish Reaction
16 August 2022 - 12:28PM
NEWSBTC
Bitcoin is slowly moving lower below $24,500 against the US Dollar.
BTC could drop in the short-term if it stays below the 100 hourly
SMA. Bitcoin started a downside correction after it failed to
settle above $25,000. The price is now trading below the $24,500
level and the 100 hourly simple moving average. There was a break
below a key bullish trend line with support near $24,300 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could extend losses below the $23,780 and $23,500 support levels in
the short-term. Bitcoin Price Breaks Support Bitcoin price
attempted another increase above the $24,500 resistance zone. BTC
was able to jump above the $25,000 resistance level and traded to a
new monthly high. However, the price failed to stay above the
$25,000 level. A high was formed near $25,200 and the price started
a downside correction. There was a move below the $24,800 and
$24,500 levels. Besides, there was a break below a key bullish
trend line with support near $24,300 on the hourly chart of the
BTC/USD pair. Bitcoin price is now trading below the $24,500 level
and the 100 hourly simple moving average. A low is formed near
$23,789 and the price is now consolidating losses. There was a
minor move above the 23.6% Fib retracement level of the recent
decline from the $25,200 swing high to $24,789 low. On the upside,
an immediate resistance is near the $24,300 level and the 100
hourly simple moving average. Source: BTCUSD on TradingView.com The
next key resistance is near the $24,500 zone. It is near the 50%
Fib retracement level of the recent decline from the $25,200 swing
high to $24,789 low. A close above the $24,500 resistance zone
could start another increase. In the stated case, the price may
perhaps climb above the $25,000 resistance. Any more gains might
send the price towards the $25,800 level. Dips Limited in BTC? If
bitcoin fails to clear the $24,500 resistance zone, it could
continue to move down. An immediate support on the downside is near
the $23,780 level. The next major support now sits near the $23,500
level. A downside break and close below the $23,500 level might
spark a sharp decline. In the stated case, the price might drop
towards the $22,750 level. Technical indicators: Hourly MACD – The
MACD is now losing pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now just below the 50
level. Major Support Levels – $23,780, followed by $23,500. Major
Resistance Levels – $24,300, $24,500 and $25,000.
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