Bitcoin Price Gains Strength: 100 SMA Crucial for Sustained Gains
07 August 2024 - 12:41PM
NEWSBTC
Bitcoin price started a recovery wave above the $55,000 resistance.
BTC must clear the 100 hourly SMA to continue higher in the near
term. Bitcoin started a recovery wave above the $53,500 and $55,500
levels. The price is trading below $58,000 and the 100 hourly
Simple moving average. There is a contracting triangle forming with
resistance at $57,500 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair might struggle to clear the $58,000
resistance zone. Bitcoin Price Gains Over 85 Bitcoin price formed a
base and started a recovery wave above the $52,500 resistance zone.
BTC was able to clear the $53,500 and $55,500 resistance levels.
There was a move above the 61.8% Fib retracement level of the
downward wave from the $61,040 swing high to the $49,110 swing low.
The bulls even managed to push the price above the $56,500
resistance zone. However, the bears might remain active near
$58,000. Bitcoin price is still trading below $58,000 and the 100
hourly Simple moving average. On the upside, the price could face
resistance near the $57,500 level. There is also a contracting
triangle forming with resistance at $57,500 on the hourly chart of
the BTC/USD pair. The first key resistance is near the $58,250
level or the 76.4% Fib retracement level of the downward wave from
the $61,040 swing high to the $49,110 swing low. A clear move above
the $58,250 resistance might send the price further higher in the
coming sessions. The next key resistance could be $59,200. The next
major hurdle sits at $60,000. A close above the $60,000 resistance
might spark bullish moves. In the stated case, the price could rise
and test the $62,000 resistance. Another Drop In BTC? If Bitcoin
fails to recover above the $58,250 resistance zone, it could start
another decline. Immediate support on the downside is near the
$56,000 level. The first major support is $55,000. The next support
is now near $53,500. Any more losses might send the price toward
the $52,000 support zone in the near term. Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
above the 50 level. Major Support Levels – $56,000, followed by
$55,000. Major Resistance Levels – $57,500, and $58,250.
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