TA: Bitcoin Corrects Lower, Why 100 SMA Is The Key For Fresh Increase


Bitcoin price started a downside correction below $46,000 against the US Dollar. BTC is now consolidating above the $43,800 support and the 100 hourly SMA.

  • Bitcoin failed to stay above the $47,000 level and corrected below $46,000.
  • The price is holding the $44,000 level and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle pattern with support near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a fresh increase if it stays above $43,000 and the 100 hourly SMA.

Bitcoin Price is Showing a Few Bearish Signs

After struggling to climb back above $47,000, bitcoin price started a downside correction. BTC traded below the $46,000 support level to move into a short-term bearish zone.

How To Get Free Crypto  

There was also a break below a key contracting triangle pattern with support near $46,000 on the hourly chart of the BTC/USD pair. The pair even traded below the $45,000 and $44,450 levels. A low is formed near $43,748 and the price is currently consolidating losses.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

An initial resistance on the upside is near the $45,500 level. It is close to the 50% Fib retracement level recent decline from the $47,356 high to $43,748 low.

The next major resistance is near the $46,000 level (the recent breakdown zone). The 61.8% Fib retracement level recent decline from the $47,356 high to $43,748 low is also near the $46,000 level. A successful break above the $46,000 resistance level is likely to start a fresh increase in the near term.

The next major resistance is near the $47,000 level. Any more gains could open the doors for a push towards the $48,000 level.

Coinbase Banner  

Dips Supported in BTC?

If bitcoin fails to continue higher, it could correct further lower below the $44,000 level. The first major support is near the $43,750 level.

The main support is now forming near the $43,000 level or the 100 hourly simple moving average. Any more losses below the $43,000 may possibly lead the price towards the $41,000 support level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

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

Major Support Levels – $43,750, followed by $43,000.

Major Resistance Levels – $45,500, $46,000 and $47,000.

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.