Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key

2019-12-24 09:00

Bitcoin price failed to extend gains above $7,700 and declined more than $400 against the US Dollar. The price is now trading below $7,400 and it declined close to the $7,260 support area. Earlier, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $7,120 support to avoid a bearish reversal in the near term.

Bitcoin price is back to the key $7,200 support area against the US Dollar. BTC is now facing a lot of hurdles near the $7,400 and $7,500 levels.

Bitcoin Price Analysis

Yesterday, we saw a strong rise in bitcoin price above the $7,500 resistance against the US Dollar. Moreover, the price spiked above the $7,600 level and the 100 hourly simple moving average.

However, the bulls struggled to gain traction above the $7,680 and $7,700 levels. There were two attempts to pierce the $7,700 resistance, but the bears succeeded in defending more upsides.

As a result, there was a fresh decline below the $7,500 support and the $7,400 pivot. Besides, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is down more than $400 and it even traded below the $7,320 support. Finally, it traded close to the $7,260 support and a low is formed near $7,267.

BTC surpassed a few key hurdles near $7,300 and $7,400 to start a strong upward move. It seems like the $7,200 support area is very important along with the 100 hourly simple moving average.

On the upside, an initial resistance is near the $7,360 level. It is close to the 23.6% Fib retracement level of the recent decline from the $7,686 high to $7,267 low.

However, the first major resistance is near the $7,480 and $7,500 levels. Additionally, the 50% Fib retracement level of the recent decline from the $7,686 high to $7,267 low is at $7,477.

Therefore, bitcoin must surpass the $7,400 and $7,500 resistance levels to revisit the main $7,700 resistance area. On the downside, the $7,260 and $7,200 levels hold the key. The next major support is near $7,120, below which the price could start a sharp decline.

Bitcoin Price

Looking at the chart, bitcoin price is under pressure below $7,400 and $7,500. Having said that, the bulls are likely to bounce back as long as the price is above $7,120.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is slowly moving higher towards 40.

Major Support Levels – $7,260 followed by $7,120.

Major Resistance Levels – $7,360, $7,480 and $7,500.

The post Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Lendroid Support Token (LST) на Currencies.ru

$ 0.00049 (+0.76%)
Объем 24H $0
Изменеия 24h: 5.17 %, 7d: -58.34 %
Cегодня L: $0.00049 - H: $0.00049
Капитализация $0 Rank 3554
Цена в час новости $ 0.000429 (14.22%)

bitcoin declined price trading near support below

bitcoin declined → Результатов: 126


Фото:

Bitcoin Price Analysis: BTC Bulls Need to Break Key 50MA Resistance

After a steep decline in price action, Bitcoin finally finds some short-term relief from the bearish pressure that has seen price levels drop from $9,600 to $7,600 within a few days. Bitcoin 4-Hour Price Analysis On the 4 hour XBT/USD chart, we can see that price levels have rapidly declined resulting in Bitcoin dropping $2,000 within the space of a few days.

2019-10-1 19:53


Bitcoin Price Stumbles 8% in 5-Day Slide as Traders' Fears Rise

By CCN Markets: The bitcoin price has declined by more than 8 percent in the past week from $10.950 to $10,030 across major exchanges like Bitstamp and Coinbase. The bitcoin price tried to test the $10,900 to $11,000 range that has acted as a strong resistance but the increasing sell pressure led to another pullback […] The post Bitcoin Price Stumbles 8% in 5-Day Slide as Traders' Fears Rise appeared first on CCN Markets

2019-8-26 18:56