Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Analysis

100 SMA Holds The Key For Next Bitcoin Rally Above $12K: Here’s Why

NewsBTC by NewsBTC
August 13, 2020
in Analysis, Bitcoin, btcusd, BTCUSDT, xbtusd
0
100 SMA Holds The Key For Next Bitcoin Rally Above $12K: Here’s Why
0
SHARES
1
VIEWS

Bitcoin found support near $11,120 and started an upward move against the US Dollar. However, BTC must break $11,650 and the 100 hourly SMA to start a fresh rally.

  • Bitcoin is slowly recovering from the $11,150 and $11,200 support levels.
  • The price is facing a couple of hurdles near the $11,600 and $11,650 levels.
  • There is a major bearish trend line forming with resistance near $11,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $11,650 resistance and the 100 hourly simple moving average to start a fresh rally.

Bitcoin Price is Facing Hurdles

Recently, we saw a sharp decline in bitcoin price below the $11,500 support level against the US Dollar. BTC even traded below the $11,200 support level and settled below the 100 hourly simple moving average.

A swing low was formed near $11,130 and the price started a slowly and steady recovery wave. It recovered above the $11,200 and $11,400 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $12,084 high to $11,130 low.

Bitcoin price even climbed above the $11,500 pivot level, but it is facing a strong resistance near $11,650. There is also a major bearish trend line forming with resistance near $11,620 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin price trades above $11,200. Source: TradingView.com

The trend line is close to the 100 hourly SMA, which is preventing an upside break above the $11,650 level. The price is also struggling to close above the 50% Fib retracement level of the recent decline from the $12,084 high to $11,130 low.

If there is a successful break above the trend line, the 100 hourly SMA, and $11,650, the price is likely to start a strong rally. The next resistance is near the $11,800 level, above which the bulls are likely to aim more upsides above the $12,000 and $12,050 levels.

Fresh Decline in BTC?

If bitcoin fails to clear the trend line, the 100 hourly SMA, and $11,650, then there are chances of a fresh decline. An initial support is seen near the $11,400 level.

The main support is now near the $11,120 level, below which there is a risk of a sharp decline below the $11,000 support. In the mentioned case, the price could even test $10,500 (as discussed in yesterday’s analysis using the daily chart).

Technical indicators:

Hourly MACD – The MACD is about to move into the bearish zone.

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

Major Support Levels – $11,400, followed by $11,120.

Major Resistance Levels – $11,650, $11,800 and $12,000.

0
0

Related posts:

No related posts.

Previous Post

Ethereum Transaction Fees Are Going Parabolic as DeFi Continues Ascent

Next Post

Chainlink (LINK) Soars 30% To New ATH, Dethrones Bitcoin Cash Spot

NewsBTC

NewsBTC

Next Post
Chainlink (LINK) Soars 30% To New ATH, Dethrones Bitcoin Cash Spot

Chainlink (LINK) Soars 30% To New ATH, Dethrones Bitcoin Cash Spot

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In