Bitcoin Price Watch: BTC Remains Sell Until It Breaks 100 SMA

Aayush Jindal

Last Updated: June 11, 2024 12:57 pm

2 mins read

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Bitcoin price is slowly recovering and it is currently trading above the $3,750 support against the US Dollar.
There was a break above a short term contracting triangle with resistance at $3,795 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to struggle near the $3,860 resistance and the 100 hourly simple moving average.
Buyers could gain traction only if there is a close above $3,900 and the 100 hourly SMA in the near term.

Bitcoin price formed a decent support and recovered above $3,780 against the US Dollar. However, BTC remain a sell as long as it is trading below the key $3,860 and $3,900 resistance levels.

Bitcoin Price Analysis

After a major decline below the $4,000 support, bitcoin price found support near $3,625 against the US Dollar. The BTC/USD pair started an upside correction and traded above the $3,700 and $3,750 resistance levels. There was a push above the 23.6% Fib retracement level of the last downside move from the $4,188 high to $3,625 low. It opened the doors for a larger recovery above the $3,800 level. However, the price struggled to break the key $3,860 resistance and later the price started consolidating gains.

To the downside, the $3,750 level acted as a decent support. The price formed a support base and later moved above $3,780. Recently, there was a break above a short term contracting triangle with resistance at $3,795 on the hourly chart of the BTC/USD pair. The pair is slowly moving higher and it seems like it could retest the key $3,860 resistance level. However, the main resistance is near the $3,880 level and the 100 hourly simple moving average. Above the 100 hourly SMA, the price could test the $3,900 pivot level.

Finally, the 50% Fib retracement level of the last downside move from the $4,188 high to $3,625 low is just above $3,900. Therefore, it seems like there are many resistances formed near the $3,860, $3,880 and $3,900 levels. To start a decent upward move, a close above the $3,880 level and the 100 hourly SMA is very important.

Looking at the chart, bitcoin price may perhaps continue to struggle as long as it is below $3,900. On the downside, the main support is at $3,750, below which there is a risk of more losses. The next key support is at $3,720 and $3,700.

Technical indicators

Hourly MACD – The MACD is currently flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD managed to move above the 50 level, with a few positive signs.

Major Support Level – $3,750 followed by $3,720.

Major Resistance Level – $3,860, $3,880 and 3,900.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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