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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Trading Near Crucial Juncture, Can 100 SMA Produce New Rally?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
bitcoin price bulls

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Bitcoin is down more than 5% from the $7,470 swing high against the US Dollar. BTC is now trading near a crucial support at $6,700 and the 100 SMA (H4).

  • Bitcoin started a fresh decline from the $7,470 monthly high and traded below $7,000.
  • There is a crucial support forming above $6,700 and the 100 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support at $7,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong rally if it stays above the $6,700 support and the 100 SMA (H4).

Bitcoin is Testing Crucial Support

This past week, bitcoin made a few attempts to surpass the $7,400 and $7,500 resistance levels against the US Dollar, but it failed. BTC price traded as high as $7,470 and recently started a fresh decline.

It broke the $7,200 support level to move into a bearish zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $6,617 low to $7,470 high.

More importantly, there was a break below a major bullish trend line with support at $7,200 on the 4-hours chart of the BTC/USD pair. Bitcoin price is now trading near a crucial support at $6,700 and the 100 simple moving average (4-hours).

Bitcoin Price
Bitcoin Price

It is also trading near the 76.4% Fib retracement level of the upward move from the $6,617 low to $7,470 high. If the price fails to stay above the $6,700 support and the 100 SMA (H4), there is a risk of more losses in the near term.

The next key support is near the $6,400 area since it is close to the 1.236 Fib extension level of the upward move from the $6,617 low to $7,470 high. Any further losses may perhaps lead the price towards the $6,080 support area in the near term.

Fresh Rally?

If bitcoin stays above the $6,700 support and the 100 SMA, it could start a fresh increase. An initial resistance on the upside is near the $6,950 and $7,000 levels.

The first major resistance is seen near the $7,100 level, above which the price is likely to gain strength. The next key resistance is near the $7,400 and $7,500 levels.

Technical indicators

4 hours MACD – The MACD for BTC/USD is about to move into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 40 level.

Major Support Level – $6,700

Major Resistance Level – $7,000

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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