TA: Bitcoin Struggles Near $15.6K, How 100 SMA Could Trigger An Upside

Aayush Jindal

4 years ago

2 mins read

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Bitcoin price started a fresh increase from the $14,380 swing low against the US Dollar. BTC is back above the 100 hourly SMA, but it must surpass $15,600 for more upsides in the near term.

Bitcoin started a strong upward move after trading as low as $14,380.
The price climbed back above $15,200 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $15,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to clear the $15,600 resistance as long as it is above the 100 hourly SMA.

Bitcoin Price Holding Gains

After a strong downside correction, bitcoin price found support near the $14,400 level. BTC traded as low as $14,380 and started a steady upward move. It surpassed the $14,800 and $15,000 resistance levels.

More importantly, there was a break above a major bearish trend line with resistance near $15,300 on the hourly chart of the BTC/USD pair. The bulls were able to clear the 50% Fib retracement level of the downside correction from the $15,990 swing zone to $14,380 low.

The pair even settled above the $15,200 level and the 100 hourly simple moving average. Bitcoin price is now facing a strong resistance near the $15,600 level.

Source: BTCUSD on TradingView.com

The 76.4% Fib retracement level of the downside correction from the $15,990 swing zone to $14,380 low is also acting as a resistance. A clear break above the $15,600 resistance level is must for more upsides in the near term. The next major resistance is near the $15,800 level, above which it could revisit $15,950. Any further gains could lead the price above the $16,000 and $16,120 levels.

Dips Supported in BTC?

If bitcoin fails to clear the $15,600 resistance, there is a risk of a fresh decline. An initial support is near the $15,200 level and the 100 hourly simple moving average.

A downside break below the 100 hourly simple moving average and the $15,200 support zone could increase selling pressure on bitcoin. In the stated case, there is a risk of a drop towards the $14,800 and $14,750 support levels in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level.

Major Support Levels – $15,200, followed by $15,000.

Major Resistance Levels – $15,600, $15,800 and $16,000.

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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