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TA: Why Bitcoin Price Could Correct Sharply If It Breaks 100 SMA

Aayush Jindal by Aayush Jindal
3 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price attempted an upside break above the $19,500 resistance against the US Dollar, but failed. BTC could decline sharply if there is a clear break below the 100 hourly SMA.

  • Bitcoin is currently struggling to clear the key $19,500 resistance level.
  • The price is likely to continue lower below $19,150 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate lower if there is a clear break below $19,150 and the 100 hourly SMA.

Bitcoin Price is Showing Bearish Signs

There was a fresh increase in bitcoin price above $19,250 and $19,400. BTC made another attempt to clear the $19,500 resistance, but it failed to gain bullish momentum.

A high was formed near $19,586 and the price is currently trading above the 100 hourly simple moving average. There was a break below the $19,400 level. The price even traded below the 23.6% Fib retracement level of the recent increase from the $18,851 low to $19,586 high.

Bitcoin is now trading near the $19,300 level. An initial support is near the $19,220 level. There is also a key bullish trend line forming with support near $19,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent increase from the $18,851 low to $19,586 high. The next key support is near the 100 hourly simple moving average at $19,120. If there is a downside break below the trend line support, the 100 hourly SMA, and $19,000, the price could start a significant downside correction. The next major support could be $18,500.

Upside Break in BTC?

If bitcoin manages to stay above the trend line support and the 100 hourly simple moving average, it could rise above $19,400. The main resistance is near the $19,500 level.

The price must gain bullish momentum above the $19,500 level and the recent higher. A proper close above the $19,500 level could lead the price towards the main $20,000 barrier.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

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

Major Support Levels – $19,200, followed by $19,150.

Major Resistance Levels – $19,400, $19,500 and $19,800.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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