• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Above 100 SMA Could Spark A Fresh Run Towards $6,000

Aayush Jindal by Aayush Jindal
12 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
bitcoin
Advertisement

Bitcoin is currently rising and showing positive signs from the $4,350 swing low against the US Dollar. BTC price is likely to accelerate higher towards $6,000 if it settles above the 100 hourly SMA.

  • Bitcoin is recovering nicely from the $4,350 and $4,500 support levels against the US Dollar.
  • It is back above the $5,000 level and it is trading with a bullish angle.
  • There is a major bearish trend line forming with resistance near $5,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher towards the $6,000 resistance if it settles above $5,350.

Bitcoin Could Continue Higher

Yesterday, we saw a strong double top formation for bitcoin near the $6,000 resistance against the US Dollar. BTC price remained in a bearish zone and declined below the $5,200 and $5,000 support levels.

The price even broke the neckline support and settled below the 100 hourly simple moving average. Finally, the price spiked below the $4,500 support and traded as low as $4,354.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It is currently correcting higher and trading above the $5,000 resistance. There was a break above the 50% Fib retracement level of the recent decline from the $5,986 high to $4,354 low.

The current price action is positive, but bitcoin seems to be facing hurdles near the $5,300 area and the 100 hourly SMA. More importantly, there is a major bearish trend line forming with resistance near $5,350 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

The 61.8% Fib retracement level of the recent decline from the $5,986 high to $4,354 low is also acting as a resistance. If there is a successful close above the $5,350 resistance and the 100 hourly SMA, the price is likely to continue higher.

An initial resistance is near the $5,600 resistance, above which the price is likely to accelerate higher towards the $5,980 and $6,000 resistance levels. Any further gains is likely to set the stage for a test of the main $6,500 resistance area.

Yet Another Failure?

If bitcoin fails to continue above the $5,350 resistance and the 100 hourly SMA, it is likely to resume its decline. An initial support is near the $5,050 and $5,000 levels.

A clear break below the $5,000 support level could put a lot of pressure on the bulls. In the mentioned case, the price may perhaps continue lower towards $4,500.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently dipping from 60, but it is above the 50 level.

Major Support Levels – $5,000 followed by $4,500.

Major Resistance Levels – $5,350, $5,600 and $6,000.

Tags: bitcoinbtc
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

4 hours ago
Polkadot (DOT)

Charted: Polkadot (DOT) Steadies Above $35, Why Bulls Aim $40 or Higher

10 hours ago
Ethereum

TA: Ethereum Lacks Momentum Above $1,550, Why Dips Likely To Be Limited

12 hours ago
Bitcoin

TA: Bitcoin Holding Gains, Why BTC Could Surge Above $50K

14 hours ago
bitcoin bear trap dollar dxy btc

Bitcoin Shakes Off Dollar Rebound But Beware Of Coming Bear Phase

16 hours ago
ethereum showtime alt season

Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum

21 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

First-Ever Public Tron-based Smart Contract

March 3, 2021

ECOMI to List OMI Tokens with BitMax

March 3, 2021

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.