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Home Cryptocurrency news Bitcoin

Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally

Aayush Jindal by Aayush Jindal
10 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
Bitcoin
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Bitcoin traded as high as $9,950 and recently started a downside correction against the US Dollar. BTC price is likely to remains well supported above $9,000 and it could continue higher.

  • Bitcoin is currently correcting lower from the $9,950 and $10,000 resistance levels.
  • The price is still trading well above the $9,200 support and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $9,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower towards $9,200 and $9,000, but it is likely to bounce back.

Bitcoin Correcting Gains

There was a steady rise in bitcoin price above the $9,200 and $9,500 resistance levels against the US Dollar. BTC price extended its rise above the $9,700 level and the 100 hourly simple moving average.

It even traded close to the $10,000 resistance (as discussed in yesterday’s post). However, the bulls failed to gain strength for more gains above $9,950 and $10,000. A high was formed near $9,950 and the price is currently correcting lower.

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It traded below the $9,600 level, and the 23.6% Fib retracement level of the upward move from the $8,186 swing low to $9,950 high. Bitcoin even spiked below the $9,400 and $9,300 levels.

However, the bulls defended the $9,200 support zone (the previous key resistance). There is also a crucial bullish trend line forming with support near $9,210 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

If there is a downside break below the trend line, the price could continue to move down towards the $9,070 support zone since it is close to the 100 hourly simple moving average. The 50% Fib retracement level of the upward move from the $8,186 swing low to $9,950 high is also near $9,070.

Once the current correction wave is complete, the price is likely to bounce back from $9,200 or $9,080 in the coming sessions.

Bearish Reversal?

If bitcoin settles below the trend line support and breaks the $9,070 support, it might struggle to stay above the $9,000 support zone.

A downside break below the $9,000 support may possibly change the trend and the bears are likely to aim a larger decline towards $8,400 or even $8,200 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

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

Major Support Levels – $9,200 followed by $9,070.

Major Resistance Levels – $9,600, $9,800 and $10,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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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.

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