TA: Bitcoin Attempts Recovery, Why 100 SMA Holds The Key

TA: Bitcoin Attempts Recovery, Why 100 SMA Holds The Key


Bitcoin price extended its decline below $32,000 before recovering higher against the US Dollar. BTC is back above $32,500, but it must clear the 100 hourly SMA to continue higher.

Bitcoin started an upside correction after it traded towards the $31,500 zone. The price is now trading near $33,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $32,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must settle above $33,250 and the 100 hourly SMA to continue higher in the near term. Bitcoin Price is Facing Hurdles

Yesterday, bitcoin price extended its decline below the $32,200 and $32,000 support levels. BTC even spiked towards $31,500 and it settled well below the 100 hourly simple moving average.

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It traded as low as $31,560 before it started an upside correction. There was a break above the $32,000 and $32,200 resistance levels.

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