TA: Bitcoin Corrects Lower, Why This Indicator Holds The Key

TA: Bitcoin Corrects Lower, Why This Indicator Holds The Key


Bitcoin started a downside correction from the $57,800 zone against the US Dollar. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.

Bitcoin corrected lower below the $57,000 pivot level. The price is now trading above $56,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it clears the $57,000 resistance zone. Bitcoin Price Remains Supported

Bitcoin price extended its increase above the $57,000 pivot level. BTC even broke the $57,500 level and settled above the 100 hourly simple moving average.

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However, the price struggled

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