TA: Bitcoin Price Attempts Recovery, Why 100 SMA Is The Key

TA: Bitcoin Price Attempts Recovery, Why 100 SMA Is The Key


Bitcoin started an upside correction from the $18,223 low against the US Dollar. BTC climbed above $19,000, but it is now facing resistance near the 100 hourly SMA.

Bitcoin traded as low as $18,223 before it started an upside correction. The price is still trading below $20,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $19,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the trend line and the 100 hourly SMA to continue higher towards $20,500. Bitcoin Price Recovers Above $19,000

Bitcoin price extended losses after it settled below the $19,000 level. BTC broke the $18,500 support zone and traded as low as $18,223.

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