TA: Bitcoin Still Struggling Near $38K, Here’s Why 100 SMA Is The Key

TA: Bitcoin Still Struggling Near $38K, Here’s Why 100 SMA Is The Key


Bitcoin price made another attempt to clear the $38,000 resistance against the US Dollar, but it failed. BTC is correcting lower, but it might find bids near the 100 hourly SMA.

Bitcoin is still facing a strong resistance near the $38,000 zone. The price is currently trading well above $36,500 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above $36,000 and the 100 hourly SMA to remain in a positive zone. Bitcoin Price Eyes Fresh Increase

Bitcoin started a decent increase above the $36,500 resistance zone. BTC even broke the $37,000 resistance level and settled well above the 100 hourly simple moving average.

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The bulls made another important attempt to surpass the $38,000 barrier. However, they failed to gain strength and a new weekly high was formed near the $38,200

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