Bitcoin Price: Can BTC/USD Hold 100 SMA?
After a decent upside move, bitcoin price faced a lot of offers near the $7,750 level against the US Dollar. The BTC/USD pair formed a short-term top near $7,748 and started a downside correction. It declined and moved below the 23.6% Fibonacci retracement level of the last wave from the $7,350 low to $7,748 high.
There seems to be a minor increase in selling pressure below the $7,700 level.
More importantly, there was a break below a major connecting bullish trend line with support at $7,640 on the hourly chart of the BTC/USD pair.
The pair is currently trading above the $7,600 support and the 100 hourly simple moving average.
Moreover, the 38.2% Fibonacci retracement level of the last wave from the $7,350 low to $7,748 high is also around the $7,600 support. Should there be a bearish break below the $7,600 support, the price could extend declines towards the $7,500 level.
The Btc price is facing a bearish trend line on the upside with resistance at $7,680. A successful break and close above the trend line and $7,700 may perhaps clear the path for more gains in the near term.
There seems to be a minor increase in selling pressure below the $7,700 level.
More importantly, there was a break below a major connecting bullish trend line with support at $7,640 on the hourly chart of the BTC/USD pair.
The pair is currently trading above the $7,600 support and the 100 hourly simple moving average.
Moreover, the 38.2% Fibonacci retracement level of the last wave from the $7,350 low to $7,748 high is also around the $7,600 support. Should there be a bearish break below the $7,600 support, the price could extend declines towards the $7,500 level.
The Btc price is facing a bearish trend line on the upside with resistance at $7,680. A successful break and close above the trend line and $7,700 may perhaps clear the path for more gains in the near term.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.