ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

Bitcoin Price is Recovering But 100 SMA Could Trigger Another Sharp Drop

6/13/2020

Comments

 

Bitcoin started a major decline after it was rejected near the $10,000 resistance against the US Dollar. BTC is currently recovering, but it is likely to face sellers near the 100 SMA (H4).

  • Bitcoin traded as low as $9,084 and it is currently correcting higher.
  • The price is likely to face sellers near the $9,600 level and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $9,770 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses as long as it is below $9,600 and $9,700.

Bitcoin Turns Red

This past week, bitcoin failed to settle above the $10,000 resistance zone against the US Dollar. BTC price traded as high as $9,989 and started a major decline below the $9,900 and $9,800 levels.

The bears took control and were able to push the price below the $9,500 support and the 100 simple moving average (4-hours). The decline was initiated after there was a break below a key ascending channel with support near the $9,780 level on the 4-hours chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

The decline was such that the pair broke the $9,200 support and traded as low as $9,084. Bitcoin is currently correcting higher and trading above the $9,300 level.

It surpassed the 23.6% Fib retracement level of the downward move from the $9,989 swing high to $9,084 low. On the upside, an initial resistance is near the $9,500 and $9,540 levels.

The 50% Fib retracement level of the downward move from the $9,989 swing high to $9,084 low is also near $9,537. The first major resistance is near the $9,600 level and the 100 simple moving average (4-hours).

There is also a major bearish trend line forming with resistance near $9,770 on the same chart. Therefore, the price must break the 100 SMA (H4) and then the trend line to move into a positive zone.

More Losses in BTC?

If bitcoin fails to clear the $9,500 resistance zone or the 100 simple moving average (4-hours), it could resume its decline below the $9,400 level.

The first key support is seen near the $9,300 level, below which it could retest the $9,080 zone. The main support is seen near the $9,000 level, where the bulls might take a stand.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.

Major Support Level – $9,300

Major Resistance Level – $9,600

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.



Via https://www.newsbtc.com/2020/06/14/bitcoin-price-100-sma-could-trigger-another-drop/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-price-100-sma-could-trigger-another-drop
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.