Bitcoin is struggling to clear the main $9,200 resistance area against the US Dollar. BTC is likely to start a strong rally if it clears the $9,200 resistance and the 100 SMA (H4).
Bitcoin is Testing Crucial ResistanceThis past week, bitcoin extended its decline below the $9,200 support level against the US Dollar. BTC even spiked below the $9,050 level and settled below the 100 simple moving average (4-hours). A low was formed near $9,022 and recently the price started an upside correction. It surpassed the $9,100 and $9,120 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $9,358 high to $9,022 low. However, the price is now facing a strong resistance near the $9,200 level and the 100 simple moving average (4-hours). There is also a significant breakout pattern forming with resistance near $9,200 on the 4-hours chart of the BTC/USD pair. Bitcoin price trades below $9,200: Source: TradingView.com The triangle resistance is close to the 50% Fib retracement level of the recent decline from the $9,358 high to $9,022 low. A clear break above the $9,200 level and the 100 simple moving average (4-hours) is needed to start a strong rally in the coming days. The next major resistance above the $9,200 level is near the $9,300 level. Any further gains is likely to start a steady uptrend towards the $9,500 and $9,550 levels. Downside Break in BTC?If bitcoin fails to clear the $9,200 barrier and the 100 SMA, there is a risk of more losses. On the downside, the triangle support is near the $9,040 level. The main support zone is near the $8,950 and $9,000 levels, below which there are high chances of a sharp decline towards the $8,650 and $8,500 levels. Technical indicators 4 hours MACD – The MACD for BTC/USD is slowly losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to clear the 50 level. Major Support Level – $9,000 Major Resistance Level – $9,200 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money. Via https://www.newsbtc.com/2020/07/19/bitcoin-btc-could-rally-above-100-sma/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-btc-could-rally-above-100-sma |
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