{"id":408579,"date":"2019-12-24T06:00:00","date_gmt":"2019-12-24T06:00:00","guid":{"rendered":"https:\/\/ktsl888.com\/?p=408579"},"modified":"2024-06-11T12:58:40","modified_gmt":"2024-06-11T12:58:40","slug":"bitcoin-trading-near-make-or-break-levels-100-sma-holds-key","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-trading-near-make-or-break-levels-100-sma-holds-key\/","title":{"rendered":"Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key"},"content":{"rendered":"<ul>\n<li>Bitcoin price failed to extend gains above $7,700 and declined more than $400 against the US Dollar.<\/li>\n<li>The price is now trading below $7,400 and it declined close to the $7,260 support area.<\/li>\n<li>Earlier, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must stay above the $7,120 support to avoid a bearish reversal in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price is back to the key $7,200 support area against the US Dollar. BTC is now facing a lot of hurdles near the $7,400 and $7,500 levels.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/ktsl888.com\/2019\/12\/23\/bitcoin-rallies-5-to-clear-hurdles-bulls-aiming-8k\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong rise in bitcoin price<\/a> above the $7,500 resistance against the US Dollar. Moreover, the price spiked above the $7,600 level and the 100 hourly simple moving average.<\/p>\n<p>However, the bulls struggled to gain traction above the $7,680 and $7,700 levels. There were two attempts to pierce the $7,700 resistance, but the bears succeeded in defending more upsides.<\/p>\n<p>As a result, there was a fresh decline below the $7,500 support and the $7,400 pivot. Besides, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Bitcoin price is down more than $400 and it even traded below the $7,320 support. Finally, it traded close to the $7,260 support and a low is formed near $7,267.<\/p>\n<p>BTC surpassed a few key hurdles near $7,300 and $7,400 to start a strong upward move. It seems like the $7,200 support area is very important along with the 100 hourly simple moving average.<\/p>\n<p>On the upside, an initial resistance is near the $7,360 level. It is close to the 23.6% Fib retracement level of the recent decline from the $7,686 high to $7,267 low.<\/p>\n<p>However, the first major resistance is near the $7,480 and $7,500 levels. Additionally, the 50% Fib retracement level of the recent decline from the $7,686 high to $7,267 low is at $7,477.<\/p>\n<p>Therefore, bitcoin must surpass the $7,400 and $7,500 resistance levels to revisit the main $7,700 resistance area. On the downside, the <a href=\"https:\/\/ktsl888.com\/2019\/12\/22\/bitcoin-weekly-forecast-is-this-right-time-to-buy-btc\/\" target=\"_blank\" rel=\"noopener noreferrer \">$7,260 and $7,200 levels hold the key<\/a>. The next major support is near $7,120, below which the price could start a sharp decline.<\/p>\n<figure id=\"attachment_408580\" aria-describedby=\"caption-attachment-408580\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-408580\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-20.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-408580\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is under pressure below $7,400 and $7,500. Having said that, the bulls are likely to bounce back as long as the price is above $7,120.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly reducing its bearish slope.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly moving higher towards 40.<\/p>\n<p>Major Support Levels \u2013 $7,260 followed by $7,120.<\/p>\n<p>Major Resistance Levels \u2013 $7,360, $7,480 and $7,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to extend gains above $7,700 and declined more than $400 against the US Dollar. The price is now trading below $7,400 and it declined close to the $7,260 support area. Earlier, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $7,120 support to avoid a bearish reversal in the near term. Bitcoin price is back to the key $7,200 support area against the US Dollar. BTC is now facing a lot of hurdles near the $7,400 and $7,500 levels. Bitcoin Price Analysis Yesterday, we saw a strong rise in bitcoin price above the $7,500 resistance against the US Dollar. Moreover, the price spiked above the $7,600 level and the 100 hourly simple moving average. However, the bulls struggled to gain traction above the $7,680 and $7,700 levels. There were two attempts to pierce the $7,700 resistance, but the bears succeeded in defending more upsides. As a result, there was a fresh decline below the $7,500 support and the $7,400 pivot. Besides, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC\/USD pair. Bitcoin price is down more than $400 and it even traded below the $7,320 support. Finally, it traded close to the $7,260 support and a low is formed near $7,267. BTC surpassed a few key hurdles near $7,300 and $7,400 to start a strong upward move. It seems like the $7,200 support area is very important along with the 100 hourly simple moving average. On the upside, an initial resistance is near the $7,360 level. It is close to the 23.6% Fib retracement level of the recent decline from the $7,686 high to $7,267 low. However, the first major resistance is near the $7,480 and $7,500 levels. Additionally, the 50% Fib retracement level of the recent decline from the $7,686 high to $7,267 low is at $7,477. Therefore, bitcoin must surpass the $7,400 and $7,500 resistance levels to revisit the main $7,700 resistance area. On the downside, the $7,260 and $7,200 levels hold the key. The next major support is near $7,120, below which the price could start a sharp decline. Looking at the chart, bitcoin price is under pressure below $7,400 and $7,500. Having said that, the bulls are likely to bounce back as long as the price is above $7,120. Technical indicators: Hourly MACD \u2013 The MACD is slowly reducing its bearish slope. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly moving higher towards 40. Major Support Levels \u2013 $7,260 followed by $7,120. Major Resistance Levels \u2013 $7,360, $7,480 and $7,500.<\/p>\n","protected":false},"author":67,"featured_media":408581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-408579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price is back to the key $7,200 support area against the US Dollar. 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