{"id":464902,"date":"2021-06-02T03:08:56","date_gmt":"2021-06-02T03:08:56","guid":{"rendered":"https:\/\/ktsl888.com\/?p=464902"},"modified":"2024-06-11T13:56:07","modified_gmt":"2024-06-11T13:56:07","slug":"bitcoin-steadies-above-100-sma-36k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-steadies-above-100-sma-36k\/","title":{"rendered":"TA: Bitcoin Steadies above 100 SMA, Here\u2019s How BTC Could Start Fresh Increase"},"content":{"rendered":"
Bitcoin price corrected lower from the $38,000 resistance zone against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh increase in the near term.<\/em><\/p>\n Bitcoin gained pace above the $35,500 resistance<\/a> and extended its upward move. BTC even broke the $37,000 resistance level and the 100 hourly simple moving average.<\/p>\n However, the bulls struggled to clear the $38,000 resistance zone. A high was formed near $37,900 and the price recently corrected lower. There was a break below the $37,000 support level. Bitcoin declined below the 23.6% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.<\/p>\n The price is now trading nicely above $36,000 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC\/USD pair.<\/p>\n The pair is also finding bids near the 50% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.<\/p>\n <\/a><\/p>\n On the upside, an immediate resistance is near the $36,800 level. The first major resistance is near the $37,000 level. A clear break above the $37,000 zone could set the pace for a fresh high above $37,900. The next major resistance is near the $38,800 level, above which the price could test the $40,000 zone.<\/p>\n If bitcoin fails to clear the $37,000 resistance, it could correct lower. An initial support on the downside is near the $36,200 level.<\/p>\n\n
Bitcoin Price Remains Supported<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Downside Break in BTC?<\/h2>\n