{"id":415645,"date":"2020-02-23T05:08:37","date_gmt":"2020-02-23T05:08:37","guid":{"rendered":"https:\/\/wncen.com\/?p=415645"},"modified":"2024-06-11T13:42:22","modified_gmt":"2024-06-11T13:42:22","slug":"bitcoin-restarts-uptrend-but-100-sma-holds-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-restarts-uptrend-but-100-sma-holds-key\/","title":{"rendered":"Bitcoin Restarts Uptrend But Hers\u2019s Why 100 SMA Holds Key For Fresh Highs"},"content":{"rendered":"<p><em>Bitcoin found a strong support near $9,330 and started a fresh increase against the US Dollar. However, BTC must settle above the 100 SMA (4-hours) for a sustained upward move.<\/em><\/p>\n<ul>\n<li>After trading to a new weekly low at $9,336, bitcoin price started a fresh increase above $9,500.<\/li>\n<li>The price is now trading nicely above the $9,600 and $9,700 levels.<\/li>\n<li>There is a major bearish trend line forming with resistance near $10,080 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must climb above the 100 simple moving average (4-hours) and $10,080 to continue higher.<\/li>\n<\/ul>\n<h2>Bitcoin is Still Facing Hurdles<\/h2>\n<p>This past week, bitcoin failed once again to gain momentum above $10,300 and $10,500 against the US Dollar. As a result, BTC price declined below the $10,000 support level and the 100 simple moving average (4-hours).<\/p>\n<p>The decline was such that the price spiked below the <a href=\"https:\/\/wncen.com\/2020\/02\/21\/bitcoin-crucial-breakout-zone-for-sharp-recovery\/\" target=\"_blank\" rel=\"noopener noreferrer \">$9,500 support level<\/a>. It traded to a new weekly low at $9,336 and recently started a fresh upward move. The bulls managed to push the price back above the $9,500 pivot area.<\/p>\n<p>Besides, there was a break above the 50% Fib retracement level of the downward move from the $10,302 high to $9,336 swing low. Still, bitcoin price is facing a couple of key hurdles near $9,940 and $10,000.<\/p>\n<p>The first key resistance is near the $9,940 level and the 100 simple moving average (4-hours). It is close to the 61.8% Fib retracement level of the downward move from the $10,302 high to $9,336 swing low.<\/p>\n<p>The next <a href=\"https:\/\/wncen.com\/2020\/02\/19\/bitcoin-above-10200-make-case-for-larger-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">major resistance<\/a> for bitcoin is near the $10,050 and $10,080 levels. More importantly, there is a major bearish trend line forming with resistance near $10,080 on the 4-hours <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_415647\" aria-describedby=\"caption-attachment-415647\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-415647\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/Bitcoin-18.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-415647\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Therefore, a clear break above the $9,940 and $10,080 levels is must for a sustained upward move. If the bulls succeed, there are high chances of a strong move above $10,500 and the price might trade to a new 2020 high.<\/p>\n<h2>Another Failure?<\/h2>\n<p>There are chances that bitcoin could fail to settle above the 100 simple moving average (4-hours) or $10,080. In the mentioned case, there might be a fresh decline below the $9,700 level.<\/p>\n<p>The first key support is seen near the $10,500 level. If the price fails to stay above the $9,500 area, it could slide towards $9,000.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is now gaining pace in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n<p>Major Support Level \u2013 $9,700<\/p>\n<p>Major Resistance Level \u2013 $10,080<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin found a strong support near $9,330 and started a fresh increase against the US Dollar. However, BTC must settle above the 100 SMA (4-hours) for a sustained upward move. After trading to a new weekly low at $9,336, bitcoin price started a fresh increase above $9,500. The price is now trading nicely above the $9,600 and $9,700 levels. There is a major bearish trend line forming with resistance near $10,080 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair must climb above the 100 simple moving average (4-hours) and $10,080 to continue higher. Bitcoin is Still Facing Hurdles This past week, bitcoin failed once again to gain momentum above $10,300 and $10,500 against the US Dollar. As a result, BTC price declined below the $10,000 support level and the 100 simple moving average (4-hours). The decline was such that the price spiked below the $9,500 support level. It traded to a new weekly low at $9,336 and recently started a fresh upward move. The bulls managed to push the price back above the $9,500 pivot area. Besides, there was a break above the 50% Fib retracement level of the downward move from the $10,302 high to $9,336 swing low. Still, bitcoin price is facing a couple of key hurdles near $9,940 and $10,000. The first key resistance is near the $9,940 level and the 100 simple moving average (4-hours). It is close to the 61.8% Fib retracement level of the downward move from the $10,302 high to $9,336 swing low. The next major resistance for bitcoin is near the $10,050 and $10,080 levels. More importantly, there is a major bearish trend line forming with resistance near $10,080 on the 4-hours chart of the BTC\/USD pair. Therefore, a clear break above the $9,940 and $10,080 levels is must for a sustained upward move. If the bulls succeed, there are high chances of a strong move above $10,500 and the price might trade to a new 2020 high. Another Failure? There are chances that bitcoin could fail to settle above the 100 simple moving average (4-hours) or $10,080. In the mentioned case, there might be a fresh decline below the $9,700 level. The first key support is seen near the $10,500 level. If the price fails to stay above the $9,500 area, it could slide towards $9,000. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is now gaining pace in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Level \u2013 $9,700 Major Resistance Level \u2013 $10,080<\/p>\n","protected":false},"author":67,"featured_media":415648,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-415645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Restarts Uptrend But Hers\u2019s Why 100 SMA Holds Key For Fresh Highs<\/title>\n<meta name=\"description\" content=\"Bitcoin found a strong support near $9,330 and started a fresh increase. 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