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{"id":419410,"date":"2020-03-29T05:48:46","date_gmt":"2020-03-29T05:48:46","guid":{"rendered":"https:\/\/wncen.com\/?p=419410"},"modified":"2024-06-11T13:39:27","modified_gmt":"2024-06-11T13:39:27","slug":"100-sma-could-spark-fresh-bitcoin-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/100-sma-could-spark-fresh-bitcoin-rally\/","title":{"rendered":"Here\u2019s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term"},"content":{"rendered":"

Bitcoin failed to surpass the $7,000 resistance and declined below $6,500 against the US Dollar. BTC is likely to bounce back as long as it is above $6,000 and the 100 SMA (H4).<\/em><\/p>\n

\n
Bitcoin price is currently correcting gains from the $7,000 resistance area.<\/li>\n
The $6,000 region and the 100 simple moving average (4-hours) are important supports.<\/li>\n
There was a break below a major bullish trend line with support at $6,620 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is currently consolidating losses above the $6,000 and $6,100 levels.<\/li>\n<\/ul>\n
Bitcoin is Approaching Crucial Support<\/h2>\n
This past week, bitcoin struggled to gain strength above the $6,880 and $7,000 resistance levels<\/a> against the US Dollar. BTC price topped near the $6,982 level and recently started a fresh decline.<\/p>\n
There was a break below the main $6,500 support area to start a substantial decline. Moreover, there was a break below a major bullish trend line with support at $6,620 on the 4-hours chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
The pair even declined below the $6,200 support and traded close to the $6,000 area. A new weekly low is formed near the $6,048 level and the price is currently consolidating losses. An initial resistance on the upside is near the $6,270 level since it is close to the 23.6% Fib retracement level of the recent decline from the $6,982 swing high to $6,048 low.<\/p>\n
On the downside, there are a couple of important supports<\/a> near $6,050 and $6,000. The main support for bitcoin is near the $5,950 level and the 100 simple moving average (4-hours).<\/p>\n
If BTC fails to stay above the 100 SMA, there is a risk of a larger decline below $5,800. An immediate support is near $5,750, below which the price is likely to decline towards the $5,500 level.<\/p>\n
Fresh Increase<\/h2>\n
The main support for bitcoin is forming near the $6,000 area and the 100 SMA. If the price stays above the 100 SMA, there are chances of a strong recovery wave above the $6,300 level.<\/p>\n
The next resistance is near the $6,500 region (the recent breakdown support). The 50% Fib retracement level of the recent decline from the $6,982 swing high to $6,048 low is also near $6,515.<\/p>\n
Therefore, a successful break above the $6,500 resistance area could start a fresh increase towards the $6,800 and $7,000 resistance levels.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is about to move back into the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat near the 40 level.<\/p>\n
Major Support Level \u2013 $6,000<\/p>\n
Major Resistance Level \u2013 $6,500<\/p>\n
Take advantage of the trading opportunities with Plus500<\/a><\/p>\n
Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin failed to surpass the $7,000 resistance and declined below $6,500 against the US Dollar. BTC is likely to bounce back as long as it is above $6,000 and the 100 SMA (H4). Bitcoin price is currently correcting gains from the $7,000 resistance area. The $6,000 region and the 100 simple moving average (4-hours) are important supports. There was a break below a major bullish trend line with support at $6,620 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is currently consolidating losses above the $6,000 and $6,100 levels. Bitcoin is Approaching Crucial Support This past week, bitcoin struggled to gain strength above the $6,880 and $7,000 resistance levels against the US Dollar. BTC price topped near the $6,982 level and recently started a fresh decline. There was a break below the main $6,500 support area to start a substantial decline. Moreover, there was a break below a major bullish trend line with support at $6,620 on the 4-hours chart of the BTC\/USD pair. The pair even declined below the $6,200 support and traded close to the $6,000 area. A new weekly low is formed near the $6,048 level and the price is currently consolidating losses. An initial resistance on the upside is near the $6,270 level since it is close to the 23.6% Fib retracement level of the recent decline from the $6,982 swing high to $6,048 low. On the downside, there are a couple of important supports near $6,050 and $6,000. The main support for bitcoin is near the $5,950 level and the 100 simple moving average (4-hours). If BTC fails to stay above the 100 SMA, there is a risk of a larger decline below $5,800. An immediate support is near $5,750, below which the price is likely to decline towards the $5,500 level. Fresh Increase The main support for bitcoin is forming near the $6,000 area and the 100 SMA. If the price stays above the 100 SMA, there are chances of a strong recovery wave above the $6,300 level. The next resistance is near the $6,500 region (the recent breakdown support). The 50% Fib retracement level of the recent decline from the $6,982 swing high to $6,048 low is also near $6,515. Therefore, a successful break above the $6,500 resistance area could start a fresh increase towards the $6,800 and $7,000 resistance levels. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is about to move back into the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat near the 40 level. Major Support Level \u2013 $6,000 Major Resistance Level \u2013 $6,500 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":419413,"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":[428,1119,1144],"class_list":["post-419410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nHere\u2019s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to surpass the $7,000 resistance and declined below $6,500. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here\u2019s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term","url":"http:\/\/wncen.com\/news\/100-sma-could-spark-fresh-bitcoin-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/100-sma-could-spark-fresh-bitcoin-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/shutterstock_415985398-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/shutterstock_415985398-1.jpg?fit=1000%2C636"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2020-03-29T05:48:46Z","datePublished":"2020-03-29T05:48:46Z","dateModified":"2024-06-11T13:39:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/100-sma-could-spark-fresh-bitcoin-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/100-sma-could-spark-fresh-bitcoin-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_415985398-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_415985398-1.jpg?fit=1000%2C636\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2020-03-29T05:48:46Z\",\"datePublished\":\"2020-03-29T05:48:46Z\",\"dateModified\":\"2024-06-11T13:39:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/shutterstock_415985398-1.jpg?fit=1000%2C636","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/419410"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=419410"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/419410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/419413"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=419410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=419410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=419410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}