{"id":420572,"date":"2020-04-12T04:48:16","date_gmt":"2020-04-12T04:48:16","guid":{"rendered":"https:\/\/wncen.com\/?p=420572"},"modified":"2024-06-11T13:47:23","modified_gmt":"2024-06-11T13:47:23","slug":"bitcoin-100-sma-produce-new-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-100-sma-produce-new-rally\/","title":{"rendered":"Bitcoin Trading Near Crucial Juncture, Can 100 SMA Produce New Rally?"},"content":{"rendered":"<p><em>Bitcoin is down more than 5% from the $7,470 swing high against the US Dollar. BTC is now trading near a crucial support at $6,700 and the 100 SMA (H4).<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline from the $7,470 monthly high and traded below $7,000.<\/li>\n<li>There is a crucial support forming above $6,700 and the 100 simple moving average (4-hours).<\/li>\n<li>There was a break below a major bullish trend line with support at $7,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a strong rally if it stays above the $6,700 support and the 100 SMA (H4).<\/li>\n<\/ul>\n<h2>Bitcoin is Testing Crucial Support<\/h2>\n<p>This past week, bitcoin made a few attempts to surpass the<a href=\"https:\/\/wncen.com\/2020\/04\/10\/can-this-spark-bitcoin-btc-rally\/\" target=\"_blank\" rel=\"noopener \"> $7,400 and $7,500 resistance levels<\/a> against the US Dollar, but it failed. BTC price traded as high as $7,470 and recently started a fresh decline.<\/p>\n<p>It broke the $7,200 support level to move into a bearish zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $6,617 low to $7,470 high.<\/p>\n<p>More importantly, there was a break below a major bullish trend line with support at $7,200 on the 4-hours <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair. Bitcoin price is now trading near a crucial support at $6,700 and the 100 simple moving average (4-hours).<\/p>\n<figure id=\"attachment_420573\" aria-describedby=\"caption-attachment-420573\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-420573\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-9.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-420573\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>It is also trading near the 76.4% Fib retracement level of the upward move from the $6,617 low to $7,470 high. If the price fails to stay above the $6,700 support and the 100 SMA (H4), there is a risk of more losses in the near term.<\/p>\n<p>The next key support is near the $6,400 area since it is close to the 1.236 Fib extension level of the upward move from the $6,617 low to $7,470 high. Any further losses may perhaps lead the price towards the $6,080 support area in the near term.<\/p>\n<h2>Fresh Rally?<\/h2>\n<p>If bitcoin stays above the $6,700 support and the 100 SMA, it could start a fresh increase. An <a href=\"https:\/\/wncen.com\/2020\/04\/08\/bitcoin-price-btc-reversed-8k-likely-target\/\" target=\"_blank\" rel=\"noopener \">initial resistance<\/a> on the upside is near the $6,950 and $7,000 levels.<\/p>\n<p>The first major resistance is seen near the $7,100 level, above which the price is likely to gain strength. The next key resistance is near the $7,400 and $7,500 levels.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is about to move into the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat near the 40 level.<\/p>\n<p>Major Support Level \u2013 $6,700<\/p>\n<p>Major Resistance Level \u2013 $7,000<\/p>\n<p><a href=\"https:\/\/www.plus500.com\/?id=121277&amp;pl=2\" target=\"_blank\" rel=\"noopener nofollow\">Take advantage of the trading opportunities with Plus500<\/a><\/p>\n<p>Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is down more than 5% from the $7,470 swing high against the US Dollar. BTC is now trading near a crucial support at $6,700 and the 100 SMA (H4). Bitcoin started a fresh decline from the $7,470 monthly high and traded below $7,000. There is a crucial support forming above $6,700 and the 100 simple moving average (4-hours). There was a break below a major bullish trend line with support at $7,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could start a strong rally if it stays above the $6,700 support and the 100 SMA (H4). Bitcoin is Testing Crucial Support This past week, bitcoin made a few attempts to surpass the $7,400 and $7,500 resistance levels against the US Dollar, but it failed. BTC price traded as high as $7,470 and recently started a fresh decline. It broke the $7,200 support level to move into a bearish zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $6,617 low to $7,470 high. More importantly, there was a break below a major bullish trend line with support at $7,200 on the 4-hours chart of the BTC\/USD pair. Bitcoin price is now trading near a crucial support at $6,700 and the 100 simple moving average (4-hours). It is also trading near the 76.4% Fib retracement level of the upward move from the $6,617 low to $7,470 high. If the price fails to stay above the $6,700 support and the 100 SMA (H4), there is a risk of more losses in the near term. The next key support is near the $6,400 area since it is close to the 1.236 Fib extension level of the upward move from the $6,617 low to $7,470 high. Any further losses may perhaps lead the price towards the $6,080 support area in the near term. Fresh Rally? If bitcoin stays above the $6,700 support and the 100 SMA, it could start a fresh increase. An initial resistance on the upside is near the $6,950 and $7,000 levels. The first major resistance is seen near the $7,100 level, above which the price is likely to gain strength. The next key resistance is near the $7,400 and $7,500 levels. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is about to move 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 $6,700 Major Resistance Level \u2013 $7,000 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":419512,"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-420572","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":"\n<title>Bitcoin Trading Near Crucial Juncture, Can 100 SMA Produce New Rally?<\/title>\n<meta name=\"description\" content=\"Bitcoin is down more than 5% from the $7,470 swing high against the US Dollar. 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