{"id":420744,"date":"2020-04-14T03:38:14","date_gmt":"2020-04-14T03:38:14","guid":{"rendered":"https:\/\/wncen.com\/?p=420744"},"modified":"2024-06-11T08:50:10","modified_gmt":"2024-06-11T08:50:10","slug":"bitcoin-lacks-momentum-above-100-sma","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-lacks-momentum-above-100-sma\/","title":{"rendered":"Bitcoin Lacks Momentum Above 100 SMA: Here&#8217;s Why Bears Are Comfortable"},"content":{"rendered":"<p><em>Bitcoin is currently correcting higher from the $6,559 swing low against the US Dollar. BTC price is now testing the 100 hourly SMA and it is likely to struggle near $6,960-$7,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is slowly recovering higher after trading as low as $6,559 against the US Dollar.<\/li>\n<li>The bulls were able to push the price above the $6,750 and $6,800 level.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to struggle near the 100 hourly simple moving average and $6,960.<\/li>\n<\/ul>\n<h2>Bitcoin Facing Hurdles<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2020\/04\/13\/bitcoin-turned-sell-rejection-above-7k\/\" target=\"_blank\" rel=\"noopener \">sharp decline<\/a> in bitcoin price below the $6,800 level against the US Dollar. BTC price even traded below the $6,700 level and formed a new monthly low at $6,559.<\/p>\n<p>It is currently correcting higher and trading above the $6,800 level. There was a break above the 23.6% Fib retracement level of the key drop from the $7,220 swing high to $6,559 low.<\/p>\n<p>Bitcoin is now trading near a major resistance at $6,900 and the <a href=\"https:\/\/wncen.com\/2020\/04\/12\/bitcoin-100-sma-produce-new-rally\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. The 50% Fib retracement level of the key drop from the $7,220 swing high to $6,559 low is also acting as a strong resistance near the $6,888 level.<\/p>\n<p>If the bulls manage to surpass the 100 hourly SMA, the price is likely to face hurdles near the $6,950 and $7,000 levels. There is also a major bearish trend line forming with resistance near $7,100 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_420745\" aria-describedby=\"caption-attachment-420745\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-420745\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-11.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-420745\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Therefore, the price is clearly facing a lot of hurdles, starting with $6,900 and up to $7,100. To move into a positive zone, the bulls need to gain momentum above the $7,000 resistance and then settle above $7,100. The next key hurdle on the upside is near the $7,500 level.<\/p>\n<h2>Fresh Decline?<\/h2>\n<p>If bitcoin fails to continue above the $6,900 resistance or the 100 hourly SMA, it could start a fresh decline. On the downside, an initial support is near the $6,750 area.<\/p>\n<p>A successful break below the $6,700 support area could start a major decline. The next support is near the $6,560 level, below which the bears are likely to aim a test of the $6,200 support level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently struggling to gain pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $6,750 followed by $6,560.<\/p>\n<p>Major Resistance Levels \u2013 $6,900, $6,950 and $7,100.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is currently correcting higher from the $6,559 swing low against the US Dollar. BTC price is now testing the 100 hourly SMA and it is likely to struggle near $6,960-$7,000. Bitcoin is slowly recovering higher after trading as low as $6,559 against the US Dollar. The bulls were able to push the price above the $6,750 and $6,800 level. There is a major bearish trend line forming with resistance near $7,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to struggle near the 100 hourly simple moving average and $6,960. Bitcoin Facing Hurdles Yesterday, we saw a sharp decline in bitcoin price below the $6,800 level against the US Dollar. BTC price even traded below the $6,700 level and formed a new monthly low at $6,559. It is currently correcting higher and trading above the $6,800 level. There was a break above the 23.6% Fib retracement level of the key drop from the $7,220 swing high to $6,559 low. Bitcoin is now trading near a major resistance at $6,900 and the 100 hourly simple moving average. The 50% Fib retracement level of the key drop from the $7,220 swing high to $6,559 low is also acting as a strong resistance near the $6,888 level. If the bulls manage to surpass the 100 hourly SMA, the price is likely to face hurdles near the $6,950 and $7,000 levels. There is also a major bearish trend line forming with resistance near $7,100 on the hourly chart of the BTC\/USD pair. Therefore, the price is clearly facing a lot of hurdles, starting with $6,900 and up to $7,100. To move into a positive zone, the bulls need to gain momentum above the $7,000 resistance and then settle above $7,100. The next key hurdle on the upside is near the $7,500 level. Fresh Decline? If bitcoin fails to continue above the $6,900 resistance or the 100 hourly SMA, it could start a fresh decline. On the downside, an initial support is near the $6,750 area. A successful break below the $6,700 support area could start a major decline. The next support is near the $6,560 level, below which the bears are likely to aim a test of the $6,200 support level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is currently struggling to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level. Major Support Levels \u2013 $6,750 followed by $6,560. Major Resistance Levels \u2013 $6,900, $6,950 and $7,100.<\/p>\n","protected":false},"author":67,"featured_media":420746,"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-420744","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 Lacks Momentum Above 100 SMA: Here&#039;s Why Bears Are Comfortable<\/title>\n<meta name=\"description\" content=\"Bitcoin is currently correcting higher from the $6,559 swing low. 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