{"id":423346,"date":"2020-05-10T04:48:28","date_gmt":"2020-05-10T04:48:28","guid":{"rendered":"https:\/\/wncen.com\/?p=423346"},"modified":"2024-06-11T13:48:28","modified_gmt":"2024-06-11T13:48:28","slug":"bitcoin-btc-100-day-sma-rally-again","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-100-day-sma-rally-again\/","title":{"rendered":"Bitcoin Dump Stalls At 100-day SMA: Here\u2019s Why BTC Could Rally Again"},"content":{"rendered":"<p><em>Bitcoin is down more than 10% from the $10,090 high against the US Dollar. BTC found support near the 100-day simple moving average and it could start a fresh increase.<\/em><\/p>\n<ul>\n<li>Bitcoin climbed to a new monthly high at $10,097 before starting a downside correction.<\/li>\n<li>The recent pre-halving dump found support near the 100-day simple moving average.<\/li>\n<li>There is a major bullish trend line forming with support near $8,000 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>Ethereum and ripple are also down more than 10% and both declined below key supports.<\/li>\n<\/ul>\n<h2>Bitcoin Dives Before Halving<\/h2>\n<p>This past week, bitcoin price extended its rally above the $9,200 resistance against the US Dollar. <a href=\"https:\/\/wncen.com\/2020\/05\/07\/bitcoin-btc-above-9500-could-trigger-massive-rally\/\" target=\"_blank\" rel=\"noopener \">BTC price even broke the $9,500 resistance<\/a> and settled well above the 100-day simple moving average.<\/p>\n<p>It traded above the $10,000 level and formed a new monthly high at $10,097. It started a strong decline from the $10,097 high and broke many supports near the $9,500 and $9,200 levels.<\/p>\n<p>Bitcoin even declined below the $8,500 support, plus the 50% Fib retracement level of the upward move from the $6,494 low to $10,097 high. However, the price found support near the $8,000 zone and the 100-day simple moving average.<\/p>\n<p>The 61.8% Fib retracement level of the upward move from the $6,494 low to $10,097 high is also acting as a support. There is also a major bullish trend line forming with support near $8,000 on the daily <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_423347\" aria-describedby=\"caption-attachment-423347\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-423347\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-7.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-423347\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>If the price fails to stay above the trend line support, $8,000, and the 100-day simple moving average, there are chances of a trend change. In the mentioned case, the price could extend its decline towards the $7,350 and $7,000 levels in the coming days.<\/p>\n<h2>Dump and Pump<\/h2>\n<p>If the 100-day SMA remains intact, bitcoin price is likely to <a href=\"https:\/\/wncen.com\/2020\/05\/08\/bitcoin-btc-primed-to-test-10500\/\" target=\"_blank\" rel=\"noopener \">start a fresh increase<\/a> above the $8,800 and $9,000 resistance levels. The first major resistance is near the $9,200 level, followed by $9,500.<\/p>\n<p>A clear break above the $9,500 resistance may perhaps open the doors for a fresh push towards the $10,000 level in the near term. Any further gains will most likely call for a strong surge towards the $11,000 and $11,200 levels.<\/p>\n<p>Technical indicators:<\/p>\n<p>Daily MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply and it is currently approaching the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,200 followed by $8,000.<\/p>\n<p>Major Resistance Levels \u2013 $9,000, $9,500 and $10,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is down more than 10% from the $10,090 high against the US Dollar. BTC found support near the 100-day simple moving average and it could start a fresh increase. Bitcoin climbed to a new monthly high at $10,097 before starting a downside correction. The recent pre-halving dump found support near the 100-day simple moving average. There is a major bullish trend line forming with support near $8,000 on the daily chart of the BTC\/USD pair (data feed from Kraken). Ethereum and ripple are also down more than 10% and both declined below key supports. Bitcoin Dives Before Halving This past week, bitcoin price extended its rally above the $9,200 resistance against the US Dollar. BTC price even broke the $9,500 resistance and settled well above the 100-day simple moving average. It traded above the $10,000 level and formed a new monthly high at $10,097. It started a strong decline from the $10,097 high and broke many supports near the $9,500 and $9,200 levels. Bitcoin even declined below the $8,500 support, plus the 50% Fib retracement level of the upward move from the $6,494 low to $10,097 high. However, the price found support near the $8,000 zone and the 100-day simple moving average. The 61.8% Fib retracement level of the upward move from the $6,494 low to $10,097 high is also acting as a support. There is also a major bullish trend line forming with support near $8,000 on the daily chart of the BTC\/USD pair. If the price fails to stay above the trend line support, $8,000, and the 100-day simple moving average, there are chances of a trend change. In the mentioned case, the price could extend its decline towards the $7,350 and $7,000 levels in the coming days. Dump and Pump If the 100-day SMA remains intact, bitcoin price is likely to start a fresh increase above the $8,800 and $9,000 resistance levels. The first major resistance is near the $9,200 level, followed by $9,500. A clear break above the $9,500 resistance may perhaps open the doors for a fresh push towards the $10,000 level in the near term. Any further gains will most likely call for a strong surge towards the $11,000 and $11,200 levels. Technical indicators: Daily MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD declined sharply and it is currently approaching the 50 level. Major Support Levels \u2013 $8,200 followed by $8,000. Major Resistance Levels \u2013 $9,000, $9,500 and $10,000.<\/p>\n","protected":false},"author":67,"featured_media":423348,"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":[428,1144],"class_list":["post-423346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Dump Stalls At 100-day SMA: Here\u2019s Why BTC Could Rally Again<\/title>\n<meta name=\"description\" content=\"Bitcoin is down more than 10% from the $10,090 high. 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