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{"id":427876,"date":"2020-06-19T03:58:31","date_gmt":"2020-06-19T03:58:31","guid":{"rendered":"https:\/\/wncen.com\/?p=427876"},"modified":"2024-06-11T10:08:01","modified_gmt":"2024-06-11T10:08:01","slug":"bitcoin-btc-downside-thrust-100-sma","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-downside-thrust-100-sma\/","title":{"rendered":"Bitcoin Could Narrowly Avoid a Downside Thrust if it Closes Above 100 SMA"},"content":{"rendered":"

Bitcoin is declining steadily and trading below $9,400 against the US Dollar. BTC could decline sharply below $9,250 if it fails to reclaim the 100 hourly simple moving average.<\/em><\/p>\n

\n
Bitcoin is slowly moving lower and now trading well below the $9,500 pivot level.<\/li>\n
The price is showing a few bearish signs below $9,400 and the 100 hourly simple moving average.<\/li>\n
There is a crucial declining channel or a bullish flag pattern forming with resistance near $9,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could decline sharply below $9,250 if there is no close above the channel resistance.<\/li>\n<\/ul>\n
Bitcoin Price Sliding Towards $9,250<\/h2>\n
After forming a short-term top near the $9,500 level, bitcoin price started a fresh decline against the US Dollar. BTC broke the key $9,500 support and pivot zone to start a downside correction.<\/p>\n
It broke the 23.6% Fib retracement level of the upward move from the $8,907 low to $9,600 swing high. The bears were able to push the price below the $9,400 level and the 100 hourly simple moving average.<\/p>\n
It seems like there is a crucial declining channel or a bullish flag pattern<\/a> forming with resistance near $9,400 on the hourly chart of the BTC\/USD pair. On the downside, the first key support is seen near the $9,250 level. It is close to the 50% Fib retracement level of the upward move from the $8,907 low to $9,600 swing high.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Bitcoin price chart:\u00a0Source: TradingView.com<\/a><\/pre>\n
Bitcoin is clearly struggling to clear the channel resistance and the 100 hourly SMA to resume its upside above $9,500. Therefore, there is a risk of more losses below the $9,250 support level.<\/p>\n
The next major support is near the $9,140 level, below which the price will most likely continue lower towards the $9,000 support level in the near term.<\/p>\n
Upside Break in BTC?<\/h2>\n
If bitcoin manages to clear the channel resistance at $9,400 and the 100 hourly SMA, the bulls are likely to gain strength. The first key resistance is near the $9,500 level, above which the price could revisit the $9,600 swing high.<\/p>\n
Any further gains could open the doors for a larger upward move towards the main $10,000 resistance (as discussed using the daily chart<\/a>).<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish angle.<\/p>\n
Major Support Levels \u2013 $9,250 followed by $9,080.<\/p>\n
Major Resistance Levels \u2013 $9,400, $9,500 and $9,800.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is declining steadily and trading below $9,400 against the US Dollar. BTC could decline sharply below $9,250 if it fails to reclaim the 100 hourly simple moving average. Bitcoin is slowly moving lower and now trading well below the $9,500 pivot level. The price is showing a few bearish signs below $9,400 and the 100 hourly simple moving average. There is a crucial declining channel or a bullish flag pattern forming with resistance near $9,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline sharply below $9,250 if there is no close above the channel resistance. Bitcoin Price Sliding Towards $9,250 After forming a short-term top near the $9,500 level, bitcoin price started a fresh decline against the US Dollar. BTC broke the key $9,500 support and pivot zone to start a downside correction. It broke the 23.6% Fib retracement level of the upward move from the $8,907 low to $9,600 swing high. The bears were able to push the price below the $9,400 level and the 100 hourly simple moving average. It seems like there is a crucial declining channel or a bullish flag pattern forming with resistance near $9,400 on the hourly chart of the BTC\/USD pair. On the downside, the first key support is seen near the $9,250 level. It is close to the 50% Fib retracement level of the upward move from the $8,907 low to $9,600 swing high. Bitcoin price chart:\u00a0Source: TradingView.com Bitcoin is clearly struggling to clear the channel resistance and the 100 hourly SMA to resume its upside above $9,500. Therefore, there is a risk of more losses below the $9,250 support level. The next major support is near the $9,140 level, below which the price will most likely continue lower towards the $9,000 support level in the near term. Upside Break in BTC? If bitcoin manages to clear the channel resistance at $9,400 and the 100 hourly SMA, the bulls are likely to gain strength. The first key resistance is near the $9,500 level, above which the price could revisit the $9,600 swing high. Any further gains could open the doors for a larger upward move towards the main $10,000 resistance (as discussed using the daily chart). Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish angle. Major Support Levels \u2013 $9,250 followed by $9,080. Major Resistance Levels \u2013 $9,400, $9,500 and $9,800.<\/p>\n","protected":false},"author":67,"featured_media":427878,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-427876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Could Narrowly Avoid a Downside Thrust if it Closes Above 100 SMA<\/title>\n<meta name=\"description\" content=\"Bitcoin is declining steadily and trading below $9,400 against the US Dollar. 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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":"Bitcoin Could Narrowly Avoid a Downside Thrust if it Closes Above 100 SMA","url":"http:\/\/wncen.com\/news\/bitcoin-btc-downside-thrust-100-sma\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-downside-thrust-100-sma\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_477054610.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_477054610.jpg?fit=1000%2C709"},"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","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-06-19T03:58:31Z","datePublished":"2020-06-19T03:58:31Z","dateModified":"2024-06-11T10:08:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Could Narrowly Avoid a Downside Thrust if it Closes Above 100 SMA\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-downside-thrust-100-sma\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-downside-thrust-100-sma\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_477054610.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_477054610.jpg?fit=1000%2C709\"},\"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\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-06-19T03:58:31Z\",\"datePublished\":\"2020-06-19T03:58:31Z\",\"dateModified\":\"2024-06-11T10:08:01Z\"}<\/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\/06\/shutterstock_477054610.jpg?fit=1000%2C709","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/427876"}],"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=427876"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/427876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/427878"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=427876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=427876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=427876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Upside Break in BTC?<\/h2>\nIf bitcoin manages to clear the channel resistance at $9,400 and the 100 hourly SMA, the bulls are likely to gain strength. The first key resistance is near the $9,500 level, above which the price could revisit the $9,600 swing high.<\/p>\n