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{"id":436978,"date":"2020-09-02T04:18:34","date_gmt":"2020-09-02T04:18:34","guid":{"rendered":"https:\/\/wncen.com\/?p=436978"},"modified":"2024-06-11T14:15:51","modified_gmt":"2024-06-11T14:15:51","slug":"bitcoin-100-sma-can-trigger-new-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-100-sma-can-trigger-new-rally\/","title":{"rendered":"Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally 2020-09-02"},"content":{"rendered":"

Bitcoin price traded above the $12,000 resistance before starting a downside correction against the US Dollar. BTC is likely to remain supported above $11,650 and it could rise again.<\/em><\/p>\n

\n
Bitcoin gained bullish momentum and it broke the $11,800 and $12,000 resistance levels.<\/li>\n
The price traded to a new weekly high at $12,066 and it is well above the 100 hourly simple moving average.<\/li>\n
There is a key bullish trend line forming with support near $11,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is currently correcting lower, but dips might find support near $11,800 or $11,650.<\/li>\n<\/ul>\n
Bitcoin Price Surpasses $12K<\/h2>\n
In the last technical analysis, we discussed the chances of a break above $12,000 in bitcoin price<\/a> against the US Dollar. BTC did gain bullish momentum above the $11,800 resistance and settled well above the 100 hourly simple moving average.<\/p>\n
It even spiked above the $12,000 resistance and traded to a new weekly high at $12,066. It is currently correcting lower and trading below $12,000. There was a break below the 23.6% Fib retracement level of the recent upward move from the $11,528 low to $12,066 high.<\/p>\n
However, the price is now reaching a strong support near the $11,800 level. The previous resistance<\/a> and a broke channel resistance near $11,840 are likely to prevent more losses. There is also a key bullish trend line forming with support near $11,650 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price trades above $11,800. Source: TradingView.com<\/a><\/pre>\n
The $11,800 support is also close to the 50% Fib retracement level of the recent upward move from the $11,528 low to $12,066 high. On the upside, the $12,000 level is still a hurdle for the bulls.<\/p>\n
If bitcoin climbs above the $12,000 resistance and the recent high at $12,066, it is likely to accelerate higher. The next resistance is near $12,200, above which the bulls might aim a test of $12,500.<\/p>\n
Dips Supported in BTC?<\/h2>\n
If bitcoin price struggles to clear the $12,000 resistance, it might correct lower further. The main supports are near the $11,800 and $11,650 levels.<\/p>\n
A bearish break below the trend line support could push the price towards the uptrend support at $11,550, below which the bulls are likely to struggle.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is below the 50 level.<\/p>\n
Major Support Levels \u2013 $11,800, followed by $11,650.<\/p>\n
Major Resistance Levels \u2013 $12,000, $12,050 and $12,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price traded above the $12,000 resistance before starting a downside correction against the US Dollar. BTC is likely to remain supported above $11,650 and it could rise again. Bitcoin gained bullish momentum and it broke the $11,800 and $12,000 resistance levels. The price traded to a new weekly high at $12,066 and it is well above the 100 hourly simple moving average. There is a key bullish trend line forming with support near $11,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently correcting lower, but dips might find support near $11,800 or $11,650. Bitcoin Price Surpasses $12K In the last technical analysis, we discussed the chances of a break above $12,000 in bitcoin price against the US Dollar. BTC did gain bullish momentum above the $11,800 resistance and settled well above the 100 hourly simple moving average. It even spiked above the $12,000 resistance and traded to a new weekly high at $12,066. It is currently correcting lower and trading below $12,000. There was a break below the 23.6% Fib retracement level of the recent upward move from the $11,528 low to $12,066 high. However, the price is now reaching a strong support near the $11,800 level. The previous resistance and a broke channel resistance near $11,840 are likely to prevent more losses. There is also a key bullish trend line forming with support near $11,650 on the hourly chart of the BTC\/USD pair. Bitcoin price trades above $11,800. Source: TradingView.com The $11,800 support is also close to the 50% Fib retracement level of the recent upward move from the $11,528 low to $12,066 high. On the upside, the $12,000 level is still a hurdle for the bulls. If bitcoin climbs above the $12,000 resistance and the recent high at $12,066, it is likely to accelerate higher. The next resistance is near $12,200, above which the bulls might aim a test of $12,500. Dips Supported in BTC? If bitcoin price struggles to clear the $12,000 resistance, it might correct lower further. The main supports are near the $11,800 and $11,650 levels. A bearish break below the trend line support could push the price towards the uptrend support at $11,550, below which the bulls are likely to struggle. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is below the 50 level. Major Support Levels \u2013 $11,800, followed by $11,650. Major Resistance Levels \u2013 $12,000, $12,050 and $12,200.<\/p>\n","protected":false},"author":67,"featured_media":436983,"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-436978","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 Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally 2020-09-02<\/title>\n<meta name=\"description\" content=\"Bitcoin price traded above $12,000 before starting a downside correction. 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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 Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally 2020-09-02","url":"http:\/\/wncen.com\/news\/bitcoin-100-sma-can-trigger-new-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-100-sma-can-trigger-new-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_1154306008-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_1154306008-scaled.jpg?fit=2560%2C1810"},"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":"2020-09-02T04:18:34Z","datePublished":"2020-09-02T04:18:34Z","dateModified":"2024-06-11T14:15:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally 2020-09-02\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-100-sma-can-trigger-new-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-100-sma-can-trigger-new-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/shutterstock_1154306008-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/shutterstock_1154306008-scaled.jpg?fit=2560%2C1810\"},\"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\":\"2020-09-02T04:18:34Z\",\"datePublished\":\"2020-09-02T04:18:34Z\",\"dateModified\":\"2024-06-11T14:15:51Z\"}<\/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\/09\/shutterstock_1154306008-scaled.jpg?fit=2560%2C1810","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436978"}],"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=436978"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436983"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}