{"id":477410,"date":"2021-11-26T03:08:38","date_gmt":"2021-11-26T03:08:38","guid":{"rendered":"https:\/\/wncen.com\/?p=477410"},"modified":"2024-06-11T14:09:18","modified_gmt":"2024-06-11T14:09:18","slug":"ta-bitcoin-regains-strength-why-100-sma-is-the-key-for-more-upsides","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ta-bitcoin-regains-strength-why-100-sma-is-the-key-for-more-upsides\/","title":{"rendered":"TA: Bitcoin Regains Strength, Why 100 SMA Is The Key For More Upsides"},"content":{"rendered":"<p><em>Bitcoin started a fresh increase above $58,000 against the US Dollar. BTC traded close to $60,000 and is currently correcting gains.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh increase above the $58,000 and $58,500 levels.<\/li>\n<li>The price is now trading above $58,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must remain above $57,500 and the 100 hourly SMA to start another increase.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Back above 100 SMA<\/h2>\n<p>Bitcoin price was stable above the $57,000 level. BTC started a fresh increase and was able to clear the $58,000 resistance zone. There was also a break above the $58,500 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-confluence-resistance-58k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>However, there was no test of the $60,000 resistance zone. A high was formed near $59,400 and the price is now correcting gains. There was a break below the $58,500 support level.<\/p>\n<p>Besides, there was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC\/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high.<\/p>\n<p>An immediate support is near the $58,200 level. The first <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-continues-to-struggle-55k\/\" target=\"_blank\" rel=\"noopener \">major support<\/a> is now forming near the $57,650 level. It is close to the 50% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-477411\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-19.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The next major support is near the $57,500 level and the 100 hourly SMA, below which the price could resume its decline towards the main breakdown support at $55,500.<\/p>\n<h2>Fresh Increase In BTC?<\/h2>\n<p>If bitcoin stays above the $57,500 support and the 100 hourly SMA, it could start a fresh increase. On the upside, an initial resistance is near the $59,000 level.<\/p>\n<p>The next key resistance is near the $59,500 level. A close above the $59,000 and $59,500 levels may possibly push the price above $60,000. The next major resistance sits near the $61,200 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $57,650, followed by $57,500.<\/p>\n<p>Major Resistance Levels \u2013 $59,000, $59,500 and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a fresh increase above $58,000 against the US Dollar. BTC traded close to $60,000 and is currently correcting gains. Bitcoin started a fresh increase above the $58,000 and $58,500 levels. The price is now trading above $58,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must remain above $57,500 and the 100 hourly SMA to start another increase. Bitcoin Price is Back above 100 SMA Bitcoin price was stable above the $57,000 level. BTC started a fresh increase and was able to clear the $58,000 resistance zone. There was also a break above the $58,500 level and the 100 hourly simple moving average. However, there was no test of the $60,000 resistance zone. A high was formed near $59,400 and the price is now correcting gains. There was a break below the $58,500 support level. Besides, there was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC\/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high. An immediate support is near the $58,200 level. The first major support is now forming near the $57,650 level. It is close to the 50% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high. Source: BTCUSD on TradingView.com The next major support is near the $57,500 level and the 100 hourly SMA, below which the price could resume its decline towards the main breakdown support at $55,500. Fresh Increase In BTC? If bitcoin stays above the $57,500 support and the 100 hourly SMA, it could start a fresh increase. On the upside, an initial resistance is near the $59,000 level. The next key resistance is near the $59,500 level. A close above the $59,000 and $59,500 levels may possibly push the price above $60,000. The next major resistance sits near the $61,200 level. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining towards the 50 level. Major Support Levels \u2013 $57,650, followed by $57,500. Major Resistance Levels \u2013 $59,000, $59,500 and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":460413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-477410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Regains Strength, Why 100 SMA Is The Key For More Upsides<\/title>\n<meta name=\"description\" content=\"Bitcoin started a fresh increase above $58,000 against the US Dollar. 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