{"id":486537,"date":"2022-03-22T02:38:51","date_gmt":"2022-03-22T02:38:51","guid":{"rendered":"https:\/\/wncen.com\/?p=486537"},"modified":"2024-06-11T14:18:34","modified_gmt":"2024-06-11T14:18:34","slug":"bitcoin-moves-below-100-sma","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-moves-below-100-sma\/","title":{"rendered":"TA: Bitcoin Moves Below 100 SMA, Why $40K Is The Key"},"content":{"rendered":"
Bitcoin started a downside correction below $41,200 against the US Dollar. BTC must stay above the $40,000 support to start a fresh increase.<\/em><\/p>\n Bitcoin price started a downside correction<\/a> after it failed to clear the $42,500 resistance zone. BTC declined below the $42,000 level to move into a short-term bearish zone.<\/p>\n There was a clear move below the $41,500 support zone and the 100 hourly simple moving average<\/a>. The decline gained pace below the $41,200 support zone. Finally, it tested the 50% Fib retracement level of the key increase from the $38,808 swing low to $42,368 high.<\/p>\n The bulls were active above the $40,500 support zone. There is also a key contracting triangle forming with resistance near $41,400 on the hourly chart of the BTC\/USD pair.<\/p>\n On the upside, the price is facing resistance near the $41,400 level and the triangle zone. The 100 hourly SMA is also near the triangle resistance and $41,400. The next major resistance could be near the $41,500 zone. A successful break and close above the $41,500 level might start a steady increase.<\/p>\n <\/a><\/p>\n In the stated case, the price might rise towards the $42,000 level. Any more gains could initiate a fresh move towards the key $42,500 barrier in the near term.<\/p>\n If bitcoin fails to clear the $41,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $40,800 zone.<\/p>\n The next major support is seen near the $40,500 level. The main support sits near the $40,000 zone. It is near the 61.8% Fib retracement level of the key increase from the $38,808 swing low to $42,368 high. A downside break below the $40,000 support zone could push the price further lower towards $38,800.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n Major Support Levels \u2013 $40,500, followed by $40,000.<\/p>\n Major Resistance Levels \u2013 $41,400, $41,500 and $42,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin started a downside correction below $41,200 against the US Dollar. BTC must stay above the $40,000 support to start a fresh increase. Bitcoin started a downside correction below the $41,200 support zone. The price is trading below $41,400 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $41,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $40,000 support zone to remain in a positive zone. Bitcoin Price Consolidates Bitcoin price started a downside correction after it failed to clear the $42,500 resistance zone. BTC declined below the $42,000 level to move into a short-term bearish zone. There was a clear move below the $41,500 support zone and the 100 hourly simple moving average. The decline gained pace below the $41,200 support zone. Finally, it tested the 50% Fib retracement level of the key increase from the $38,808 swing low to $42,368 high. The bulls were active above the $40,500 support zone. There is also a key contracting triangle forming with resistance near $41,400 on the hourly chart of the BTC\/USD pair. On the upside, the price is facing resistance near the $41,400 level and the triangle zone. The 100 hourly SMA is also near the triangle resistance and $41,400. The next major resistance could be near the $41,500 zone. A successful break and close above the $41,500 level might start a steady increase. Source: BTCUSD on TradingView.com In the stated case, the price might rise towards the $42,000 level. Any more gains could initiate a fresh move towards the key $42,500 barrier in the near term. Downside Break in BTC? If bitcoin fails to clear the $41,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $40,800 zone. The next major support is seen near the $40,500 level. The main support sits near the $40,000 zone. It is near the 61.8% Fib retracement level of the key increase from the $38,808 swing low to $42,368 high. A downside break below the $40,000 support zone could push the price further lower towards $38,800. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $40,500, followed by $40,000. Major Resistance Levels \u2013 $41,400, $41,500 and $42,500.<\/p>\n","protected":false},"author":67,"featured_media":464677,"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-486537","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\n
Bitcoin Price Consolidates<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Downside Break in BTC?<\/h2>\n