Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo
NewsBTC 2023-05-16 02:23:53

Bitcoin Price Just Saw Key Technical Correction But 100 SMA Is Still Strong

Bitcoin price is correcting gains and trading below $27,500. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term. Bitcoin struggled to climb above $27,500 and started a downside correction. The price is trading above $26,600 and the 100 hourly Simple moving average. There is a key rising channel forming with support near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA. Bitcoin Price Corrects Gains Bitcoin price climbed higher above the $27,200 resistance zone. However, BTC struggled to clear the $27,500 resistance and started a downside correction. The price declined below the $27,250 level and the 23.6% Fib retracement level of the upward move from the $25,827 swing low to the $27,677 high. The price is now approaching key support near $27,000. There is also a key rising channel forming with support near $27,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $26,600 and the 100 hourly Simple moving average. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,500 level. Source: BTCUSD on TradingView.com A close above the $27,500 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,300 resistance. Any more gains might send the price toward the $28,800 level in the coming sessions. More Losses in BTC? If Bitcoin’s price fails to remain stable above $27,000, it could continue to move down. Immediate support on the downside is near the $27,000 level and the channel trend line. The 100 hourly Simple moving average is also below the channel support. The next major support is near the $26,750 zone, below which the price might start a steady decline. In the stated case, it could revisit the $26,200 level. Any more losses might take Bitcoin toward the $26,000 level in the near term. The next major support could be $25,800. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $27,000, followed by $26,750. Major Resistance Levels – $27,250, $27,500, and $28,300.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.