Bitcoin is Showing Early Signs of Fresh Surge, But 100 SMA is the Key
[NEWS BLOG]: Bitcoin is Showing Early Signs of Fresh Surge, But 100 SMA is the Key
"Bitcoin Price is Slowly Recovering"
After a sharp downside correction, bitcoin price found support above $11,550 against the US Dollar. BTC remained well bid above the $11,550 level, but it settled below the 100 hourly simple moving average.
A swing low is formed near $11,581 and the price is currently recovering. It broke the $11,800 resistance zone, plus there was a break above the 23.6% Fib retracement level of the downward move from the $12,491 high to $11,580 swing low.
Moreover, there was a break above a crucial bearish trend line with resistance near $11,810 on the hourly chart of the BTC/USD pair. Bitcoin is clearly showing a few positive signs above the $11,800 level, but it is facing a strong resistance near $11,950 and the 100 hourly simple moving average.
The 50% Fib retracement level of the downward move from the $12,491 high to $11,580 swing low is also near $12,035. Therefore, the bulls need to clear the 100 hourly SMA and then gain strength above $12,000 to start a fresh increase in the coming sessions.
In the mentioned case, the price could easily drift towards the $12,150 and $12,250 levels. The main hurdle is still near the $12,500 level for a larger upward move.
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