Bitcoin is Showing Early Signs of Fresh Surge, But 100 SMA is the Key

- Advertisement -

[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.


- Advertisement -

OTHER RELATED NEWS

A Bitcoin Breakdown Could Be Devastating for These Two Major Altcoins

Throughout the course of the crypto market’s firm 2020 uptrend, Bitcoin’s steady climb has allowed most major altcoins to post decent gains, although none have come close to competing with those seen by Chainlink and Tezos.

These two cryptocurrencies have been able to set fresh all-time highs over the past couple of weeks, and although their uptrends have slowed down as of late, they still remain overwhelmingly bullish.

One analyst, however, is noting that these two cryptocurrencies could be subjected to brutal losses if Bitcoin sees a breakdown from its current price levels.

"Bitcoin Stabilizes as These Two Altcoins Begin - read more.

Crypto Analyst Claims Bitcoin’s $20K All-Time High Was Fake

A cryptocurrency analyst has suggested that price manipulation was behind Bitcoin’s current (and previous) all-time highs, and that the $20,000 December 2017 price was “fake.”

Cane Island Alternative Advisors’ Timothy Peterson has claimed that Bitcoin’s (BTC) near-$20,000 all-time high in December 2017 was “fake.”

In a tweet on June 11, Peterson said that it took seven years for people to accept that Bitcoin was manipulated in 2013, referencing a recent ruling by a Japanese court upholding data tampering charges against former Mt. Gox CEO Mark Karpeles.

He then asked, “How long before people understand $BTC was manipulated again in 2017 and 2019?” before signing - read more.

Halving Priced In or Not, Bitcoin’s Trajectory Bullish for 2020: Exec

In less than six months’ time, Bitcoin will see an extremely important event. Known as a “halving” or “halvening,” the number of coins issued per block to miners will get cut in half from 12.5 to 6.25, effectively meaning that BTC’s inflation rate will be cut in half in layman’s terms.

Related Reading: Don’t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns

The halving mechanism, should it be kept in the code in the decades to come, will ensure that there will only be 21 million Bitcoin in existence. Ever. This ties into Satoshi Nakamoto’s seeming obsession with creating a scarce, hard - read more.

DROPZ
Made for Fun, Easy to use, Easy to Solve!
Catch Every Dropz!
Contact us

[email protected]