TA: Bitcoin Moves Below 100 SMA, Why $40K Is The Key

Mar 22, 2022 04:00 am Cryptocurrency 139

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 ..

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