TA: Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

Jun 27, 2022 04:00 am Cryptocurrency 262

Bitcoin is showing positive signs above the $21,000 zone against the US Dollar. BTC might start a fresh increase and could even clear the $21,750 resistance zone.

Bitcoin remains well supported above the $21,000 and $20,500 levels.

The price is now above the $20,800 level and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $21,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could gain bullish momentum if it stays above $20,500 and the 100 hourly SMA.

Bitcoin Price Remains Supported

Bitcoin price started a decent increase above the $20,000 resistance zone. The price was able to clear the $20,500 level to move into a positive zone.

There was a steady move above the $21,000 level and the 100 hourly simple moving average. However, the bears were again active near the $21,700 and $21,750 levels. A high was formed near $21,780 and the price started a downside correction.

Bitcoin traded below the $21,500 level. There was a break below ..

Support the originator by clicking the read the rest link below.