TA: Bitcoin Price Reclaims $20K, Why 100 SMA Is The Key To More Upsides

Aug 30, 2022 04:00 am Cryptocurrency 118

Bitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing a strong resistance near the 100 hourly SMA.

Bitcoin started a minor upside correction and climbed above the $20,000 resistance.

The price is now trading below the $20,500 level and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair must clear the $20,400 zone and the 100 hourly SMA to continue higher.

Bitcoin Price Faces Hurdles

Bitcoin price found support near the $19,525 zone and started a minor upside correction. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.

There was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the ..

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