{"id":22447,"date":"2023-04-24T03:53:44","date_gmt":"2023-04-24T07:53:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=22447"},"modified":"2023-04-24T03:53:44","modified_gmt":"2023-04-24T07:53:44","slug":"bitcoin-price-could-resume-increase-but-100-sma-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/04\/24\/bitcoin-price-could-resume-increase-but-100-sma-is-the-key\/","title":{"rendered":"Bitcoin Price Could Resume Increase But 100 SMA Is The Key"},"content":{"rendered":"

Bitcoin price is attempting a fresh increase from the $27,200 support. BTC must clear $28,000 to start a decent increase in the near term.<\/em><\/p>\n

Bitcoin extended its decline below the $28,000 support zone.
\nThe price is trading below $28,000 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a steady increase if there is a close above the 100 hourly SMA.<\/p>\n

Bitcoin Price Finds Support<\/h2>\n

Bitcoin price remained in a bearish zone below the $30,000 zone<\/a>. BTC extended its decline and traded below the $28,000 support. Finally, it tested the $27,200 support.<\/p>\n

A low is formed near $27,146 and the price is now consolidating losses. There was a minor recovery wave above the $27,500 level. Besides, there was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading below $28,000 and the 100 hourly Simple moving average<\/a>. It is testing the 23.6% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low.<\/p>\n

Immediate resistance is near the $28,000 level. A close above the $28,000 resistance and the 100 hourly SMA could start a decent increase. The first major resistance is forming near the $28,500 level. The next major resistance is near the $28,800 zone.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

It is close to the 50% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low. A move above the $28,800 resistance might call for a decent increase. In the stated case, the price may perhaps revisit the $29,500 zone. Any more gains could open the doors for a test of $30,000.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,400 level.<\/p>\n

The next major support is near the $27,200 zone. A downside break and close below the $27,200 support might push the price toward the $26,800 support. Any more losses might push Bitcoin toward $26,500.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,400, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,500, and $28,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is attempting a fresh increase from the $27,200 support. BTC must clear $28,000 to start a decent increase in the near term.<\/em><\/p>\n

Bitcoin extended its decline below the $28,000 support zone.
\nThe price is trading below $28,000 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a steady increase if there is a close above the 100 hourly SMA.<\/p>\n

Bitcoin Price Finds Support<\/h2>\n

Bitcoin price remained in a bearish zone below the $30,000 zone<\/a>. BTC extended its decline and traded below the $28,000 support. Finally, it tested the $27,200 support.<\/p>\n

A low is formed near $27,146 and the price is now consolidating losses. There was a minor recovery wave above the $27,500 level. Besides, there was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading below $28,000 and the 100 hourly Simple moving average<\/a>. It is testing the 23.6% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low.<\/p>\n

Immediate resistance is near the $28,000 level. A close above the $28,000 resistance and the 100 hourly SMA could start a decent increase. The first major resistance is forming near the $28,500 level. The next major resistance is near the $28,800 zone.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

It is close to the 50% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low. A move above the $28,800 resistance might call for a decent increase. In the stated case, the price may perhaps revisit the $29,500 zone. Any more gains could open the doors for a test of $30,000.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,400 level.<\/p>\n

The next major support is near the $27,200 zone. A downside break and close below the $27,200 support might push the price toward the $26,800 support. Any more losses might push Bitcoin toward $26,500.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,400, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,500, and $28,800.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-22447","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=22447"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22447\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=22447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=22447"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=22447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}