{"id":24805,"date":"2023-05-31T02:53:04","date_gmt":"2023-05-31T06:53:04","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24805"},"modified":"2023-05-31T02:53:04","modified_gmt":"2023-05-31T06:53:04","slug":"bitcoin-price-nears-next-key-move-100-sma-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/31\/bitcoin-price-nears-next-key-move-100-sma-is-the-key\/","title":{"rendered":"Bitcoin Price Nears Next Key Move, 100 SMA Is The Key"},"content":{"rendered":"

Bitcoin price is consolidating above the $27,500 support. BTC could start a fresh increase unless there is a clear move and close below $27,500.<\/em><\/p>\n

Bitcoin is still holding the key $27,500 support zone.
\nThe price is trading above $27,550 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a break above the $28,000 resistance zone.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price started a downside correction after it failed to clear the $28,500 resistance zone<\/a>. BTC moved below the $28,200 and $28,000 levels.<\/p>\n

There was also a drop below the $27,800 level but the bulls were active near the $27,500 support. A low is formed near $27,559 and the price is now consolidating. There was already a test of the 50% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.<\/p>\n

Bitcoin price is now trading above $27,550 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,850 level and the trend line. The next major resistance is near the $28,000 level or the 76.4% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.<\/p>\n\n

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

An upside break and close above $28,000 could start a steady increase toward $28,500. If the bulls manage to clear the $28,500 resistance zone might send the price toward the $29,200 resistance zone. The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance.<\/p>\n

Downside Break 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 $27,550 level.<\/p>\n

The next major support is near the $27,500 zone and the 100 hourly SMA, below which the price might start a steady decline. In the stated case, the price could drop toward the $27,000 support.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $27,550, followed by $27,500.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,400, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above the $27,500 support. BTC could start a fresh increase unless there is a clear move and close below $27,500.<\/em><\/p>\n

Bitcoin is still holding the key $27,500 support zone.
\nThe price is trading above $27,550 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a break above the $28,000 resistance zone.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price started a downside correction after it failed to clear the $28,500 resistance zone<\/a>. BTC moved below the $28,200 and $28,000 levels.<\/p>\n

There was also a drop below the $27,800 level but the bulls were active near the $27,500 support. A low is formed near $27,559 and the price is now consolidating. There was already a test of the 50% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.<\/p>\n

Bitcoin price is now trading above $27,550 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $27,850 level and the trend line. The next major resistance is near the $28,000 level or the 76.4% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.<\/p>\n

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

An upside break and close above $28,000 could start a steady increase toward $28,500. If the bulls manage to clear the $28,500 resistance zone might send the price toward the $29,200 resistance zone. The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance.<\/p>\n

Downside Break 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 $27,550 level.<\/p>\n

The next major support is near the $27,500 zone and the 100 hourly SMA, below which the price might start a steady decline. In the stated case, the price could drop toward the $27,000 support.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $27,550, followed by $27,500.<\/p>\n

Major Resistance Levels \u2013 $28,000, $28,400, and $28,500.<\/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-24805","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\/24805","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=24805"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24805\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24805"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}