{"id":31527,"date":"2023-10-27T03:53:22","date_gmt":"2023-10-27T07:53:22","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=31527"},"modified":"2023-10-27T03:53:22","modified_gmt":"2023-10-27T07:53:22","slug":"bitcoin-price-holds-100-sma-a-strengthening-case-for-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/27\/bitcoin-price-holds-100-sma-a-strengthening-case-for-fresh-increase\/","title":{"rendered":"Bitcoin Price Holds 100 SMA \u2013 A Strengthening Case For Fresh Increase"},"content":{"rendered":"

Bitcoin price is still above the $33,200 support zone. BTC could start a fresh increase unless there is a close below the 100 hourly SMA and $33,400.<\/em><\/p>\n

Bitcoin is still struggling to clear the $35,000 resistance.
\nThe price is trading above $33,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it clears the trend line and then $34,555.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price failed to gain strength for a close above the $35,000 resistance zone<\/a>. BTC started a fresh decline below the $34,500 level. There was a move below the $34,000 zone as well before the bulls appeared.<\/p>\n

A low is formed near $33,717 and the price is still well above the 100 hourly Simple moving average. It is slowly moving higher above the $34,000 level. There was a break above the 23.6% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low.<\/p>\n

Bitcoin is now trading above $33,650 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $34,100 level. There is also a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next key resistance could be near $34,550 or the 61.8% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low. The main resistance is still near the $35,000 zone.<\/p>\n

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

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

A clear move above the $35,000 resistance might start another surge. The next key resistance could be $36,500. Any more gains might send BTC toward the $38,000 level in the coming days.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,550 resistance zone, it could start another decline. Immediate support on the downside is near the $33,700 level.<\/p>\n

The next major support is near the $33,400 level and the 100 hourly Simple moving average. If there is a move below the 100 hourly Simple moving average, there is a risk of more downsides. In the stated case, the price could decline toward the $31,500 level in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $33,700, followed by $33,400.<\/p>\n

Major Resistance Levels \u2013 $34,120, $34,550, and $35,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still above the $33,200 support zone. BTC could start a fresh increase unless there is a close below the 100 hourly SMA and $33,400.<\/em><\/p>\n

Bitcoin is still struggling to clear the $35,000 resistance.
\nThe price is trading above $33,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it clears the trend line and then $34,555.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price failed to gain strength for a close above the $35,000 resistance zone<\/a>. BTC started a fresh decline below the $34,500 level. There was a move below the $34,000 zone as well before the bulls appeared.<\/p>\n

A low is formed near $33,717 and the price is still well above the 100 hourly Simple moving average. It is slowly moving higher above the $34,000 level. There was a break above the 23.6% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low.<\/p>\n

Bitcoin is now trading above $33,650 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $34,100 level. There is also a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next key resistance could be near $34,550 or the 61.8% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low. The main resistance is still near the $35,000 zone.<\/p>\n

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

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

A clear move above the $35,000 resistance might start another surge. The next key resistance could be $36,500. Any more gains might send BTC toward the $38,000 level in the coming days.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $34,550 resistance zone, it could start another decline. Immediate support on the downside is near the $33,700 level.<\/p>\n

The next major support is near the $33,400 level and the 100 hourly Simple moving average. If there is a move below the 100 hourly Simple moving average, there is a risk of more downsides. In the stated case, the price could decline toward the $31,500 level in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $33,700, followed by $33,400.<\/p>\n

Major Resistance Levels \u2013 $34,120, $34,550, and $35,000.<\/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-31527","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\/31527","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=31527"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31527\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31527"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}