{"id":33440,"date":"2023-11-30T02:52:39","date_gmt":"2023-11-30T06:52:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33440"},"modified":"2023-11-30T02:52:39","modified_gmt":"2023-11-30T06:52:39","slug":"bitcoin-price-consolidates-why-100-sma-could-spark-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/30\/bitcoin-price-consolidates-why-100-sma-could-spark-fresh-increase\/","title":{"rendered":"Bitcoin Price Consolidates \u2013 Why 100 SMA Could Spark Fresh Increase"},"content":{"rendered":"

Bitcoin price failed again to clear the $38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and might attempt another increase.<\/em><\/p>\n

Bitcoin is still facing heavy resistance near the $38,500 zone.
\nThe price is trading above $37,400 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $37,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could make another attempt to clear the $38,500 resistance unless it breaks below $37,350.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price remained well-bid above the $37,500 support zone. BTC climbed higher above the $38,000 level and made another attempt to clear the $38,400 resistance zone<\/a>.<\/p>\n

However, the bulls failed to gain strength and the price peaked near $38,400. It is again correcting gains and trading below the 23.6% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.<\/p>\n

Bitcoin is now trading above $37,400 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $37,350 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is still near the $38,500 level. A close above the $38,500 resistance might start a fresh rally.<\/p>\n

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

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

The next key resistance could be near $39,200, above which BTC could climb toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,550 level or the 50% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.<\/p>\n

The next major support is near $37,350 and the trend line. If there is a move below $37,350, there is a risk of more downsides. In the stated case, the price could decline toward the $36,720 support in the near term.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $37,550, followed by $37,350.<\/p>\n

Major Resistance Levels \u2013 $38,400, $38,500, and $39,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed again to clear the $38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and might attempt another increase.<\/em><\/p>\n

Bitcoin is still facing heavy resistance near the $38,500 zone.
\nThe price is trading above $37,400 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $37,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could make another attempt to clear the $38,500 resistance unless it breaks below $37,350.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price remained well-bid above the $37,500 support zone. BTC climbed higher above the $38,000 level and made another attempt to clear the $38,400 resistance zone<\/a>.<\/p>\n

However, the bulls failed to gain strength and the price peaked near $38,400. It is again correcting gains and trading below the 23.6% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.<\/p>\n

Bitcoin is now trading above $37,400 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $37,350 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is still near the $38,500 level. A close above the $38,500 resistance might start a fresh rally.<\/p>\n

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

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

The next key resistance could be near $39,200, above which BTC could climb toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,550 level or the 50% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.<\/p>\n

The next major support is near $37,350 and the trend line. If there is a move below $37,350, there is a risk of more downsides. In the stated case, the price could decline toward the $36,720 support in the near term.<\/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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $37,550, followed by $37,350.<\/p>\n

Major Resistance Levels \u2013 $38,400, $38,500, and $39,200.<\/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-33440","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\/33440","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=33440"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33440\/revisions"}],"predecessor-version":[{"id":33450,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33440\/revisions\/33450"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33440"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}