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Bitcoin Struggles Down below $57K, Here’s Why 100 SMA Holds The Crucial

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Bitcoin Struggles Down below $57K, Here’s Why 100 SMA Holds The Crucial

coinnewsdaily by coinnewsdaily
April 21, 2021
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Bitcoin Struggles Down below $57K, Here’s Why 100 SMA Holds The Crucial
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Bitcoin rate is keeping the $55,000 support zone against the US Dollar. BTC should clear the $57,000 resistance and the 100 hourly SMA to transfer into a positive zone.

  • Bitcoin is by some means keeping the $55,000 and $54,500 aid degrees.
  • The cost is now struggling with a strong resistance in close proximity to $57,500 and the 100 hourly simple shifting common.
  • There was a break over a main declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could get started a sturdy raise if there is a crystal clear crack over the $57,500 resistance zone.

Bitcoin Selling price is Experiencing Hurdles

Bitcoin remained beneath the key $57,500 resistance zone. BTC declined underneath the $55,000 assist, but it observed support in close proximity to the $53,400 zone. A low was fashioned around $53,338 right before the price started out a fresh maximize.

It broke the $54,500 and $55,000 resistance stages. There was also a split over a key declining channel with resistance in the vicinity of $55,250 on the hourly chart of the BTC/USD pair. The pair even climbed earlier mentioned $57,000, but it unsuccessful to apparent the 100 hourly basic shifting regular.

A higher is formed in the vicinity of $57,150 and the rate is now correcting decreased. It traded close to the 50% Fib retracement stage of the upward transfer from the $53,338 lower to $57,151 substantial.

Supply: BTCUSD on TradingView.com

On the upside, the cost is experiencing a powerful resistance in close proximity to the $57,100 and $57,500 stages. The 100 hourly straightforward shifting regular is also close to the $57,500 amount to act as a hurdle. A thriving crack over the $57,500 resistance is ought to to commence a strong enhance in the coming sessions.

Dips Supported in BTC?

If bitcoin fails to very clear the $57,000 and $57,500 resistance ranges, it could appropriate reduced. An immediate help on the downside is near the $55,200 level.

The 1st critical assist is in the vicinity of the $54,800 level. It is close to the 61.8% Fib retracement level of the upward shift from the $53,338 very low to $57,151 substantial. Any more losses could maybe connect with for a retest of the $53,350 zone in the close to expression.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now shut to the 50 degree.

Key Support Degrees – $55,200, followed by $54,800.

Major Resistance Ranges – $56,500, $57,100 and $57,500.

Tags: BitcoinBitcoin/US Dollar FX Spot Rate, FX Spot Rate, COMPOSITE DISPLAYCryptocurrenciesPayment systems
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