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Bitcoin { BTC} Price Watch – Case For Larger Rally Above 100 Hourly SMA

Bitcoin price maintained its high above $3,800 and recovered against USD. The price is trading above $3,840 level and facing strong resistance near the 100 hourly SMA. According to the data provided by Kraken, there Is a key bearish line with resistance at $3,865 on hourly chart of BTC/USD pair. The pair could rally higher if there is close above $3,880 and the 100 hourly SMA. Bitcoin price bounced nicely from $3,800 support against USD. Currently, BTC is slightly an upside break above the $3,880 resistance and the 100 hourly SMA { Simple Moving Average}.

Price Analysis of Bitcoin

Yesterday bitcoin was at its downside below the $3,860 against US dollar. The BTC/USD pair tested the key $3,800 support level and later started an upside correction. a swing low was seen at $3,801 and the price corrected above the $3,840 level. Buyers were successful in pushing the price above the $3,850 resistance as well. Besides there was a break above the 50% Fib retracement level of the recent drop from the $3,910 high and swing low to $3,800.

The recovery of price faced a strong resistance near $3,880 level and the 100 hourly SMA. More importantly, there is a key bearish trend line in place with resistance at $3,865 on hourly chart of BTC/USD pair. The pair also struggled to clear the 61.8% Fib retracement level of the recent drop from the $3,910 swing high to $3,800 swing low. Currently, the price is consolidating just below the trend line $3,870 and 100 hourly SMA.

A successful break above the trend line and $3,880 could really boost the market sentiment, in turn, the price could rise above the $3,900 and $3,920 resistance level. The next stop could be $3,960 or even $4,000 . on flip if there is downside correction, the price may find buyers near the $3,840 level. The main support is near the $3,820 and $3,800 levels. If there is a downside break below $ 3,800, the price could move on into the bearish zone in recent times.

For now, bitcoin price seems to be preparing for a larger upside break above $3,880 considering which it won’t be easy for buyers to gain above $3,880 level and 100 hourly SMA.

Technical Indicators                                                            

Hourly MACD – the MACD is placed about to move into the bullish zone.

Hourly RSI { Relative Strength Index } – The RSI for BTC/USD is above the 50 levels, with a bullish angle.

Major Support Levels – $3,840 followed by $3,800

Major Resistance Levels – $3,865, $3,880 and $3,900.

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