Bitcoin Trades Near Crucial Juncture, Why 100 SMA Is The Key

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Bitcoin price is facing a strong resistance near $15,500 and $15,600 against the US Dollar. BTC could clear the $15,500 resistance unless there is a clear break below the 100 hourly SMA.

  • Bitcoin is facing a strong barrier near the $15,500 and $15,600 resistance levels.
  • The price is currently holding the $15,200 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $15,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above the $15,500 resistance or it might decline heavily below the 100 hourly SMA.

Bitcoin Price is Stuck Below $15,500

After forming a decent support near $15,000, bitcoin price attempted another increase. BTC broke the $15,200 pivot level to avoid more losses and it settled above the 100 hourly simple moving average.

There was a break above the 50% Fib retracement level of the downward move from the $15,850 high to $14,815 swing low. The price even climbed above the $15,400 level, but it seems like the bulls are facing an uphill task near the $15,500 level.

Source: BTCUSD on TradingView.com

The 61.8% Fib retracement level of the downward move from the $15,850 high to $14,815 swing low is also acting as a resistance. On the downside, there is a major bullish trend line forming with support near $15,200 on the hourly chart of the BTC/USD pair.

It seems like bitcoin price is approaching a major breakout either above the $15,500 resistance or below the trend line support. If there is a clear break and close above $15,500, the price could rise sharply. The next immediate resistance is near $15,600, above which the price could revisit the $15,850 high.

Role of 100 Hourly SMA for BTC?

If bitcoin fails to clear the $15,500 resistance, there is a risk of a downside break. An initial support is near the $15,200 level, the trend line, and the 100 hourly SMA.

A proper close below the trend line support and the 100 hourly SMA could trigger a sharp decline. The next key support is near the $15,000 level, below which there is a risk of a drop below the $14,815 swing low in the near term.

Technical indicators:

Hourly MACD – The MACD is struggling to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $15,200, followed by $15,000.

Major Resistance Levels – $15,450, $15,500 and $15,600.

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

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