Breaking The 100 SMA For Bitcoin Could Mean A Sharp Correction

Breaking the 100 SMA level for Bitcoin could mean that the number one cryptocurrency will start a sharp correction phase, as it attempted to break the $19,500 resistance against the US dollar but failed to do so. BTC could decline sharply if there’s a clear break below the 100 hourly SMA  as we are reading more in today’s Bitcoin news.

Bitcoin is now struggling to clear the $19,500 resistance level with the price likely to continue lower below $19,150 and the 100 hourly simple moving average with a key bullish trend line forming with support at the $19,200 level on the hourly charts of the pair. The pair will speed up lower if there’s a clear break below the $19,150 and the 100 hourly SMA.  There was a fresh increase in its price above $19,250 and the $19,400 as it made another attempt to clear the level but failed to gain bullish momentum.

A new high formed close to the $19,586 and the price is now trading above the 100 hourly simple moving average with a break below the $19,400 level. The price traded below the 23.6% Fib retracement level of the recent increase from the ,851 low to the ,586 high.
buy viagra generic buy viagra online no prescription

The next key support is close to the 100 SMA and the $19,000 the price will start a significant downside correction with the next major support near the $18,500 level. Breaking the 100 SMA level, could help bitcoin stay above the trend line support and the 100 hourly simple moving average with a rise towards $19,500 that will serve as the main resistance level.

The price has to gain bullish momentum above the $19,500 level so a proper close above the $19,500 level could even lead the price towards the $20,000 barrier. The technical indicators show that the MACD is gaining momentum in the bearish zone with the hourly RSI for the pair sitting below 50 levels. The major support levels include $19,200 followed by $19,150 while the major resistance levels are set at $19,400 and $19,500.