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{"id":416553,"date":"2020-03-02T05:18:01","date_gmt":"2020-03-02T05:18:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=416553"},"modified":"2024-06-11T13:42:44","modified_gmt":"2024-06-11T13:42:44","slug":"bitcoin-showing-early-signs-of-fresh-increase","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-showing-early-signs-of-fresh-increase\/","title":{"rendered":"Bitcoin is Showing Early Signs of Fresh Rally, But 100 SMA is the Key"},"content":{"rendered":"

Bitcoin is likely forming a short term bottom near $8,400 against the US Dollar. However, BTC price must climb above the 100 hourly SMA and $8,800 to start a fresh increase.<\/em><\/p>\n

\n
Bitcoin is currently consolidating above the $8,400 and $8,500 support levels against the US Dollar.<\/li>\n
The bulls need to gain control above $8,700 and the 100 hourly simple moving average.<\/li>\n
There was a break above a key bearish trend line with resistance near $8,575 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start a strong increase if it settles above $8,700 and $8,800.<\/li>\n<\/ul>\n
Bitcoin Reaching Key Resistance<\/h2>\n
This past week, we saw a steady decline below the $9,000 support in bitcoin against the US Dollar. BTC price made a couple of attempts to bounce back, but it failed and settled below the 100 hourly simple moving average.<\/p>\n
On the downside, it seems like the price is finding a significant buying interest near the $9,500 and $9,400 levels<\/a>. The recent low was formed near $8,403 and the price is currently correcting higher.<\/p>\n
It is trading above the $8,450 and $8,500 levels. More importantly, there was a break above a key bearish trend line with resistance near $8,575 on the hourly chart<\/a> of the BTC\/USD pair. It has opened the doors for more gains above the $8,600 level.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
The pair is now trading near the 50% Fib retracement level of the recent decline from the $8,821 high to $8,403 low. On the upside, an initial resistance is seen near the $8,660 level and the 100 hourly simple moving average.<\/p>\n
The 61.8% Fib retracement level of the recent decline from the $8,821 high to $8,403 low is also near the $8,660 level to prevent gains. If bitcoin price climbs above the $8,700 level and the 100 hourly SMA, there are chances of a decent upward move.<\/p>\n
The next key resistance is near the $8,800 area, above which the bulls are likely to take control. In the stated bullish scenario, the price is likely to recover above $9,000 or even $9,200 in the coming sessions.<\/p>\n
Downside Break?<\/h2>\n
If bitcoin fails to climb above the $8,700 level or the 100 hourly SMA, there is a risk of another bearish reaction. On the downside, there are two key supports – $8,500 and $8,400.<\/p>\n
A downside break below the $8,403 low may perhaps lead the price towards the next set of important supports near $8,200 and $8,000 (as discussed in one of the analyses using the daily chart<\/a>).<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is back above the 50 level.<\/p>\n
Major Support Levels \u2013 $8,500 followed by $8,400.<\/p>\n
Major Resistance Levels \u2013 $8,700, $8,800 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is likely forming a short term bottom near $8,400 against the US Dollar. However, BTC price must climb above the 100 hourly SMA and $8,800 to start a fresh increase. Bitcoin is currently consolidating above the $8,400 and $8,500 support levels against the US Dollar. The bulls need to gain control above $8,700 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $8,575 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a strong increase if it settles above $8,700 and $8,800. Bitcoin Reaching Key Resistance This past week, we saw a steady decline below the $9,000 support in bitcoin against the US Dollar. BTC price made a couple of attempts to bounce back, but it failed and settled below the 100 hourly simple moving average. On the downside, it seems like the price is finding a significant buying interest near the $9,500 and $9,400 levels. The recent low was formed near $8,403 and the price is currently correcting higher. It is trading above the $8,450 and $8,500 levels. More importantly, there was a break above a key bearish trend line with resistance near $8,575 on the hourly chart of the BTC\/USD pair. It has opened the doors for more gains above the $8,600 level. The pair is now trading near the 50% Fib retracement level of the recent decline from the $8,821 high to $8,403 low. On the upside, an initial resistance is seen near the $8,660 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent decline from the $8,821 high to $8,403 low is also near the $8,660 level to prevent gains. If bitcoin price climbs above the $8,700 level and the 100 hourly SMA, there are chances of a decent upward move. The next key resistance is near the $8,800 area, above which the bulls are likely to take control. In the stated bullish scenario, the price is likely to recover above $9,000 or even $9,200 in the coming sessions. Downside Break? If bitcoin fails to climb above the $8,700 level or the 100 hourly SMA, there is a risk of another bearish reaction. On the downside, there are two key supports – $8,500 and $8,400. A downside break below the $8,403 low may perhaps lead the price towards the next set of important supports near $8,200 and $8,000 (as discussed in one of the analyses using the daily chart). Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is back above the 50 level. Major Support Levels \u2013 $8,500 followed by $8,400. Major Resistance Levels \u2013 $8,700, $8,800 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":416555,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-416553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin is Showing Early Signs of Fresh Rally, But 100 SMA is the Key<\/title>\n<meta name=\"description\" content=\"Bitcoin is likely forming a short term bottom near $8,400. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin is Showing Early Signs of Fresh Rally, But 100 SMA is the Key","url":"http:\/\/uniquehot.com\/news\/bitcoin-showing-early-signs-of-fresh-increase\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-showing-early-signs-of-fresh-increase\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/shutterstock_517749853.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/shutterstock_517749853.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2020-03-02T05:18:01Z","datePublished":"2020-03-02T05:18:01Z","dateModified":"2024-06-11T13:42:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin is Showing Early Signs of Fresh Rally, But 100 SMA is the Key\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-showing-early-signs-of-fresh-increase\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-showing-early-signs-of-fresh-increase\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_517749853.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_517749853.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2020-03-02T05:18:01Z\",\"datePublished\":\"2020-03-02T05:18:01Z\",\"dateModified\":\"2024-06-11T13:42:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/shutterstock_517749853.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/416553"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=416553"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/416553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/416555"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=416553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=416553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=416553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Downside Break?<\/h2>\nIf bitcoin fails to climb above the $8,700 level or the 100 hourly SMA, there is a risk of another bearish reaction. On the downside, there are two key supports – $8,500 and $8,400.<\/p>\n