TA: Bitcoin Near Make-or-Break Levels, Why 100 SMA Is The Key

Aayush Jindal

Last Updated: June 11, 2024 11:29 am

2 mins read

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Bitcoin started a recovery wave above the $38,400 resistance against the US Dollar. BTC must clear $39,600 to move into a positive zone.

Bitcoin managed to stay above $37,650 and started an upside correction.
The price is now trading near $39,200 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $39,600 resistance to start a decent increase in the near term.

Bitcoin Price Recovers Ground

Bitcoin price formed a base above the $38,000 and started a recovery wave. BTC broke the $38,400 and $38,500 resistance levels. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

There was a move above the 50% Fib retracement level of the key drop from the $40,775 swing high to $37,672 low. Bitcoin even climbed above the $39,500 level, but it faced sellers near the $39,600 level. It is now trading near $39,200 and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $39,600 level.

The 61.8% Fib retracement level of the key drop from the $40,775 swing high to $37,672 low is also near the $39,600 level. The next key resistance could be near the $40,000 zone. A close above the $39,600 level and the 100 hourly simple moving average could open the doors for a decent increase.

Source: BTCUSD on TradingView.com

In the stated case, the price could even surpass the $40,000 resistance. The next major resistance may perhaps be near the $40,770 zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $39,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $39,250 level.

The next major support is seen near the trend line and $39,200. A close below the $39,200 support zone might start another decline. In the stated case, the price might drop to $38,400. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

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

Major Support Levels – $39,200, followed by $38,400.

Major Resistance Levels – $39,600, $40,000 and $40,770.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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.

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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.

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