TA: Bitcoin Price Attempts Recovery, Why 100 SMA Is The Key

Bitcoin started an upside correction from the $18,223 low against the US Dollar. BTC climbed above $19,000, but it is now facing resistance near the 100 hourly SMA. Bitcoin traded as low as $18,223 before it started an upside correction. The price is still trading below $20,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $19,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the trend line and the 100 hourly SMA to continue higher towards $20,500. Bitcoin Price Recovers Above $19,000 Bitcoin price extended losses after it settled below the $19,000 level. BTC broke the $18,500 support zone and traded as low as $18,223. There was no test of the $18,000 zone and the price started an upside correction. There was a steady increase above the $18,500 and $18,800 levels. The price was able to clear the 50% Fib retracement level of the downward move from the $20,198 swing high to $18,223 low. Bitcoin price even spiked above the $19,500 resistance zone. However, the bears were active near the $19,600 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $19,650 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the downward move from the $20,198 swing high to $18,223 low. Source: BTCUSD on TradingView.com On the upside, an immediat...