TA: Bitcoin Hesitates Above $13.2K, But 100 SMA Could Trigger Another Increase

Monday 26 October 2020, 2:58 PM AEST - 1 month ago

Bitcoin price traded to a new monthly high at $13,352 before correcting lower against the US Dollar. BTC is currently trading nicely above the 100 hourly SMA and it could attempt another increase.

  • Bitcoin is trading nicely above the $12,800 and $13,000 support levels.
  • The price is holding gains above the 100 hourly simple moving average, with a positive angle above towards $13,300.
  • There is a crucial bullish trend line forming with support near $12,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher as long as it is above the 100 hourly SMA and $12,800.

Bitcoin Price Is Showing Positive Signs

Bitcoin price remained well bid above the 13,000 resistance and extended its rise. BTC even broke the last high at $13,250 and traded to a new monthly high at $13,352.

Recently, there was a downside correction and the price broke the $13,000 support. The decline found support near the $12,800 zone and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $12,900 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin is currently rising and trading above the $13,000 level. There was a break above the 50% Fib retracement level of the recent decline from the $13,352 high to $12,834 low.

An immediate resistance is near the $13,150 level. It is close to the 61.8% Fib retracement level of the recent decline from the $13,352 high to $12,834 low. To continue higher, BTC must gain momentum above the $13,200 level.

If there is a daily close above the $13,200 level, the price is likely to accelerate higher above $13,350. The next major resistance on the upside is near the $13,500 level.

Downside Break in BTC?

If bitcoin fails to climb above the $13,150 and $13,200 resistance levels, there could be a fresh decline. The first major support is near the 100 hourly SMA at $13,000.

The main support is near the trend line at $12,900, below which the bulls might even struggle to protect the $12,800 support ...

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