Bitcoin Holds Uptrend Support, Why 100 SMA Is The Key

 2022-02-10 07:20:42

Bitcoin remained well supported near the $42,700 support zone. BTC is rising and might accelerate higher above $44,850 in the near term.

 

Bitcoin price started a downside correction below the $44,000 level. BTC even declined below the $43,000 level, but the bulls appeared near the $42,700 zone.

 

The price also remained stable above $42,500 and the 100 hourly simple moving average. A low was formed near $42,709 and the price started a fresh increase. There was a clear move above the $43,200 and $43,500 resistance levels.

 

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There is also a key rising channel forming with support near $43,700 on the hourly chart of the BTC/USDT pair. Bitcoin price is now trading above $42,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $44,500 level. The next major resistance is near the $44,850 zone, above which the price may perhaps rally above $45,000. In the stated case, the price could continue to rise towards the $46,500 level.

 

If bitcoin fails to start a fresh increase above $44,850, it could continue to move down. An immediate support on the downside is near the $44,000 zone. The next major support is seen near the $43,500 level and the 100 hourly simple moving average. If there is a downside break below the $43,500 support, the price could start a major decline towards the $41,200 level.

 

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.

Major Support Levels – $43,700, followed by $43,500.

Major Resistance Levels – $44,850, $45,000 and $45,500.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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