Bitcoin Price Turns Attractive On Dips, 100 SMA Is The Key
February 29 2024 - 10:05PM
NEWSBTC
Bitcoin price is correcting gains from the $64,000 resistance. BTC
might find strong support near the $59,250 level or the 100 hourly
SMA. Bitcoin price is correcting gains below the $62,250 resistance
zone. The price is trading above $60,000 and the 100 hourly Simple
moving average. There was a break below a connecting bullish trend
line with support at $62,850 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair could correct lower toward
$60,000 or even to the 100 hourly Simple moving average. Bitcoin
Price Starts Correction Bitcoin price extended its rally above the
$62,000 resistance zone. BTC even cleared the $63,200 level and
tested the $64,000 zone. A new multi-week high was formed near
$64,000 before the price started a downside correction. The price
traded below the $62,000 support. There was a spike below the 50%
Fib retracement level of the upward move from the $57,846 swing low
to the $53,549 swing high. There was a break below a connecting
bullish trend line with support at $62,850 on the hourly chart of
the BTC/USD pair. Bitcoin is still trading above $60,000 and the
100 hourly Simple moving average. Source: BTCUSD on TradingView.com
Immediate resistance is near the $62,200 level. The next key
resistance could be $62,850, above which the price could rise
toward the $64,000 resistance zone. If the bulls remain in action,
the price could even surpass $64,000 and test $65,000. Any more
gains might send the price toward the $68,000 zone. Are Dips
Limited In BTC? If Bitcoin fails to rise above the $62,200
resistance zone, it could continue to move down. Immediate support
on the downside is near the $60,000 level and the 61.8% Fib
retracement level of the upward move from the $57,846 swing low to
the $53,549 swing high. The first major support is $58,000 or the
100 hourly SMA. If there is a close below $58,000, the price could
start a decent pullback toward the $56,500 zone. Any more losses
might send the price toward the $55,000 support zone. Technical
indicators: Hourly MACD – The MACD is now losing pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 50 level. Major Support Levels – $60,000,
followed by $58,000. Major Resistance Levels – $62,200, $62,850,
and $64,000.
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