RATE Group | Bitcoin Above 100 SMA Could Spark A Fresh Run Towards $6,000
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Bitcoin Above 100 SMA Could Spark A Fresh Run Towards $6,000

17 Mar Bitcoin Above 100 SMA Could Spark A Fresh Run Towards $6,000

Posted at 06:16h in Bitcoin News by

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Bitcoin is currently rising and showing positive signs from the $4,350 swing low against the US Dollar. BTC price is likely to accelerate higher towards $6,000 if it settles above the 100 hourly SMA.

  • Bitcoin is recovering nicely from the $4,350 and $4,500 support levels against the US Dollar.
  • It is back above the $5,000 level and it is trading with a bullish angle.
  • There is a major bearish trend line forming with resistance near $5,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher towards the $6,000 resistance if it settles above $5,350.

Bitcoin Could Continue Higher

Yesterday, we saw a strong double top formation for bitcoin near the $6,000 resistance against the US Dollar. BTC price remained in a bearish zone and declined below the $5,200 and $5,000 support levels.

The price even broke the neckline support and settled below the 100 hourly simple moving average. Finally, the price spiked below the $4,500 support and traded as low…

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