RATE Group | Bitcoin Above 100 SMA (H4) Could Spark Strong Surge To $7.5K
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Bitcoin Above 100 SMA (H4) Could Spark Strong Surge To $7.5K

22 Mar Bitcoin Above 100 SMA (H4) Could Spark Strong Surge To $7.5K

Posted at 08:01h in Bitcoin News by

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Bitcoin is currently correcting higher from the $4,320 support area against the US Dollar. BTC could rally further if the bulls are able to push the price above $6,800 and the 100 SMA (H4).

  • Bitcoin price seems to be facing a strong resistance zone near the $6,800 and $7,000 levels.
  • The 100 simple moving average (4-hours) holds the key for the next move.
  • There is a key bearish trend line forming with resistance near $6,680 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $6,800 or it might decline back towards the $5,200 level.

Bitcoin is Approaching Major Hurdle

This past week, bitcoin started an upside correction after it forming a decent support base above $4,000 against the US Dollar. BTC price gained momentum above the $4,500 level and traded above the $5,000 resistance.

The bulls were able to push the price above the $5,500 resistance. As a result, there was a sharp upward move above the $6,000 level. However, the rally faced a major…

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