RATE Group | Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally
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Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally

15 May Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally

Posted at 07:01h in Bitcoin News by

Bitcoin traded as high as $9,950 and recently started a downside correction against the US Dollar. BTC price is likely to remains well supported above $9,000 and it could continue higher.

  • Bitcoin is currently correcting lower from the $9,950 and $10,000 resistance levels.
  • The price is still trading well above the $9,200 support and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $9,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower towards $9,200 and $9,000, but it is likely to bounce back.

Bitcoin Correcting Gains

There was a steady rise in bitcoin price above the $9,200 and $9,500 resistance levels against the US Dollar. BTC price extended its rise above the $9,700 level and the 100 hourly simple moving average.

It even traded close to the $10,000 resistance (as discussed in yesterday’s post). However, the bulls failed to gain strength for more gains above $9,950 and $10,000. A high…

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