RATE Group | Despite Bitcoin’s Key Technical Correction, The 100 SMA Can Trigger A Fresh Rally
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Despite Bitcoin’s Key Technical Correction, The 100 SMA Can Trigger A Fresh Rally

14 Feb Despite Bitcoin’s Key Technical Correction, The 100 SMA Can Trigger A Fresh Rally

Posted at 06:59h in Bitcoin News by

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Bitcoin started a downside correction from the $10,500 area against the US Dollar. BTC declined below $10,200, but it is still holding the key 100 hourly SMA.

  • Bitcoin price failed to climb above $10,500 and corrected lower against the US Dollar.
  • There was a sharp dip below the $10,200 level before the bulls protected the 100 hourly SMA.
  • There is a key contracting triangle forming with resistance near $10,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally again above $10,300 or it might extend its decline below the $10,100 support.

Bitcoin Holding Key Support

Recently, bitcoin made another attempt to climb above the $10,500 resistance area against the US Dollar. However, BTC price failed to continue higher and formed a short term top near $10,519.

Later, there was a downside correction below the $10,400 level. Moreover, yesterday’s ascending channel with support near $10,360 was breached on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin Price

It…

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