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TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline

TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline
HeadlinesNewsTA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline

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TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline

NewsBTC1 month ago
Published on December 02, 2020 03:48 GMT+0edited on December 02, 2020 03:52 GMT+0

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Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA.

  • Bitcoin is currently correcting lower below the $19,500 and $19,000 levels.
  • The price is approaching a key support at $18,350 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200.

Bitcoin Price is Grinding Lower

There was an upside extension in bitcoin price above the $19,500 resistance. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no …