TA: Bitcoin Trades Below 100 SMA, Why BTC Could Face Short-term Dips
Bitcoin price failed to continue higher above $18,800 and corrected lower against the US Dollar. BTC is now trading below the 100 hourly SMA and showing a few bearish signs.
Bitcoin is facing a strong resistance near the $18,700 and $18,800 levels.The price is now trading below $18,500 and the 100 hourly simple moving average.There is a short-term ascending channel forming with support near $18,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could correct sharply below $18,150 and $18,000 levels in the near term.
Bitcoin Price is Struggling Below $18.8K
There were a couple of swing moves in bitcoin price (unlike Ethereum and ripple) below the $18,200 and $18,000 levels. BTC traded close to the $17,500 support area before there was a fresh increase.
However, the price struggled to gain momentum and it seems to be facing a strong resistance near the $18,700 and $18,800 levels. The last swing high was near $18,700 before the price dived below $18,200. It traded as low as $17,991 and settled below the 100 hourly simple moving average.
See more for yourself here (https://www.newsbtc.com/analysis/btc/bitcoin-trades-below-100-sma/)