Bitcoin price started a fresh increase from $ 14,380 against the US Dollar. According to successful analyst Aayush Jindal, Bitcoin price has returned above the 100-hour SMA, but must surpass $ 15,600 for further increases in the near term.
- Bitcoin price started a strong upward move after trading as low as $ 14,380.
- The price climbed above $ 15,200 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance around $ 15,300 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- As long as the pair is above the 100 hourly SMA, it could clear the $ 15,600 resistance.
Bitcoin price is struggling close to $ 15,600! How can the 100 SMA trigger a rise?
After a strong negative correction, bitcoin price found support near the $ 14,400 level. BTC traded from lows as low as $ 14,380 and started a steady upward move. BTC price crossed the $ 14,800 and $ 15,000 resistance levels. More importantly, there was a break above a major bearish trend line with resistance near $ 15,300 on the hourly chart of the BTC / USD pair. The bulls broke the 50% Fib retracement level of the downside correction from the $ 15,990 swing zone to $ 14,380.