Bitcoin Price Close Above 100 SMA Could Spark A Fresh Surge: Here’s Why

Bitcoin price started a downside correction below $20,500 against the US Dollar. BTC could start a fresh surge if it clears the 100 hourly SMA and then $21,000. Bitcoin is recovering losses from the $20,250 support zone. The price is trading below $20,700 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,680 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another upward move if it clears the 100 hourly SMA and then $21,000. Bitcoin Price Remains Supported Bitcoin price started a downside correction after it failed to surpass the $21,000 resistance zone. BTC corrected lower below the $20,600 and $20,500 levels. The decline gained pace below the $20,500 level and the 100 hourly simple moving average. However, the bulls were active near the $20,250 level. A low was formed near $20,250 and the price started a steady upward move. There was a wave above the $20,400 and $20,500 levels. Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $21,074 swing high to $20,250 low. On the upside, an immediate resistance is near the $20,600 zone and the 100 hourly simple moving average. The first major resistance sits near the $20,700 level. There is also a major bearish trend line forming with resistance near $20,680 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level ...