TA: Bitcoin Writes Bullish Pattern, Here's Why the 100 SMA Matters

Bitcoin price dropped below $30,000 before starting a major recovery against the US Dollar. BTC rallied above $32,000 but needs to clear the 100 hourly SMA for more gains. Bitcoin extended its decline below the $30,000 support zone before starting an upside correction. The price is now trading near the $34,000 zone and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must surpass the 100 hourly SMA and $35,000 to enter a bullish zone in the near term. Bitcoin Price Starts to Recover Bitcoin struggled to stay above the $32,000 support and continued its decline. BTC broke the key $30,500 and $30,000 support levels to move into the bearish zone. The price even settled below the $29,000 level and settled well below the 100 easy-moving hourly average. It was trading as low as $28,822 and it recently started an upside correction. Bitcoin gained momentum and managed to recapture the $30,000 barrier. There was also a break above the 50% Fib retracement level from the recent $36,171 high to $28,822 low. It is now trading near the $34,000 zone and the 100 hourly simple moving average. An initial resistance on the upside is near the USD 34,500 level. It is close to the 76.4% Fib retracement level from the $36,171 low to $28,822 low. The main resistance is still near the $35,000 zone. There is also a major bearish trend line forming with resistance near $35,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Bitcoin must break the 100 hourly SMA and then break the $35,000 barrier to move into positive territory. New drop in BTC? If bitcoin fails to break the $34,500 resistance or the trendline resistance, it could start another decline. An immediate support on the downside is near the $33,000 level. The next big boost:

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