Categories: Crypto NewsNews

Bitcoin could surge to R368K if prices break

Published by
Nonhlanhla P Dube

Bitcoin is trading above the R328k mark versus the US dollar. If there is a clear move above the R340K resistance zone, BTC might surge.

Bitcoin is still solidly supported above R320K and R328k.

The price has now risen beyond the R328k mark as well as the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, there was a break over a key negative trend line with resistance above R327K. (data feed from Kraken).

If the pair breaks through the R340K and R346.6K resistance levels, it could acquire positive momentum.

Bitcoin’s Price May Increase

Bitcoin has begun a downward decline below the R328k barrier. There was also a drop below R320K, although the price remained consistent near R316K.

A low was created near RR316K, and the price started afresh. BTC broke through the R320K and R328k resistance levels. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a strong negative trend line with resistance near R327K.

The pair moved over the 50% Fib retracement level of the decline from the swing high of R347K to the low of R316K. Bitcoin is presently trading over the R328k mark and above the 100 hourly simple moving average.
If bitcoin fails to break through the R340K barrier level, it may fall further. On the downside, there is immediate support near the R329.6K level and the 100 hourly SMA.

The first significant support is around the R320K mark. The major support is now around R316K. A breach below the R316K support level might put the bulls under a lot of pressure in the short term. In the aforementioned scenario, the price may fall to R296K.

On the upside, an immediate barrier is near the R340K level. It is close to the 76.4 % Fib retracement level of the decline from the swing high of R347K to the low of R316K. The next significant resistance is located near the R346K level. A decisive move above the R346K barrier might kick-start a strong rise.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Bitcoin
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