- In the previous weekly analysis, we highlighted the importance of a critical support area at 200.00, which as anticipated acted as a barrier for sellers.
- The price has somehow managed to close above the 100 hourly simple moving average, which is a positive sign.
Bitcoin price after a major decline managed to gain buyers around a major support area of 200.0.
As mentioned, we anticipated the 200.00 support area to act as a major barrier for sellers in the near term. This past week there was a sharp upside reaction after the price declined towards the 200.0 level. The best part is the fact that the buyers managed to clear the 38.2% Fib retracement level of the last decline from the 268.00 high to 197.95 low. Another positive sign is that price is just above the 100 hourly simple moving average.
After a substantial surge higher, there was a consolidation phase initiated around the 230.0 area. There is a major resistance around the mentioned level, as the 50% Fib retracement level is aligned around it. If buyers manage to break the same and take