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TA: Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

Bitcoin price corrected lower and tested $59,500 against the US Dollar. BTC is recovering losses, but upsides might be capped above $63,250 in the near term.

  • Bitcoin declined below the $63,200 and $62,000 support levels.
  • The price is now trading below $62,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady increase if there is a close above the 100 hourly SMA and then $63,250.

Bitcoin Price Faces Resistance

Bitcoin price traded to a new all-time high near $66,982 before starting a downside correction. BTC corrected lower below the $65,000 and $63,250 support levels.

There was also a break below the $62,000 support zone and the 100 hourly simple moving average. Finally, the price spiked below $60,000, but the bulls were active above the $59,500 level. A low is formed near $59,610 and the price is now consolidating losses.

There was a recovery wave above the $60,500 and $61,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.

There was also a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair. The pair is now facing resistance near the $62,000 level and the 100 hourly SMA. A clear break above the $62,000 resistance could open the doors for a fresh increase.

Source: BTCUSD on TradingView.com

The next major resistance sits near the $63,250 level. It is near the 50% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.

Any more gains may possibly call open the doors for a move towards the $64,000 level. The next major resistance sits near the $65,000 level.

More Losses In BTC?

If bitcoin fails to clear the $63,250 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $61,200 level.

The first major support is now forming near the $60,000 level. A break below the $60,000 support may possibly push the price towards the $58,000 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $61,200, followed by $60,000.

Major Resistance Levels – $62,000, $62,500 and $63,250.

Create a new contract from other contract by connecting to ganache-cli

I am trying to create a contract from other contract on gnache-cli using remix web3 provider but getting following error: VM Exception while processing transaction: revert The issue is that when I try it on the JavaScript VM (on remix), I am not getting any error. Kindly note that I am running ganache-cli with the::Listen

I am trying to create a contract from other contract on gnache-cli using remix web3 provider but getting following error:

VM Exception while processing transaction: revert 

The issue is that when I try it on the JavaScript VM (on remix), I am not getting any error. Kindly note that I am running ganache-cli with the following parameters:

ganache-cli -h 0.0.0.0 -p 8545 -l 3000000000 

As a sidenote, I am able to deploy the contract… the problem appears only when deploying from another contract. In the ganache-cli console, I am getting this error:

Transaction: 0x1f77d94278c27412affe6be5f7bd50d6f95d47503fa6c302553e1a94cfb7111c Gas usage: 2250998 Block Number: 3 Block Time: Fri Sep 28 2018 13:33:14 GMT+0400 (+04) Runtime Error: revert 

Version of tools used:

  • ganache-cli 6.1.8 (ganache-core: 2.2.1)
  • solc, the solidity compiler commandline interface: 0.4.24+commit.e67f0147.Linux.g++
  • npm: 6.4.1

Contract code:

pragma solidity ^0.4.24;  contract Test2{     constructor() public{      } }  contract Test{      function createInstance() public{         address test2 = new Test2();     } } 

TA: Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

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