Bitcoin value began a draw back correction from $21,000 towards the US Dollar. BTC is secure above $20,000 and would possibly begin a contemporary improve.
- Bitcoin is holding positive aspects above the $20,000 and $20,200 ranges.
- The value is buying and selling above $20,000 and the 100 hourly easy shifting common.
- There is a key bearish pattern line forming with resistance close to $20,440 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin one other upward transfer if there’s a clear transfer above the $20,500 resistance.
Bitcoin Price Reaches Key Support
Bitcoin price started a fresh increase above the $20,000 and $20,500 resistance ranges. BTC even traded above the $20,800 degree and examined the $21,000 resistance zone.
A excessive was fashioned close to $21,021 earlier than there was a draw back correction. The value declined under the $20,800 and $20,500 ranges. It even broke the 23.6% Fib retracement degree of the important thing improve from the $19,266 swing low to $21,021 excessive.
Bitcoin value is now buying and selling above $20,000 and the 100 hourly simple moving average. It appears to be holding positive aspects above the $20,000 and $20,200 ranges.
The value additionally examined the 50% Fib retracement degree of the important thing improve from the $19,266 swing low to $21,021 excessive. On the upside, a direct resistance is close to the $20,400 zone. There can also be a key bearish pattern line forming with resistance close to $20,440 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first main resistance sits close to the $20,500 degree and the pattern line. The subsequent main resistance is likely to be $21,000. A transparent transfer above the $21,000 resistance would possibly ship the worth in the direction of the $22,000 resistance. Any extra positive aspects open the doorways for a take a look at of the $22,500 resistance zone.
More Losses in BTC?
If bitcoin fails to rise above the $20,500 resistance zone, it may proceed to maneuver down. An rapid assist on the draw back is close to the $20,150 zone.
The subsequent main assist is close to the $20,000 zone and the 100 hourly easy shifting common. A draw back break and shut under $20,000 would possibly open the doorways for a transfer in the direction of the $19,500 assist zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.
Major Support Levels – $20,200, adopted by $20,000.
Major Resistance Levels – $20,400, $20,500 and $21,000.
