Bitcoin value is dealing with resistance close to the $21,500 zone. BTC might appropriate decrease if there’s a clear transfer beneath the $20,880 assist zone.
- Bitcoin appears to be dealing with a robust resistance close to the $21,450 and $21,500 ranges.
- The value is buying and selling above $20,500 and the 100 hourly easy shifting common.
- There is a key bullish pattern line forming with assist close to $20,920 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a draw back correction beneath the $20,880 and $20,750 assist ranges.
Bitcoin Price Faces Resistance
Bitcoin value began a strong increase above the $20,000 resistance zone. BTC was capable of climb above the $20,500 and $21,000 ranges to begin a significant uptrend.
Finally, the worth examined the $21,500 resistance zone. A excessive is fashioned close to $21,485 and the worth is now consolidating positive aspects. There was a minor decline beneath the $21,200 degree. The value declined beneath the 23.6% Fib retracement degree of the upward wave from the $20,249 swing low to $21,489 excessive.
Bitcoin value is now buying and selling above $20,500 and the 100 hourly simple moving average. There can also be a key bullish pattern line forming with assist close to $20,920 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, a right away resistance is close to the $21,250 degree. The subsequent main resistance is close to the $21,500 zone, above which the worth would possibly begin one other regular improve. In the said case, the worth might maybe rise in direction of the $22,000 degree. Any extra positive aspects would possibly ship btc value in direction of the $22,500 degree.
Downside Correction in BTC?
If bitcoin value fails to clear the $21,500 resistance, it might slowly transfer down. An instant assist on the draw back is close to the $21,000 zone and the pattern line.
The subsequent main assist is close to the $20,720 degree. It is close to the 61.8% Fib retracement degree of the upward wave from the $20,249 swing low to $21,489 excessive. The foremost assist is now forming close to the $20,500 degree, beneath which the worth would possibly retest $20,000. Any extra losses would possibly ship the worth to $19,000.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $20,720, adopted by $20,500.
Major Resistance Levels – $21,250, $21,500 and $22,000.
