Bitcoin worth is making an attempt a contemporary improve above the $21,200 resistance zone. BTC might acquire bullish momentum if there’s a clear transfer above the $21,500 resistance.
- Bitcoin corrected decrease, however it discovered assist close to the $20,500 zones.
- The worth is buying and selling above $21,000 and the 100 hourly easy shifting common.
- There is a short-term key bullish pattern line forming with assist close to $21,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a contemporary improve if there’s a clear transfer above the $21,500 resistance zone.
Bitcoin Price Remains Supported
Bitcoin worth began a draw back correction from the $21,500 resistance zone. BTC declined beneath the $21,000 assist zone, just like ethereum.
However, the bulls have been energetic close to the $20,500 and $20,400 assist ranges. A low is fashioned close to $20,395 and the value is now rising. There was a transparent transfer above the $20,850 resistance zone. The bulls pushed the value above the 50% Fib retracement stage of the latest decline from the $21,639 swing excessive to $20,395 low.
Bitcoin worth is now buying and selling above $21,000 and the 100 hourly simple moving average. There can also be a short-term key bullish pattern line forming with assist close to $21,050 on the hourly chart of the BTC/USD pair.
An speedy resistance is close to the $21,160 stage. It is close to the 61.8% Fib retracement stage of the latest decline from the $21,639 swing excessive to $20,395. The subsequent main resistance is close to the $21,500 zone, above which the value would possibly acquire bullish momentum.
Source: BTCUSD on TradingView.com
In the acknowledged case, the value could maybe rise in direction of the $22,000 stage. Any extra positive factors would possibly ship btc worth in direction of the $22,500 stage.
Another Drop in BTC?
If bitcoin worth fails to clear the $21,250 resistance, it might begin a contemporary decline. An speedy assist on the draw back is close to the $21,050 zone and the pattern line.
The subsequent main assist is close to the $20,500 zone, beneath which the value would possibly acquire bearish momentum and check $20,000. Any extra losses would possibly ship the value to $19,500 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $20,500, adopted by $20,000.
Major Resistance Levels – $21,160, $21,250 and $21,500.
