Bitcoin struggled above the $21,500 resistance zone in opposition to the US Dollar. BTC is trimming good points and would possibly discover help close to the 100 hourly SMA.
- Bitcoin climbed above the $21,500 degree earlier than it confronted sellers.
- The value is now above the $20,000 degree and the 100 hourly easy shifting common.
- There was a break beneath a key bullish development line with help close to $21,175 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may discover bids close to the $20,000 zone or the 100 hourly easy shifting common.
Bitcoin Price Dips
Bitcoin value began an upside correction above the $20,000 resistance zone. There was an honest restoration wave above the $20,200 and $20,500 ranges.
The value climbed the 61.8% Fib retracement degree of the important thing draw back from the $22,950 excessive to $17,600 low. Finally, there was a transfer above the $21,000 resistance zone and the value settled above the 100 hourly simple moving average.
However, the bears had been lively above the $21,500 degree. A excessive was shaped close to the $21,698 and the value began a draw back correction.
There was a break beneath the 23.6% Fib retracement degree of the upward transfer from the $17,600 swing low to $21,698 excessive. Besides, there was a break beneath a key bullish development line with help close to $21,175 on the hourly chart of the BTC/USD pair.
The value is now buying and selling beneath $21,000. An quick resistance on the upside is close to the $20,550 degree. The first main resistance is close to the $21,000 and $21,220 ranges.
Source: BTCUSD on TradingView.com
A transparent transfer above the $21,220 degree would possibly name for a transfer to $21,700. Any extra good points would possibly ship the value in the direction of the $22,200 degree within the coming periods.
More Losses in BTC?
If bitcoin fails to clear the $21,220 resistance zone, it may proceed to maneuver down. An quick help on the draw back is close to the $20,000 degree and the 100 hourly SMA.
The subsequent main help is close to the $19,650 degree. It is close to the 50% Fib retracement degree of the upward transfer from the $17,600 swing low to $21,698 excessive. A draw back break beneath the $19,650 help may restart downtrend within the close to time period.
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 beneath the 50 degree.
Major Support Levels – $20,000, adopted by $19,650.
Major Resistance Levels – $20,500, $21,220 and $21,700.
