Bitcoin is consolidating above the $20,000 zone in opposition to the US Dollar. BTC should clear the $20,800 resistance to restart improve within the close to time period.
- Bitcoin corrected beneficial properties and examined the $19,800 assist zone.
- The worth is now above the $20,000 degree and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $20,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might achieve bullish momentum if it clears the $20,550 and $20,800 resistance ranges.
Bitcoin Price Faces Resistance
Bitcoin worth failed to realize tempo above $21,700 and corrected gains. There was a draw back correction beneath the $21,000 assist zone.
The worth declined beneath the 23.6% Fib retracement degree of the upward transfer from the $17,600 swing low to $21,700 swing excessive. The bears even pushed the value beneath the $20,500 assist zone and the 100 hourly easy shifting common.
However, the bulls have been energetic above the $19,650 and $19,800 assist ranges. Bitcoin additionally stayed above the 50% Fib retracement degree of the upward transfer from the $17,600 swing low to $21,700 swing excessive.
It is now above the $20,000 degree and the 100 hourly simple moving average. An instant resistance on the upside is close to the $20,550 degree. There can also be a key bearish development line forming with resistance close to $20,550 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $20,800 degree. A transparent transfer above the $20,800 degree may begin a good improve. The subsequent main resistance sits close to the $21,220 degree, above which the bulls may achieve power for a gentle improve.
More Losses in BTC?
If bitcoin fails to clear the $20,800 resistance zone, it might begin one other decline. An instant assist on the draw back is close to the $20,200 degree and the 100 hourly SMA.
The first main assist is close to the $20,000 degree. The predominant assist is now close to the $19,650 degree. A draw back break beneath the $19,650 assist might restart decline within the close to time period. In the acknowledged case, the value may slide in the direction of the $18,800 degree.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $20,000, adopted by $19,650.
Major Resistance Levels – $20,800, $21,220 and $21,700.
