Bitcoin is shifting decrease beneath the $21,000 zone towards the US Dollar. BTC might acquire bearish momentum beneath the $20,650 help zone.
- Bitcoin struggled to rise above $21,200 and declined in direction of $20,650.
- The value is now beneath the $21,000 degree and the 100 hourly easy shifting common.
- There is a key bearish pattern line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might decline additional if there’s a clear transfer beneath the $20,650 zone.
Bitcoin Price Remains At Risk
Bitcoin value did not clear the $21,500 resistance zone and began a contemporary decline. The value declined beneath the $21,200 and $21,000 ranges.
There was a transparent transfer beneath the 50% Fib retracement degree of the upward transfer from the $19,751 swing low to $21,780 excessive. There was additionally an in depth beneath the $20,800 degree and the 100 hourly easy shifting common.
Bitcoin examined the $20,600 and $20,500 help ranges. It is now consolidating close to the 61.8% Fib retracement degree of the upward transfer from the $19,751 swing low to $21,780 excessive. An quick resistance on the upside is close to the $21,920 degree.
The subsequent key resistance is close to the $21,000 degree. There can be a key bearish pattern line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the $21,000 degree may begin a decent increase.
Source: BTCUSD on TradingView.com
In the acknowledged case, the worth might rise above the $21,250 degree. The subsequent main cease may be close to the $21,780 excessive, above which the worth might maybe rise in direction of the $22,500 degree.
More Losses in BTC?
If bitcoin fails to clear the $21,250 resistance zone, it might proceed to maneuver down. An quick help on the draw back is close to the $20,650 zone and $20,500.
A draw back break beneath the $20,650 help zone might begin a serious decline. In the acknowledged case, the worth may slide in direction of the $20,000 degree. Any extra losses might set the tempo for a transfer in direction of the $19,200 degree and even $18,800 within the coming periods.
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 – $20,500, adopted by $20,000.
Major Resistance Levels – $20,920, $21,250 and $22,500.
