Bitcoin prolonged losses under the $21,000 help in opposition to the US Dollar. BTC is consolidating and any upsides would possibly face hurdles close to $21,500.
- Bitcoin remained in a bearish zone and traded under the $21,000 stage.
- The value is now buying and selling under the $21,500 stage and the 100 hourly easy shifting common.
- There is a key bearish pattern line forming with resistance close to $21,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair would possibly appropriate greater however upsides may be restricted above $21,500.
Bitcoin Price Remains In A Bearish Zone
Bitcoin value remained in a bearish zone after it settled under the $22,000 help zone. It consolidated close to the $21,000 zone for a while earlier than there have been extra losses.
The value declined under the $21,000 stage however downsides have been restricted. A low is fashioned close to $20,750 and the worth is now consolidating losses. It is now buying and selling under the $21,500 stage and the 100 hourly simple moving average.
There was a minor upside above the $21,000 stage. The value cleared the 23.6% Fib retracement stage of the latest drop from the $22,250 swing excessive to $20,750 low.
On the upside, bitcoin value may face resistance close to the $21,500 stage. It is close to the 50% Fib retracement stage of the latest drop from the $22,250 swing excessive to $20,750 low. The subsequent key resistance is close to the $21,650 zone. There can also be a key bearish pattern line forming with resistance close to $21,650 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A detailed above the $21,650 resistance zone may set the tempo for an honest enhance. In the said case, the worth could maybe rise in the direction of the $22,000 stage. The subsequent main resistance sits close to the $22,500 stage.
More Losses in BTC?
If bitcoin fails to start out a restoration wave above the $21,500 stage, it may proceed to maneuver down. An quick help on the draw back is close to the $21,000 stage.
The subsequent main help now sits close to the $20,750 and $20,500 ranges. A detailed under the $20,500 help zone would possibly enhance promoting strain and the worth would possibly check $20,000 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.
Major Support Levels – $21,000, adopted by $20,750.
Major Resistance Levels – $21,500, $21,650 and $22,000.
