Bitcoin is displaying optimistic indicators above the $21,000 zone towards the US Dollar. BTC would possibly begin a contemporary enhance and will even clear the $21,750 resistance zone.
- Bitcoin stays properly supported above the $21,000 and $20,500 ranges.
- The value is now above the $20,800 stage and the 100 hourly easy shifting common.
- There was a break under a key bullish development line with assist close to $21,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may acquire bullish momentum if it stays above $20,500 and the 100 hourly SMA.
Bitcoin Price Remains Supported
Bitcoin value began a decent increase above the $20,000 resistance zone. The value was capable of clear the $20,500 stage to maneuver right into a optimistic zone.
There was a gradual transfer above the $21,000 stage and the 100 hourly simple moving average. However, the bears had been once more lively close to the $21,700 and $21,750 ranges. A excessive was shaped close to $21,780 and the worth began a draw back correction.
Bitcoin traded under the $21,500 stage. There was a break under the 23.6% Fib retracement stage of the upward transfer from the $19,750 swing low to $21,780 excessive.
Besides, there was a break under a key bullish development line with assist close to $21,300 on the hourly chart of the BTC/USD pair. It is now consolidating above the $21,000 stage and the 100 hourly easy shifting common. An rapid resistance on the upside is close to the $21,250 stage.
Source: BTCUSD on TradingView.com
The subsequent key resistance is close to the $21,750 stage. A transparent transfer above the $21,750 stage would possibly begin an honest enhance. In the said case, the worth may rise above the $22,200 stage. Any extra beneficial properties may ship the worth in the direction of the $23,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $21,750 resistance zone, it may begin one other decline. An rapid assist on the draw back is close to the $21,000 stage and the 100 hourly SMA.
The first main assist is close to the $20,750 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $19,750 swing low to $21,780 excessive. A draw back break under the $20,750 assist may put a whole lot of strain on the bulls within the close to time period. In the said case, the worth would possibly slide in the direction of the $20,000 stage.
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 just under the 50 stage.
Major Support Levels – $21,000, adopted by $20,750.
Major Resistance Levels – $21,250, $21,750 and $23,000.
