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    Bitcoin Price Consolidates, Why Recovery Could Be Capped


    Bitcoin prolonged losses under the $21,000 assist towards 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 worth is now buying and selling under the $21,500 stage and the 100 hourly easy shifting common.
    • There is a key bearish development line forming with resistance close to $21,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair would possibly appropriate greater however upsides is likely to be restricted above $21,500.

    Bitcoin Price Remains In A Bearish Zone

    Bitcoin worth remained in a bearish zone after it settled under the $22,000 assist zone. It consolidated close to the $21,000 zone for a while earlier than there have been extra losses.

    The worth declined under the $21,000 stage however downsides had 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 worth cleared the 23.6% Fib retracement stage of the current drop from the $22,250 swing excessive to $20,750 low.

    On the upside, bitcoin worth may face resistance close to the $21,500 stage. It is close to the 50% Fib retracement stage of the current 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 development line forming with resistance close to $21,650 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    A detailed above the $21,650 resistance zone may set the tempo for a good improve. In the acknowledged case, the worth could maybe rise in 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 instant assist on the draw back is close to the $21,000 stage.

    The subsequent main assist now sits close to the $20,750 and $20,500 ranges. A detailed under the $20,500 assist zone would possibly improve promoting stress and the worth would possibly check $20,000 within the close to time period.

    Technical indicators:

    Hourly MACD – The MACD is now shedding 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.



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