Bitcoin began an upside correction from the $17,600 zone in opposition to the US Dollar. BTC is now dealing with a robust resistance close to $20,500 and $21,000.
- Bitcoin was capable of recuperate losses from the $17,600 help zone.
- The value is now nonetheless beneath the $20,000 stage and the 100 hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance close to $19,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair stays at a threat of a contemporary decline until it settles above the $21,000 resistance zone.
Bitcoin Price Eyes Steady Recovery
Bitcoin value adopted a bearish path and declined sharply beneath the $20,000 support zone. It declined over 10% and even spiked beneath the $18,000 stage.
A low was shaped close to $17,600 earlier than the value began an upside correction. There was a restoration wave above the $18,000 and $18,500 resistance ranges. Besides, there was a break above a key bearish pattern line with resistance close to $19,200 on the hourly chart of the BTC/USD pair.
Bitcoin climbed above the 50% Fib retracement stage of the important thing decline from the $22,950 excessive to $17,600 low. The value even spiked above the $20,000 stage and the 100 hourly easy shifting common.
However, the bears have been lively close to the $20,500 and $20,750 ranges. The 61.8% Fib retracement stage of the important thing decline from the $22,950 excessive to $17,600 low additionally acted as a resistance. The value is now buying and selling beneath the $20,000 stage and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
An instant resistance on the upside is close to the $20,200 stage. The first main resistance is close to the $20,500 stage. Any extra positive aspects would possibly ship the value in the direction of the $21,000 stage. A detailed above the $21,000 stage might set the tempo for a bigger enhance.
Fresh Decline in BTC?
If bitcoin fails to clear the $20,500 resistance zone, it might begin a contemporary decline. An instant help on the draw back is close to the $19,500 stage.
The subsequent main help is close to the $18,800 stage. A draw back break beneath the $18,800 help might spark a pointy decline. In the acknowledged case, the value might take a look at $17,600.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now simply above the 50 stage.
Major Support Levels – $19,500, adopted by $18,800.
Major Resistance Levels – $20,200, $20,500 and $21,000.
