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Bitcoin worth began a draw back correction from $21,000 towards the US Dollar. BTC is secure above $20,000 and may begin a contemporary improve.

• Bitcoin is holding positive factors above the $20,000 and $20,200 ranges.
• The worth is buying and selling above $20,000 and the 100 hourly easy shifting common.
• There is a key bearish pattern line forming with resistance close to $20,440 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin one other upward transfer if there’s a clear transfer above the $20,500 resistance.

Bitcoin Price Reaches Key Support

Bitcoin price started a fresh increase above the $20,000 and $20,500 resistance ranges. BTC even traded above the $20,800 degree and examined the $21,000 resistance zone.

A excessive was fashioned close to $21,021 earlier than there was a draw back correction. The worth declined beneath the $20,800 and $20,500 ranges. It even broke the 23.6% Fib retracement degree of the important thing improve from the $19,266 swing low to $21,021 excessive.

Bitcoin worth is now buying and selling above $20,000 and the 100 hourly simple moving average. It appears to be holding positive factors above the $20,000 and $20,200 ranges.

The worth additionally examined the 50% Fib retracement degree of the important thing improve from the $19,266 swing low to $21,021 excessive. On the upside, a right away resistance is close to the $20,400 zone. There can also be a key bearish pattern line forming with resistance close to $20,440 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first main resistance sits close to the $20,500 degree and the pattern line. The subsequent main resistance is likely to be $21,000. A transparent transfer above the $21,000 resistance may ship the value in direction of the $22,000 resistance. Any extra positive factors open the doorways for a take a look at of the $22,500 resistance zone.

More Losses in BTC?

If bitcoin fails to rise above the $20,500 resistance zone, it may proceed to maneuver down. An fast assist on the draw back is close to the $20,150 zone.

The subsequent main assist is close to the $20,000 zone and the 100 hourly easy shifting common. A draw back break and shut beneath $20,000 may open the doorways for a transfer in direction of the $19,500 assist zone.

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 – $20,200, adopted by $20,000.

Major Resistance Levels – $20,400, $20,500 and $21,000.