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Bitcoin is struggling to realize tempo above $21,500 in opposition to the US Dollar. BTC should clear the $22,500 resistance zone to keep away from a contemporary decline within the close to time period.

• Bitcoin is struggling to realize tempo above the $21,500 and $21,600 ranges.
• The worth is now buying and selling above the $21,500 degree and the 100 hourly easy shifting common.
• There is a key bearish pattern line forming with resistance close to $22,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin an honest enhance if there’s a shut above the $22,000 resistance zone.

Bitcoin Price Faces Hurdles

Bitcoin worth began a minor upside correction from the $21,000 help zone. BTC was capable of slowly transfer greater above the $21,250 and $21,500 ranges.

The worth even broke the $21,650 degree and the 100 hourly easy shifting common. There was a transparent transfer above the 23.6% Fib retracement degree of the downward transfer from the $24,416 swing excessive to $20,797 low. However, the bulls struggled to realize power for a push in the direction of the $22,000 resistance.

Bitcoin worth is now buying and selling above the $21,500 degree and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $21,750 and $21,800 ranges.

The first main resistance on the upside sits close to the $22,000 degree. There can also be a key bearish pattern line forming with resistance close to $22,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the pattern line resistance would possibly ship the worth in the direction of the $22,500 zone.

Source: BTCUSD on TradingView.com

The subsequent main resistance could possibly be close to the $22,650 zone. It is near the 50% Fib retracement degree of the downward transfer from the $24,416 swing excessive to $20,797 low. Any extra beneficial properties would possibly ship the worth in the direction of the $24,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $22,000 resistance zone, it might begin one other decline. An quick help on the draw back is close to the $21,500 degree and the 100 hourly easy shifting common.

The subsequent main help now sits close to the $21,000 degree. An in depth under the $21,000 help would possibly begin one other decline within the close to time period. In the acknowledged case, the worth would possibly decline in the direction of the $20,000 degree.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $21,500, adopted by $21,000.

Major Resistance Levels – $21,750, $22,000 and $22,650.