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Bitcoin value traded to a brand new month-to-month excessive at $21,469 earlier than it began a draw back correction. BTC may drop in direction of $20,600 earlier than it begins a contemporary enhance.

• Bitcoin gained tempo above the $21,000 resistance zone earlier than it confronted sellers.
• The value is buying and selling above $20,500 and the 100 hourly easy transferring common.
• There is a key bearish development line forming with resistance close to $21,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may a contemporary enhance if it clears the $21,150 and $21,400 resistance ranges.

Bitcoin Price Corrects Lower

Bitcoin value remained nicely bid above the $20,600 and $20,500 ranges. BTC gained pace for a transfer above the $21,000 resistance zone and a detailed above the 100 hourly easy transferring common.

The value even moved above the $21,200 degree. A excessive was shaped close to $21,469 earlier than the bulls misplaced management. Recently, there was a draw back correction beneath the $21,200 degree. The value declined beneath the 23.6% Fib retracement degree of the upward transfer from the $20,050 swing low to $21,469 excessive.

However, the bulls had been lively close to the $20,900 zone and the 100 hourly simple moving average. Bitcoin value is now buying and selling above $20,500 and the 100 hourly easy transferring common.

On the upside, a direct resistance is close to the $21,050 degree. The first main resistance is close to the $21,150 degree. There can be a key bearish development line forming with resistance close to $21,150 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

A transparent transfer above the development line resistance and $21,200 may ship the value in direction of $21,500. The subsequent main resistance is close to $22,000, above which the value might maybe rise in direction of the $22,500 zone.

More Losses in BTC?

If bitcoin fails to clear above the $21,150 resistance zone, it may resume its decline. An fast help on the draw back is close to the $20,850 zone and 100 hourly easy transferring common.

The subsequent main help is close to the $20,600 zone. A transparent transfer beneath the $20,600 help may push the value additional decrease. In this case, the value might maybe decline in direction of the $20,200 degree.

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 – $20,600, adopted by $20,200.

Major Resistance Levels – $21,150, $21,400 and $22,000.