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Bitcoin value is going through resistance close to the $21,500 zone. BTC may appropriate decrease if there’s a clear transfer under the $20,880 assist zone.

• Bitcoin appears to be going through a robust resistance close to the $21,450 and $21,500 ranges.
• The value is buying and selling above $20,500 and the 100 hourly easy shifting common.
• There is a key bullish development line forming with assist close to $20,920 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a draw back correction under the $20,880 and $20,750 assist ranges.

Bitcoin Price Faces Resistance

Bitcoin value began a strong increase above the $20,000 resistance zone. BTC was in a position to climb above the $20,500 and $21,000 ranges to start out a serious uptrend.

Finally, the worth examined the $21,500 resistance zone. A excessive is fashioned close to $21,485 and the worth is now consolidating good points. There was a minor decline under the $21,200 stage. The value declined under the 23.6% Fib retracement stage of the upward wave from the $20,249 swing low to $21,489 excessive.

Bitcoin value is now buying and selling above $20,500 and the 100 hourly simple moving average. There can also be a key bullish development line forming with assist close to $20,920 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $21,250 stage. The subsequent main resistance is close to the $21,500 zone, above which the worth may begin one other regular enhance. In the acknowledged case, the worth could maybe rise in direction of the $22,000 stage. Any extra good points may ship btc value in direction of the $22,500 stage.

Downside Correction in BTC?

If bitcoin value fails to clear the $21,500 resistance, it may slowly transfer down. An speedy assist on the draw back is close to the $21,000 zone and the development line.

The subsequent main assist is close to the $20,720 stage. It is close to the 61.8% Fib retracement stage of the upward wave from the $20,249 swing low to $21,489 excessive. The important assist is now forming close to the $20,500 stage, under which the worth may retest $20,000. Any extra losses may ship the worth to $19,000.

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 stage.

Major Support Levels – $20,720, adopted by $20,500.

Major Resistance Levels – $21,250, $21,500 and $22,000.