Blog

Bitcoin value is trying a recent improve above the $21,200 resistance zone. BTC might achieve bullish momentum if there’s a clear transfer above the $21,500 resistance.

• Bitcoin corrected decrease, however it discovered assist close to the $20,500 zones.
• The value is buying and selling above $21,000 and the 100 hourly easy transferring common.
• There is a short-term key bullish pattern line forming with assist close to $21,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin a recent improve if there’s a clear transfer above the $21,500 resistance zone.

Bitcoin Price Remains Supported

Bitcoin value began a draw back correction from the $21,500 resistance zone. BTC declined beneath the $21,000 assist zone, just like ethereum.

However, the bulls have been lively close to the $20,500 and $20,400 assist ranges. A low is fashioned close to $20,395 and the worth is now rising. There was a transparent transfer above the $20,850 resistance zone. The bulls pushed the worth above the 50% Fib retracement degree of the latest decline from the $21,639 swing excessive to $20,395 low.

Bitcoin value is now buying and selling above $21,000 and the 100 hourly simple moving average. There can be a short-term key bullish pattern line forming with assist close to $21,050 on the hourly chart of the BTC/USD pair.

An speedy resistance is close to the $21,160 degree. It is close to the 61.8% Fib retracement degree of the latest decline from the $21,639 swing excessive to $20,395. The subsequent main resistance is close to the $21,500 zone, above which the worth may achieve bullish momentum.

Source: BTCUSD on TradingView.com

In the said case, the worth could maybe rise in direction of the $22,000 degree. Any extra positive aspects may ship btc value in direction of the $22,500 degree.

Another Drop in BTC?

If bitcoin value fails to clear the $21,250 resistance, it might begin a recent decline. An speedy assist on the draw back is close to the $21,050 zone and the pattern line.

The subsequent main assist is close to the $20,500 zone, beneath which the worth may achieve bearish momentum and check $20,000. Any extra losses may ship the worth to $19,500 within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

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

Major Support Levels – $20,500, adopted by $20,000.

Major Resistance Levels – $21,160, $21,250 and $21,500.