Bitcoin formed a base near the $21,000 level against the US Dollar. BTC is attempting a recovery wave, but the bears might protect gains above $23,000.<\/p>\n
Bitcoin traded as low as $20,824 before the bulls took a stand.
\nThe price is now trading below the $24,000 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $23,000 resistance zone to start a decent recovery wave.<\/p>\n
Bitcoin Price Remains In Downtrend<\/p>\n
Bitcoin price remained in a bearish zone below the $25,000 support zone. The price spiked below the $21,000 level and settled well below the $23,000 level.<\/p>\n
A low was formed near $20,824 and the price is now attempting an upside correction. There was a move above the $22,000 resistance level. However, the price is still well below the $24,000 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $21,100 level. There is also a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC\/USD pair.<\/p>\n
The first major resistance is near the $22,600 level. It is near the 23.6% Fib retracement level of the downward move from $28,300 swing high to $20,825 low. \u00a0If there is a clear move above the trend line, the pair could rise towards the $23,000 resistance.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance is near the $24,600 level. It is near the 50% Fib retracement level of the downward move from $28,300 swing high to $20,825 low. A clear move above the $24,500 and $25,000 levels could set the pace for a strong upward move.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,600 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $21,250 level.<\/p>\n
The next major support is near the $21,000 level. A downside break below the $21,000 support could send the price towards the $20,825 swing low. Any more losses may perhaps call for a test of $20,000.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still below the 50 level.<\/p>\n
Major Support Levels \u2013 $21,250, followed by $21,000.<\/p>\n
Major Resistance Levels \u2013 $22,100, $22,600 and $23,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin formed a base near the $21,000 level against the US Dollar. BTC is attempting a recovery wave, but the bears might protect gains above $23,000.<\/p>\n
Bitcoin traded as low as $20,824 before the bulls took a stand.
\nThe price is now trading below the $24,000 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $23,000 resistance zone to start a decent recovery wave.<\/p>\n
Bitcoin Price Remains In Downtrend<\/p>\n
Bitcoin price remained in a bearish zone below the $25,000 support zone. The price spiked below the $21,000 level and settled well below the $23,000 level.<\/p>\n
A low was formed near $20,824 and the price is now attempting an upside correction. There was a move above the $22,000 resistance level. However, the price is still well below the $24,000 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $21,100 level. There is also a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC\/USD pair.<\/p>\n
The first major resistance is near the $22,600 level. It is near the 23.6% Fib retracement level of the downward move from $28,300 swing high to $20,825 low. \u00a0If there is a clear move above the trend line, the pair could rise towards the $23,000 resistance.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance is near the $24,600 level. It is near the 50% Fib retracement level of the downward move from $28,300 swing high to $20,825 low. A clear move above the $24,500 and $25,000 levels could set the pace for a strong upward move.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,600 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $21,250 level.<\/p>\n
The next major support is near the $21,000 level. A downside break below the $21,000 support could send the price towards the $20,825 swing low. Any more losses may perhaps call for a test of $20,000.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still below the 50 level.<\/p>\n
Major Support Levels \u2013 $21,250, followed by $21,000.<\/p>\n
Major Resistance Levels \u2013 $22,100, $22,600 and $23,000.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1204","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1204"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1204\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1204"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}