Bitcoin started an upside correction from the $17,600 zone against the US Dollar. BTC is now facing a strong resistance near $20,500 and $21,000.<\/p>\n
Bitcoin was able to recover losses from the $17,600 support zone.
\nThe price is now still below the $20,000 level and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair remains at a risk of a fresh decline unless it settles above the $21,000 resistance zone.<\/p>\n
Bitcoin Price Eyes Steady Recovery<\/p>\n
Bitcoin price followed a bearish path and declined sharply below the $20,000 support zone. It declined over 10% and even spiked below the $18,000 level.<\/p>\n
A low was formed near $17,600 before the price started an upside correction. There was a recovery wave above the $18,000 and $18,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin climbed above the 50% Fib retracement level of the key decline from the $22,950 high to $17,600 low. The price even spiked above the $20,000 level and the 100 hourly simple moving average.<\/p>\n
However, the bears were active near the $20,500 and $20,750 levels. The 61.8% Fib retracement level of the key decline from the $22,950 high to $17,600 low also acted as a resistance. The price is now trading below the $20,000 level and the 100 hourly simple moving average.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
An immediate resistance on the upside is near the $20,200 level. The first major resistance is near the $20,500 level. Any more gains might send the price towards the $21,000 level. A close above the $21,000 level could set the pace for a larger increase.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,500 level.<\/p>\n
The next major support is near the $18,800 level. A downside break below the $18,800 support could spark a sharp decline. In the stated case, the price could test $17,600.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n
Major Support Levels \u2013 $19,500, followed by $18,800.<\/p>\n
Major Resistance Levels \u2013 $20,200, $20,500 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin started an upside correction from the $17,600 zone against the US Dollar. BTC is now facing a strong resistance near $20,500 and $21,000.<\/p>\n
Bitcoin was able to recover losses from the $17,600 support zone.
\nThe price is now still below the $20,000 level and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair remains at a risk of a fresh decline unless it settles above the $21,000 resistance zone.<\/p>\n
Bitcoin Price Eyes Steady Recovery<\/p>\n
Bitcoin price followed a bearish path and declined sharply below the $20,000 support zone. It declined over 10% and even spiked below the $18,000 level.<\/p>\n
A low was formed near $17,600 before the price started an upside correction. There was a recovery wave above the $18,000 and $18,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin climbed above the 50% Fib retracement level of the key decline from the $22,950 high to $17,600 low. The price even spiked above the $20,000 level and the 100 hourly simple moving average.<\/p>\n
However, the bears were active near the $20,500 and $20,750 levels. The 61.8% Fib retracement level of the key decline from the $22,950 high to $17,600 low also acted as a resistance. The price is now trading below the $20,000 level and the 100 hourly simple moving average.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
An immediate resistance on the upside is near the $20,200 level. The first major resistance is near the $20,500 level. Any more gains might send the price towards the $21,000 level. A close above the $21,000 level could set the pace for a larger increase.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,500 level.<\/p>\n
The next major support is near the $18,800 level. A downside break below the $18,800 support could spark a sharp decline. In the stated case, the price could test $17,600.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n
Major Support Levels \u2013 $19,500, followed by $18,800.<\/p>\n
Major Resistance Levels \u2013 $20,200, $20,500 and $21,000.<\/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-1599","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\/1599","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=1599"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1599\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1599"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}