Bitcoin struggled above the $21,500 resistance zone against the US Dollar. BTC is trimming gains and might find support near the 100 hourly SMA.<\/p>\n
Bitcoin climbed above the $21,500 level before it faced sellers.
\nThe price is now above the $20,000 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $21,175 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could find bids near the $20,000 zone or the 100 hourly simple moving average.<\/p>\n
Bitcoin Price Dips<\/p>\n
Bitcoin price started an upside correction above the $20,000 resistance zone. There was a decent recovery wave above the $20,200 and $20,500 levels.<\/p>\n
The price climbed the 61.8% Fib retracement level of the key downside from the $22,950 high to $17,600 low. Finally, there was a move above the $21,000 resistance zone and the price settled above the 100 hourly simple moving average.<\/p>\n
However, the bears were active above the $21,500 level. A high was formed near the $21,698 and the price started a downside correction.<\/p>\n
There was a break below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. Besides, there was a break below a key bullish trend line with support near $21,175 on the hourly chart of the BTC\/USD pair.<\/p>\n
The price is now trading below $21,000. An immediate resistance on the upside is near the $20,550 level. The first major resistance is near the $21,000 and $21,220 levels.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
A clear move above the $21,220 level might call for a move to $21,700. Any more gains might send the price towards the $22,200 level in the coming sessions.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $21,220 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 level and the 100 hourly SMA.<\/p>\n
The next major support is near the $19,650 level. It is near the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. A downside break below the $19,650 support could restart downtrend in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,650.<\/p>\n
Major Resistance Levels \u2013 $20,500, $21,220 and $21,700.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin struggled above the $21,500 resistance zone against the US Dollar. BTC is trimming gains and might find support near the 100 hourly SMA.<\/p>\n
Bitcoin climbed above the $21,500 level before it faced sellers.
\nThe price is now above the $20,000 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $21,175 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could find bids near the $20,000 zone or the 100 hourly simple moving average.<\/p>\n
Bitcoin Price Dips<\/p>\n
Bitcoin price started an upside correction above the $20,000 resistance zone. There was a decent recovery wave above the $20,200 and $20,500 levels.<\/p>\n
The price climbed the 61.8% Fib retracement level of the key downside from the $22,950 high to $17,600 low. Finally, there was a move above the $21,000 resistance zone and the price settled above the 100 hourly simple moving average.<\/p>\n
However, the bears were active above the $21,500 level. A high was formed near the $21,698 and the price started a downside correction.<\/p>\n
There was a break below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. Besides, there was a break below a key bullish trend line with support near $21,175 on the hourly chart of the BTC\/USD pair.<\/p>\n
The price is now trading below $21,000. An immediate resistance on the upside is near the $20,550 level. The first major resistance is near the $21,000 and $21,220 levels.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
A clear move above the $21,220 level might call for a move to $21,700. Any more gains might send the price towards the $22,200 level in the coming sessions.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $21,220 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 level and the 100 hourly SMA.<\/p>\n
The next major support is near the $19,650 level. It is near the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. A downside break below the $19,650 support could restart downtrend in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,650.<\/p>\n
Major Resistance Levels \u2013 $20,500, $21,220 and $21,700.<\/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-1766","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\/1766","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=1766"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1766\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1766"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}