Bitcoin declined towards the $18,500 support zone against the US Dollar. BTC recovered sharply, but the bears are still active near the $20,500 and $20,650 levels.<\/p>\n
Bitcoin climbed higher sharply after there was a test of the $18,500 zone.
\nThe price is now trading above the $20,000 level and near the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline unless there is a move above the $20,500 resistance zone.<\/p>\n
Bitcoin Price Eyes Upside Break<\/p>\n
Bitcoin price started another decline below the $20,000 support zone. The price even traded below the $19,200 support zone and spiked below the $18,800 level.<\/p>\n
There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low.<\/p>\n
However, the price is now facing a strong resistance near the $20,500 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC\/USD pair.<\/p>\n
The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $20,950 zone. A clear move above the trend line resistance and then $20,950 could push the price further higher. In the stated case, the price could rise towards the $21,650 level. The next major resistance sits near the $22,500 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.<\/p>\n
The next major support now sits near the $19,800 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $18,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,800.<\/p>\n
Major Resistance Levels \u2013 $20,500, $20,950 and $21,650.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin declined towards the $18,500 support zone against the US Dollar. BTC recovered sharply, but the bears are still active near the $20,500 and $20,650 levels.<\/p>\n
Bitcoin climbed higher sharply after there was a test of the $18,500 zone.
\nThe price is now trading above the $20,000 level and near the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline unless there is a move above the $20,500 resistance zone.<\/p>\n
Bitcoin Price Eyes Upside Break<\/p>\n
Bitcoin price started another decline below the $20,000 support zone. The price even traded below the $19,200 support zone and spiked below the $18,800 level.<\/p>\n
There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low.<\/p>\n
However, the price is now facing a strong resistance near the $20,500 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC\/USD pair.<\/p>\n
The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $20,950 zone. A clear move above the trend line resistance and then $20,950 could push the price further higher. In the stated case, the price could rise towards the $21,650 level. The next major resistance sits near the $22,500 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.<\/p>\n
The next major support now sits near the $19,800 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $18,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,800.<\/p>\n
Major Resistance Levels \u2013 $20,500, $20,950 and $21,650.<\/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-2386","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\/2386","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=2386"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2386\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2386"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}