Bitcoin trimmed gains and declined below $21,000 against the US Dollar. BTC must stay above $20,500 to avoid a major decline in the near term.<\/p>\n
Bitcoin failed to stay above the $21,000 support and extended drop.
\nThe price is now trading below the $21,500 level and the 100 hourly simple moving average.
\nThere is a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another major decline if there is a clear move below $20,500.<\/p>\n
Bitcoin Price Reaches Support<\/p>\n
Bitcoin price attempted a close above the $22,000 level, but the bears remained active. As a result, there was a slow and steady decline below the $21,500 level.<\/p>\n
The price declined below the 50% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high. The price is now trading below the $21,500 level and the 100 hourly simple moving average.<\/p>\n
It is testing the key $20,500 support zone. There is also a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high.<\/p>\n
If bitcoin price stays above the trend line, it could correct above $20,800. On the upside, the price is facing resistance near the $20,800 and $20,850 levels.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $21,250 zone and the 100 hourly simple moving average. A close above the $21,250 resistance zone could set the pace for a test of the $22,000 level. Any more gains might open the doors for an increase towards the $22,500 level. The next major resistance sits near the $23,200 level.<\/p>\n
Downside Break in BTC?<\/p>\n
If bitcoin fails to stay above the trend line support, it could continue to move down below $20,500. An immediate support on the downside is near the $20,050 level.<\/p>\n
The next major support now sits near the $19,600 level or the last swing low. A close below the $19,600 support zone could push the price to $19,000. In the stated case, there is a risk of a move towards the $18,500 level.<\/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 in the oversold zone.<\/p>\n
Major Support Levels \u2013 $20,500, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $20,800, $21,250 and $22,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin trimmed gains and declined below $21,000 against the US Dollar. BTC must stay above $20,500 to avoid a major decline in the near term.<\/p>\n
Bitcoin failed to stay above the $21,000 support and extended drop.
\nThe price is now trading below the $21,500 level and the 100 hourly simple moving average.
\nThere is a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another major decline if there is a clear move below $20,500.<\/p>\n
Bitcoin Price Reaches Support<\/p>\n
Bitcoin price attempted a close above the $22,000 level, but the bears remained active. As a result, there was a slow and steady decline below the $21,500 level.<\/p>\n
The price declined below the 50% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high. The price is now trading below the $21,500 level and the 100 hourly simple moving average.<\/p>\n
It is testing the key $20,500 support zone. There is also a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high.<\/p>\n
If bitcoin price stays above the trend line, it could correct above $20,800. On the upside, the price is facing resistance near the $20,800 and $20,850 levels.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $21,250 zone and the 100 hourly simple moving average. A close above the $21,250 resistance zone could set the pace for a test of the $22,000 level. Any more gains might open the doors for an increase towards the $22,500 level. The next major resistance sits near the $23,200 level.<\/p>\n
Downside Break in BTC?<\/p>\n
If bitcoin fails to stay above the trend line support, it could continue to move down below $20,500. An immediate support on the downside is near the $20,050 level.<\/p>\n
The next major support now sits near the $19,600 level or the last swing low. A close below the $19,600 support zone could push the price to $19,000. In the stated case, there is a risk of a move towards the $18,500 level.<\/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 in the oversold zone.<\/p>\n
Major Support Levels \u2013 $20,500, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $20,800, $21,250 and $22,000.<\/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-3112","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\/3112","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=3112"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3112\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3112"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}