Bitcoin found support near $20,750 against the US Dollar. BTC is correcting gains, but it is facing resistance near $21,500 and the 100 hourly SMA.<\/p>\n
Bitcoin found support near the $20,750 after a strong decline.
\nThe price is now trading below the $21,500 level and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover higher if there is a clear move above the $22,000 resistance.<\/p>\n
Bitcoin Price Struggles<\/p>\n
Bitcoin price gained bearish momentum below the $22,000 support zone. BTC declined below the $21,200 and $21,000 support levels before the bulls appeared.<\/p>\n
A low was formed near $20,797 and the price started a short-term upside correction. There was a minor upward move above the $21,000 level. Besides, there was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC\/USD pair.<\/p>\n
However, bitcoin price faced a strong resistance near the $21,500 level and the 100 hourly simple moving average. It is now struggling to clear the $21,500 resistance zone.<\/p>\n
On the upside, an immediate resistance is near the 100 SMA at $21,450. The first major resistance on the upside sits near the $21,650 level. It is near the 23.6% Fib retracement level of the key decline from the $24,415 swing high to $20,797 low.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance is forming near the $22,000 zone. Any more gains might send the price towards the 50% Fib retracement level of the key decline from the $24,415 swing high to $20,797 low. A close above the $22,500 and $22,650 resistance levels might push the price into a positive zone.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $21,500 resistance zone and the 100 hourly SMA, it could continue to move down. An immediate support on the downside is near the $21,000 level.<\/p>\n
The next major support now sits near the $20,800 level. A downside break and close below the $20,800 level might start another major drop. In the stated case, the price might decline towards the $20,000 level.<\/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 now above the 50 level.<\/p>\n
Major Support Levels \u2013 $21,000, followed by $20,800.<\/p>\n
Major Resistance Levels \u2013 $21,500, $22,000 and $22,650.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin found support near $20,750 against the US Dollar. BTC is correcting gains, but it is facing resistance near $21,500 and the 100 hourly SMA.<\/p>\n
Bitcoin found support near the $20,750 after a strong decline.
\nThe price is now trading below the $21,500 level and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover higher if there is a clear move above the $22,000 resistance.<\/p>\n
Bitcoin Price Struggles<\/p>\n
Bitcoin price gained bearish momentum below the $22,000 support zone. BTC declined below the $21,200 and $21,000 support levels before the bulls appeared.<\/p>\n
A low was formed near $20,797 and the price started a short-term upside correction. There was a minor upward move above the $21,000 level. Besides, there was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC\/USD pair.<\/p>\n
However, bitcoin price faced a strong resistance near the $21,500 level and the 100 hourly simple moving average. It is now struggling to clear the $21,500 resistance zone.<\/p>\n
On the upside, an immediate resistance is near the 100 SMA at $21,450. The first major resistance on the upside sits near the $21,650 level. It is near the 23.6% Fib retracement level of the key decline from the $24,415 swing high to $20,797 low.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance is forming near the $22,000 zone. Any more gains might send the price towards the 50% Fib retracement level of the key decline from the $24,415 swing high to $20,797 low. A close above the $22,500 and $22,650 resistance levels might push the price into a positive zone.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $21,500 resistance zone and the 100 hourly SMA, it could continue to move down. An immediate support on the downside is near the $21,000 level.<\/p>\n
The next major support now sits near the $20,800 level. A downside break and close below the $20,800 level might start another major drop. In the stated case, the price might decline towards the $20,000 level.<\/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 now above the 50 level.<\/p>\n
Major Support Levels \u2013 $21,000, followed by $20,800.<\/p>\n
Major Resistance Levels \u2013 $21,500, $22,000 and $22,650.<\/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-6104","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\/6104","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=6104"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6104\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6104"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}