Bitcoin is struggling to recover above $21,500 against the US Dollar. BTC is consolidating and remains at a risk of a move towards the $20,000 support.<\/p>\n
Bitcoin is consolidating above $21,000 and facing a lot of hurdles.
\nThe price is now trading above the $21,200 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover higher, but upsides might be limited above the $22,000 resistance zone.<\/p>\n
Bitcoin Price Faces Hurdles<\/p>\n
Bitcoin price remained well bid above the $21,000 support zone. BTC formed a base above $21,000 and started a consolidation phase.<\/p>\n
There was a minor upward move above the $21,250 and $21,350 levels. The price was able to surpass the $21,500 level and the 100 hourly simple moving average. However, the bears were active near the $21,640 resistance zone.<\/p>\n
It seems like the 23.6% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low is acting as a strong resistance. Bitcoin price is now trading above the $21,200 level and the 100 hourly simple moving average.<\/p>\n
On the upside, an immediate resistance is near the $21,500 and $21,640 levels. The first major resistance on the upside sits near the $22,000 level.<\/p>\n
If there is an upside break above the $22,000 resistance zone, the price may perhaps rise towards the $22,500 resistance zone. There is also a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC\/USD pair.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The trend line is near the 50% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low. Any more gains might send the price towards the $23,000 resistance zone.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,000 resistance zone, 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 clear move below the $20,800 support and the last swing low might spark a fresh decline. 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 near the 50 level.<\/p>\n
Major Support Levels \u2013 $21,000, followed by $20,800.<\/p>\n
Major Resistance Levels \u2013 $21,640, $22,000 and $22,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is struggling to recover above $21,500 against the US Dollar. BTC is consolidating and remains at a risk of a move towards the $20,000 support.<\/p>\n
Bitcoin is consolidating above $21,000 and facing a lot of hurdles.
\nThe price is now trading above the $21,200 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover higher, but upsides might be limited above the $22,000 resistance zone.<\/p>\n
Bitcoin Price Faces Hurdles<\/p>\n
Bitcoin price remained well bid above the $21,000 support zone. BTC formed a base above $21,000 and started a consolidation phase.<\/p>\n
There was a minor upward move above the $21,250 and $21,350 levels. The price was able to surpass the $21,500 level and the 100 hourly simple moving average. However, the bears were active near the $21,640 resistance zone.<\/p>\n
It seems like the 23.6% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low is acting as a strong resistance. Bitcoin price is now trading above the $21,200 level and the 100 hourly simple moving average.<\/p>\n
On the upside, an immediate resistance is near the $21,500 and $21,640 levels. The first major resistance on the upside sits near the $22,000 level.<\/p>\n
If there is an upside break above the $22,000 resistance zone, the price may perhaps rise towards the $22,500 resistance zone. There is also a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC\/USD pair.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The trend line is near the 50% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low. Any more gains might send the price towards the $23,000 resistance zone.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,000 resistance zone, 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 clear move below the $20,800 support and the last swing low might spark a fresh decline. 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 near the 50 level.<\/p>\n
Major Support Levels \u2013 $21,000, followed by $20,800.<\/p>\n
Major Resistance Levels \u2013 $21,640, $22,000 and $22,500.<\/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-6185","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\/6185","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=6185"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6185\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6185"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}