Bitcoin is attempting a recovery wave above $21,500 against the US Dollar. BTC must clear the $22,650 resistance zone to move into a positive zone.<\/p>\n
Bitcoin is slowly moving higher above the $21,400 and $21,500 levels.
\nThe price is now trading above the $21,400 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover higher, but the bears might remain active near the $22,650 zone.<\/p>\n
Bitcoin Price Attempts Recovery<\/p>\n
Bitcoin price seems to be forming a base above the $21,000 support zone. BTC is slowly moving higher above the $21,200 and $21,400 levels.<\/p>\n
There was a minor increase above the $21,500 resistance zone and the 100 hourly simple moving average. The price even spiked above the 23.6% Fib retracement level of the key drop from the $24,416 swing high to $20,797 low.<\/p>\n
However, the price failed to settle above the $21,650 resistance zone. Bitcoin is now trading above the $21,400 level and the 100 hourly simple moving average.<\/p>\n
On the upside, an immediate resistance is near the $21,650 and $21,700 levels. The first major resistance on the upside sits near the $22,000 level. The next key resistance could be near the $22,500 zone. There is also a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC\/USD pair.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The main hurdle could be near the $22,650 zone. It is close to the 50% Fib retracement level of the key drop from the $24,416 swing high to $20,797 low. If there is an upside break above the $22,650 resistance zone, the price may perhaps rise towards the $23,500 resistance zone. Any more gains might send the price towards the $24,000 resistance zone.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,500 resistance zone, it could start another decline. An immediate support on the downside is near the $21,400 level and the 100 hourly simple moving average.<\/p>\n
The next major support now sits near the $21,000 level. A clear move below the $21,000 support might increase selling pressure in the near term. 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 bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n
Major Support Levels \u2013 $21,400, followed by $21,000.<\/p>\n
Major Resistance Levels \u2013 $21,650, $22,000 and $22,650.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is attempting a recovery wave above $21,500 against the US Dollar. BTC must clear the $22,650 resistance zone to move into a positive zone.<\/p>\n
Bitcoin is slowly moving higher above the $21,400 and $21,500 levels.
\nThe price is now trading above the $21,400 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could recover higher, but the bears might remain active near the $22,650 zone.<\/p>\n
Bitcoin Price Attempts Recovery<\/p>\n
Bitcoin price seems to be forming a base above the $21,000 support zone. BTC is slowly moving higher above the $21,200 and $21,400 levels.<\/p>\n
There was a minor increase above the $21,500 resistance zone and the 100 hourly simple moving average. The price even spiked above the 23.6% Fib retracement level of the key drop from the $24,416 swing high to $20,797 low.<\/p>\n
However, the price failed to settle above the $21,650 resistance zone. Bitcoin is now trading above the $21,400 level and the 100 hourly simple moving average.<\/p>\n
On the upside, an immediate resistance is near the $21,650 and $21,700 levels. The first major resistance on the upside sits near the $22,000 level. The next key resistance could be near the $22,500 zone. There is also a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC\/USD pair.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The main hurdle could be near the $22,650 zone. It is close to the 50% Fib retracement level of the key drop from the $24,416 swing high to $20,797 low. If there is an upside break above the $22,650 resistance zone, the price may perhaps rise towards the $23,500 resistance zone. Any more gains might send the price towards the $24,000 resistance zone.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,500 resistance zone, it could start another decline. An immediate support on the downside is near the $21,400 level and the 100 hourly simple moving average.<\/p>\n
The next major support now sits near the $21,000 level. A clear move below the $21,000 support might increase selling pressure in the near term. 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 bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n
Major Support Levels \u2013 $21,400, followed by $21,000.<\/p>\n
Major Resistance Levels \u2013 $21,650, $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-6271","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\/6271","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=6271"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6271\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6271"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}