Bitcoin Could Restart Increase If The Bulls Clear This Resistanc
Bitcoin price failed to gain pace above $21,700 and corrected gains. There was a downside correction below the $21,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to $21,700 swing high. The bears even pushed the price below the $20,500 support zone and the 100 hourly simple moving average.
However, the bulls were active above the $19,650 and $19,800 support levels. Bitcoin also stayed above the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,700 swing high.
It is now above the $20,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $20,800 level. There is also a key bearish trend line forming with resistance near $20,800 on the hourly chart of the BTC/USDT pair.
The first major resistance is near the $20,800 level. A clear move above the $20,800 level might start a decent increase. The next major resistance sits near the $21,220 level, above which the bulls might gain strength for a steady increase. If bitcoin fails to clear the $20,800 resistance zone, it could start another decline. An immediate support on the downside is near the $20,200 level and the 100 hourly SMA.
The first major support is near the $20,000 level. The main support is now near the $19,650 level. A downside break below the $19,650 support could restart decline in the near term. In the stated case, the price might slide towards the $18,800 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $20,000, followed by $19,650.
Major Resistance Levels – $20,800, $21,220 and $21,700.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
However, the bulls were active above the $19,650 and $19,800 support levels. Bitcoin also stayed above the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,700 swing high.
It is now above the $20,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $20,800 level. There is also a key bearish trend line forming with resistance near $20,800 on the hourly chart of the BTC/USDT pair.
The first major resistance is near the $20,800 level. A clear move above the $20,800 level might start a decent increase. The next major resistance sits near the $21,220 level, above which the bulls might gain strength for a steady increase. If bitcoin fails to clear the $20,800 resistance zone, it could start another decline. An immediate support on the downside is near the $20,200 level and the 100 hourly SMA.
The first major support is near the $20,000 level. The main support is now near the $19,650 level. A downside break below the $19,650 support could restart decline in the near term. In the stated case, the price might slide towards the $18,800 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $20,000, followed by $19,650.
Major Resistance Levels – $20,800, $21,220 and $21,700.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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