Bitcoin is struggling to recuperate above $21,500 towards the US Dollar. BTC is consolidating and stays at a threat of a transfer in direction of the $20,000 assist.
- Bitcoin is consolidating above $21,000 and going through quite a lot of hurdles.
- The worth is now buying and selling above the $21,200 stage and the 100 hourly easy shifting common.
- There is a key bearish pattern line forming with resistance close to $22,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may recuperate larger, however upsides may be restricted above the $22,000 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin worth remained effectively bid above the $21,000 assist zone. BTC fashioned a base above $21,000 and began a consolidation part.
There was a minor upward transfer above the $21,250 and $21,350 ranges. The worth was capable of surpass the $21,500 stage and the 100 hourly easy shifting common. However, the bears had been energetic close to the $21,640 resistance zone.
It looks like the 23.6% Fib retracement stage of the primary drop from the $24,415 swing excessive to $20,797 low is appearing as a robust resistance. Bitcoin worth is now buying and selling above the $21,200 stage and the 100 hourly easy shifting common.
On the upside, an instantaneous resistance is close to the $21,500 and $21,640 ranges. The first main resistance on the upside sits close to the $22,000 stage.
If there’s an upside break above the $22,000 resistance zone, the worth might maybe rise in direction of the $22,500 resistance zone. There can be a key bearish pattern line forming with resistance close to $22,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The pattern line is close to the 50% Fib retracement stage of the primary drop from the $24,415 swing excessive to $20,797 low. Any extra positive factors may ship the worth in direction of the $23,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $22,000 resistance zone, it may proceed to maneuver down. An rapid assist on the draw back is close to the $21,000 stage.
The subsequent main assist now sits close to the $20,800 stage. A transparent transfer under the $20,800 assist and the final swing low may spark a contemporary decline. In the said case, the worth may decline in direction of the $20,000 stage.
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.
Major Support Levels – $21,000, adopted by $20,800.
Major Resistance Levels – $21,640, $22,000 and $22,500.