Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is facing a major hurdle near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,500 support zone.
- Bitcoin seems to be facing a major challenge near the $21,450 and $21,500 levels.
- The price is trading above $20,600 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a downside correction below the $20,800 and $20,500 support levels.
Bitcoin Price Keeps Struggling
Bitcoin price attempted an upside break above the $21,500 resistance zone. However, BTC failed to gain pace above the $21,500 zone. A high was formed near $21,679 and the price is now slowly moving lower.
There was a break below the $21,250 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $20,600 and the 100 hourly simple moving average. If there is another upside break attempt, an immediate resistance is near the $21,450 level. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum.
Source: BTCUSD on TradingView.com
In the stated case, the price may perhaps rise towards the $21,800 level. Any more gains might send btc price towards the $22,000 level.
Downside Correction in BTC?
If bitcoin price fails to clear the $21,500 resistance, it could continue to move down. An immediate support on the downside is near the $21,100 zone.
The next major support is near the $20,900 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. The main support is now forming near the $20,500 level, below which the price might accelerate lower towards $20,000. Any more losses might send the price to $19,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $20,900, followed by $20,500.
Major Resistance Levels – $21,450, $21,500 and $22,000.
