Bitcoin value traded to a brand new month-to-month excessive at $21,469 earlier than it began a draw back correction. BTC may drop in direction of $20,600 earlier than it begins a recent enhance.
- Bitcoin gained tempo above the $21,000 resistance zone earlier than it confronted sellers.
- The value is buying and selling above $20,500 and the 100 hourly easy transferring common.
- There is a key bearish pattern line forming with resistance close to $21,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may a recent enhance if it clears the $21,150 and $21,400 resistance ranges.
Bitcoin Price Corrects Lower
Bitcoin value remained effectively bid above the $20,600 and $20,500 ranges. BTC gained tempo for a transfer above the $21,000 resistance zone and a detailed above the 100 hourly easy transferring common.
The value even moved above the $21,200 stage. A excessive was shaped close to $21,469 earlier than the bulls misplaced management. Recently, there was a draw back correction under the $21,200 stage. The value declined under the 23.6% Fib retracement stage of the upward transfer from the $20,050 swing low to $21,469 excessive.
However, the bulls had been energetic close to the $20,900 zone and the 100 hourly easy transferring common. Bitcoin value is now buying and selling above $20,500 and the 100 hourly easy transferring common.
On the upside, a direct resistance is close to the $21,050 stage. The first main resistance is close to the $21,150 stage. There is additionally a key bearish pattern line forming with resistance close to $21,150 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A transparent transfer above the pattern line resistance and $21,200 would possibly ship the value in direction of $21,500. The subsequent main resistance is close to $22,000, above which the value could maybe rise in direction of the $22,500 zone.
More Losses in BTC?
If bitcoin fails to clear above the $21,150 resistance zone, it may resume its decline. An speedy help on the draw back is close to the $20,850 zone and 100 hourly easy transferring common.
The subsequent main help is close to the $20,600 zone. A transparent transfer under the $20,600 help would possibly push the value additional decrease. In this case, the value could maybe decline in direction of the $20,200 stage.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $20,600, adopted by $20,200.
Major Resistance Levels – $21,150, $21,400 and $22,000.
