Bitcoin prolonged losses under the $21,000 help in opposition to the US Greenback. BTC is consolidating and any upsides would possibly face hurdles close to $21,500.
- Bitcoin remained in a bearish zone and traded under the $21,000 stage.
- The worth is now buying and selling under the $21,500 stage and the 100 hourly easy transferring common.
- There’s a key bearish pattern line forming with resistance close to $21,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair would possibly appropriate greater however upsides may be restricted above $21,500.
Bitcoin Worth Stays In A Bearish Zone
Bitcoin worth remained in a bearish zone after it settled under the $22,000 help zone. It consolidated close to the $21,000 zone for a while earlier than there have been extra losses.
The worth declined under the $21,000 stage however downsides had been restricted. A low is fashioned close to $20,750 and the value is now consolidating losses. It’s now buying and selling under the $21,500 stage and the 100 hourly easy transferring common.
There was a minor upside above the $21,000 stage. The worth cleared the 23.6% Fib retracement stage of the current drop from the $22,250 swing excessive to $20,750 low.
On the upside, bitcoin worth might face resistance close to the $21,500 stage. It’s close to the 50% Fib retracement stage of the current drop from the $22,250 swing excessive to $20,750 low. The following key resistance is close to the $21,650 zone. There’s additionally a key bearish pattern line forming with resistance close to $21,650 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
A detailed above the $21,650 resistance zone might set the tempo for a good enhance. Within the said case, the value might maybe rise in direction of the $22,000 stage. The following main resistance sits close to the $22,500 stage.
Extra Losses in BTC?
If bitcoin fails to start out a restoration wave above the $21,500 stage, it might proceed to maneuver down. A right away help on the draw back is close to the $21,000 stage.
The following main help now sits close to the $20,750 and $20,500 ranges. A detailed under the $20,500 help zone would possibly enhance promoting stress and the value would possibly check $20,000 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.
Main Help Ranges – $21,000, adopted by $20,750.
Main Resistance Ranges – $21,500, $21,650 and $22,000.
