Bitcoin Faces Another Rejection, Can Bulls Save The Day

Bitcoin spiked above the $20,500 resistance in opposition to the US Greenback. BTC is now struggling close to $19,800, with a significant assist close to the $19,600 zone.

• Bitcoin made one other try to realize power above $20,500 however failed.
• The value is now buying and selling above the $19,500 stage and the 100 hourly easy shifting common.
• There’s a key bullish pattern line forming with assist close to $19,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might rise once more except there’s a clear transfer under the $19,500 assist zone.

Bitcoin Worth Faces Hurdles

Bitcoin value remained supported above the $19,500 zone. BTC began one other enhance and climbed above the $20,000 resistance zone.

There was a spike above the $20,500 resistance zone however the bulls failed to realize power. A excessive was shaped close to $20,732 and the worth corrected good points. There was a drop under the $20,200 and $20,000 assist ranges.

Bitcoin traded under the 50% Fib retracement stage of the upward transfer from the $19,300 swing low to $20,732 swing excessive. It’s now buying and selling above the $19,500 stage and the 100 hourly easy shifting common. There’s additionally a key bullish pattern line forming with assist close to $19,550 on the hourly chart of the BTC/USD pair.

On the upside, the worth is dealing with resistance close to the $20,000 and $20,200 ranges. The following key resistance is close to the $20,500 zone. A detailed above the $20,500 resistance zone might open the doorways for an honest enhance.

Supply: BTCUSD on TradingView.com

Within the said case, the worth might climb in the direction of the $21,200 stage. The following main resistance sits close to the $21,500 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it might proceed to maneuver down. A right away assist on the draw back is close to the $19,650 stage. It’s close to the 76.4% Fib retracement stage of the upward transfer from the $19,300 swing low to $20,732 swing excessive.

The following main assist now sits close to the $19,500 stage or the pattern line zone. A detailed under the $19,500 assist zone might enhance promoting strain. Within the said case, the worth could maybe decline in the direction of the $18,740 stage.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Assist Ranges – $19,650, adopted by $19,500.

Main Resistance Ranges – $20,200, $20,500 and $21,200.