Bitcoin Price Consolidates, Why Recovery Could Be Capped

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 increased however upsides may be restricted above $21,500.

Bitcoin Value Stays In A Bearish Zone

Bitcoin value 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 shaped close to $20,750 and the worth 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 latest drop from the $22,250 swing excessive to $20,750 low.

On the upside, bitcoin value may face resistance close to the $21,500 stage. It’s close to the 50% Fib retracement stage of the latest drop from the $22,250 swing excessive to $20,750 low. The following key resistance is close to the $21,650 zone. There may be 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

An in depth above the $21,650 resistance zone may set the tempo for an honest enhance. Within the acknowledged case, the worth might maybe rise in the 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 begin a restoration wave above the $21,500 stage, it may proceed to maneuver down. An instantaneous 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. An in depth under the $20,500 help zone would possibly enhance promoting stress and the worth would possibly take a look at $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 Energy 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.