Bitcoin Price Correction To $22k On Horizon After Bears Lose Control At $20k

Bitcoin is consolidating close to the $20,000 zone in opposition to the US Greenback. BTC might begin an honest restoration wave if it clears the $20,550 resistance zone.

• Bitcoin is exhibiting a number of constructive indicators above the $20,000 resistance.
• The worth is now buying and selling above the $20,000 stage and the 100 hourly easy shifting common.
• There’s a connecting bearish pattern line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair should clear the $20,340 zone and $20,550 to begin a gentle improve.

Bitcoin Value Struggles

Bitcoin value began a minor upside correction above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly easy shifting common.

It spiked above the $20,500 stage however the bulls struggled to push the worth additional greater. A excessive was shaped close to $20,576 earlier than there was a bearish response. The worth declined sharply beneath the $20,000 stage and the 100 hourly easy shifting common.

Nevertheless, it stayed above the $19,500 help zone. A low is shaped close to $19,555 and the worth is now rising. There was a transfer above the 50% Fib retracement stage of the latest decline from the $20,576 swing excessive to $19,555 low.

Bitcoin is now buying and selling above the $20,000 stage and the 100 hourly easy shifting common. On the upside, a direct resistance is close to the $20,340 stage.

There’s additionally a connecting bearish pattern line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair. The pattern line is close to the 76.4% Fib retracement stage of the latest decline from the $20,576 swing excessive to $19,555 low.

Supply: BTCUSD on TradingView.com

The following main resistance sits close to the $20,550 stage. A transparent transfer above the $20,550 resistance may ship the worth in direction of $21,000. Any extra good points may ship the worth in direction of the $22,000 resistance zone.

Recent Decline in BTC?

If bitcoin fails to clear the $20,550 resistance zone, it might begin one other decline. A right away help on the draw back is close to the $20,000 zone.

The following main help sits close to the $19,780 stage. A break beneath the $19,780 help may push the worth to $19,550. Any extra losses may name for a brand new low beneath $19,500.

Technical indicators:

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

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

Main Help Ranges – $19,780, adopted by $19,500.

Main Resistance Ranges – $20,340, $20,550 and $21,000.