Bitcoin Price Could Avoid Another Drop if it Closes Above One Key Level

Bitcoin is struggling to achieve tempo above $21,500 towards the US Greenback. BTC should clear the $22,500 resistance zone to keep away from a recent decline within the close to time period.

• Bitcoin is struggling to achieve tempo above the $21,500 and $21,600 ranges.
• The worth is now buying and selling above the $21,500 stage and the 100 hourly easy shifting common.
• There’s a key bearish development line forming with resistance close to $22,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin an honest enhance if there’s a shut above the $22,000 resistance zone.

Bitcoin Value Faces Hurdles

Bitcoin value began a minor upside correction from the $21,000 assist zone. BTC was in a position to slowly transfer larger above the $21,250 and $21,500 ranges.

The worth even broke the $21,650 stage and the 100 hourly easy shifting common. There was a transparent transfer above the 23.6% Fib retracement stage of the downward transfer from the $24,416 swing excessive to $20,797 low. Nonetheless, the bulls struggled to achieve energy for a push in direction of the $22,000 resistance.

Bitcoin value is now buying and selling above the $21,500 stage and the 100 hourly easy shifting common. On the upside, an instantaneous resistance is close to the $21,750 and $21,800 ranges.

The primary main resistance on the upside sits close to the $22,000 stage. There’s additionally a key bearish development line forming with resistance close to $22,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the development line resistance may ship the value in direction of the $22,500 zone.

Supply: BTCUSD on TradingView.com

The subsequent main resistance might be close to the $22,650 zone. It’s near the 50% Fib retracement stage of the downward transfer from the $24,416 swing excessive to $20,797 low. Any extra good points may ship the value in direction of the $24,000 resistance zone.

Contemporary Decline in BTC?

If bitcoin fails to clear the $22,000 resistance zone, it might begin one other decline. A right away assist on the draw back is close to the $21,500 stage and the 100 hourly easy shifting common.

The subsequent main assist now sits close to the $21,000 stage. An in depth beneath the $21,000 assist may begin one other decline within the close to time period. Within the acknowledged case, the value may decline in direction of the $20,000 stage.

Technical indicators:

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

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

Main Help Ranges – $21,500, adopted by $21,000.

Main Resistance Ranges – $21,750, $22,000 and $22,650.