Analysis

Bitcoin Price Could Top In Short Term, Why Dips Might Be Attractive

Bitcoin value continues to be struggling to clear the $21,500 resistance zone. BTC might right additional decrease if there’s a clear transfer beneath the $20,500 assist zone.

  • Bitcoin struggled to clear the $21,500 resistance zone and corrected decrease.
  • The worth is buying and selling beneath $21,000 and the 100 hourly easy transferring common.
  • There was a break beneath a key bullish development line with assist close to $21,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might proceed to maneuver down beneath the $20,650 and $20,500 assist ranges.

Bitcoin Worth Begins Draw back Correction

Bitcoin value didn’t clear the important thing hurdle close to the $21,500 resistance zone. BTC began a draw back correction from the $21,639 swing excessive. It traded beneath the $21,500 and $21,250 ranges.

There was a break beneath a key bullish development line with assist close to $21,150 on the hourly chart of the BTC/USD pair. The worth even broke the $20,800 assist zone. A low is fashioned close to $20,395 and the value is now displaying a number of bearish indicators.

Bitcoin value is now buying and selling beneath $21,000 and the 100 hourly easy transferring common. It’s consolidating above the 23.6% Fib retracement stage of the latest decline from the $21,639 swing excessive to $20,395 low.

A right away resistance is close to the $20,850 stage. The subsequent main resistance is close to the $21,080 zone. It’s close to the 50% Fib retracement stage of the latest decline from the $21,639 swing excessive to $20,395 low, above which the value would possibly acquire bullish momentum.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Within the said case, the value might maybe rise in the direction of the $21,500 stage. Any extra good points would possibly ship btc value in the direction of the $22,000 stage.

Extra Losses in BTC?

If bitcoin value fails to clear the $21,080 resistance, it might proceed to maneuver down. A right away assist on the draw back is close to the $20,600 zone.

The subsequent main assist is close to the $20,500 zone, beneath which the value would possibly speed up decrease in the direction of $20,000. Any extra losses would possibly ship the value to $19,500, the place the bulls might presumably take a stand.

Technical indicators:

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

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

Main Help Ranges – $20,500, adopted by $20,000.

Main Resistance Ranges – $21,080, $21,250 and $21,500.

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