Bitcoin Faces Another Rejection, Can Bulls Save The Day

Bitcoin spiked above the $20,500 resistance towards 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 achieve energy above $20,500 however failed.
  • The worth is now buying and selling above the $19,500 degree and the 100 hourly easy transferring common.
  • There’s a key bullish pattern line forming with assist close to $19,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may rise once more until there’s a clear transfer under the $19,500 assist zone.

Bitcoin Value Faces Hurdles

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

There was a spike above the $20,500 resistance zone however the bulls failed to achieve energy. A excessive was fashioned close to $20,732 and the value corrected features. There was a drop under the $20,200 and $20,000 assist ranges.

Bitcoin traded under the 50% Fib retracement degree 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 degree and the 100 hourly easy transferring common. There may be 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 value is going through resistance close to the $20,000 and $20,200 ranges. The subsequent key resistance is close to the $20,500 zone. A detailed above the $20,500 resistance zone may open the doorways for a good improve.

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the value may climb in the direction of the $21,200 degree. The subsequent main resistance sits close to the $21,500 degree.

Extra Losses in BTC?

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

The subsequent main assist now sits close to the $19,500 degree or the pattern line zone. A detailed under the $19,500 assist zone may improve promoting strain. Within the acknowledged case, the value might maybe decline in the direction of the $18,740 degree.

Technical indicators:

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

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

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

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

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