Bitcoin Price Consolidates, Why Recovery Could Be Capped

Bitcoin prolonged losses beneath the $21,000 assist towards the US Greenback. BTC is consolidating and any upsides may face hurdles close to $21,500.

  • Bitcoin remained in a bearish zone and traded beneath the $21,000 stage.
  • The worth is now buying and selling beneath 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 (knowledge feed from Kraken).
  • The pair may appropriate increased however upsides is likely to be restricted above $21,500.

Bitcoin Value Stays In A Bearish Zone

Bitcoin value remained in a bearish zone after it settled beneath the $22,000 assist zone. It consolidated close to the $21,000 zone for a while earlier than there have been extra losses.

The worth declined beneath the $21,000 stage however downsides have been restricted. A low is fashioned close to $20,750 and the value is now consolidating losses. It’s now buying and selling beneath 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 current 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 current drop from the $22,250 swing excessive to $20,750 low. The subsequent 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

A detailed above the $21,650 resistance zone may set the tempo for an honest enhance. Within the said case, the value could maybe rise in direction of the $22,000 stage. The subsequent 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 assist on the draw back is close to the $21,000 stage.

The subsequent main assist now sits close to the $20,750 and $20,500 ranges. A detailed beneath the $20,500 assist zone may enhance promoting strain and the value may 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 Power 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.

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