Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

Bitcoin declined in the direction of the $18,500 assist zone in opposition to the US Greenback. BTC recovered sharply, however the bears are nonetheless lively close to the $20,500 and $20,650 ranges.

  • Bitcoin climbed larger sharply after there was a check of the $18,500 zone.
  • The worth is now buying and selling above the $20,000 degree and close to the 100 hourly easy shifting common.
  • There’s a main bearish development line forming with resistance close to $20,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a recent decline until there’s a transfer above the $20,500 resistance zone.

Bitcoin Worth Eyes Upside Break

Bitcoin worth began one other decline beneath the $20,000 assist zone. The worth even traded beneath the $19,200 assist zone and spiked beneath the $18,800 degree.

There was a check of the $18,600 zone and the value traded as little as $18,617. Just lately, there was a pointy upward transfer and the value climbed above the $19,500 resistance. There was a transfer above the 50% Fib retracement degree of the important thing drop from the $21,697 swing excessive to $18,617 low.

Nevertheless, the value is now going through a robust resistance close to the $20,500 zone and the 100 hourly easy shifting common. There’s additionally a serious bearish development line forming with resistance close to $20,400 on the hourly chart of the BTC/USD pair.

The development line is near the 61.8% Fib retracement degree of the important thing drop from the $21,697 swing excessive to $18,617 low. A direct resistance on the upside is close to the $20,500 degree.

Supply: BTCUSD on TradingView.com

The following key resistance is close to the $20,950 zone. A transparent transfer above the development line resistance after which $20,950 might push the value additional larger. Within the said case, the value might rise in the direction of the $21,650 degree. The following main resistance sits close to the $22,500 degree.

Recent Decline in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it might begin one other decline. A direct assist on the draw back is close to the $20,000 degree.

The following main assist now sits close to the $19,800 degree, beneath which the value might decline closely. Within the said case, the value could maybe decline in the direction of the $18,500 degree.

Technical indicators:

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

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

Main Help Ranges – $20,000, adopted by $19,800.

Main Resistance Ranges – $20,500, $20,950 and $21,650.

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