Bitcoin price is still struggling to clear the $21,500 resistance zone. BTC may correct further lower if there is a clear move below the $20,500 support zone.
- Bitcoin struggled to clear the $21,500 resistance zone and corrected lower.
- The price is trading below $21,000 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $21,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to move below the $20,650 and $20,500 support levels.
Bitcoin price begins downward correction.
Bitcoin price failed to clear the key barrier near the $21,500 resistance zone. Started by BTC. Correction of negative aspect From $21,639 swing high. It traded below the $21,500 and $21,250 levels.
The BTC/USD pair had a break below a key bullish trend line with support near $21,150 on the hourly chart. The price also broke the $20,800 support zone. The low forms near $20,395 and the price is now showing some bearish signs.
Bitcoin price is now trading below $21,000. 100 hourly simple moving average. It is consolidating above the 23.6% Fib retracement level of the recent decline from the $21,639 swing high to the $20,395 low.
An immediate resistance is near the $20,850 level. The next major resistance is near the $21,080 zone. This is close to the 50% Fib retracement level of the recent decline from the $21,639 swing high to $20,395, above which price may gain bullish momentum.
Source: BTCUSD on TradingView.com
In the described scenario, the price might move towards the $21,500 level. Any further gains could send the BTC price towards the $22,000 level.
More losses in BTC?
If the price of Bitcoin fails to break the $21,080 resistance, it may move lower. Immediate support on the downside is near the $20,600 zone.
The next major support is near the $20,500 zone, below which the price may drop to $20,000. Further losses could send the price to $19,500, where the bulls could potentially take a stand.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $20,500, followed by $20,000.
Key resistance levels – $21,080, $21,250 and $21,500.
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