Bitcoin Price Bulls In Check, Signs of Fresh Increase above $21.5K

Bitcoin value is making an attempt a recent enhance above the $21,200 resistance zone. BTC may acquire bullish momentum if there’s a clear transfer above the $21,500 resistance.

• Bitcoin corrected decrease, nevertheless it discovered help close to the $20,500 zones.
• The value is buying and selling above $21,000 and the 100 hourly easy shifting common.
• There’s a short-term key bullish pattern line forming with help close to $21,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin a recent enhance if there’s a clear transfer above the $21,500 resistance zone.

Bitcoin Value Stays Supported

Bitcoin value began a draw back correction from the $21,500 resistance zone. BTC declined beneath the $21,000 help zone, much like ethereum.

Nonetheless, the bulls had been lively close to the $20,500 and $20,400 help ranges. A low is fashioned close to $20,395 and the worth is now rising. There was a transparent transfer above the $20,850 resistance zone. The bulls pushed the worth above the 50% Fib retracement stage of the latest decline from the $21,639 swing excessive to $20,395 low.

Bitcoin value is now buying and selling above $21,000 and the 100 hourly easy shifting common. There may be additionally a short-term key bullish pattern line forming with help close to $21,050 on the hourly chart of the BTC/USD pair.

A right away resistance is close to the $21,160 stage. It’s close to the 61.8% Fib retracement stage of the latest decline from the $21,639 swing excessive to $20,395. The subsequent main resistance is close to the $21,500 zone, above which the worth would possibly acquire bullish momentum.

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the worth could maybe rise in direction of the $22,000 stage. Any extra positive factors would possibly ship btc value in direction of the $22,500 stage.

One other Drop in BTC?

If bitcoin value fails to clear the $21,250 resistance, it may begin a recent decline. A right away help on the draw back is close to the $21,050 zone and the pattern line.

The subsequent main help is close to the $20,500 zone, beneath which the worth would possibly acquire bearish momentum and check $20,000. Any extra losses would possibly ship the worth to $19,500 within the close to time period.

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 above the 50 stage.

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

Main Resistance Ranges – $21,160, $21,250 and $21,500.