Bitcoin prolonged losses under 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 under the $21,000 degree.
- The worth is now buying and selling under the $21,500 degree 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 may be restricted above $21,500.
Bitcoin Worth Stays In A Bearish Zone
Bitcoin worth remained in a bearish zone after it settled under 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 under the $21,000 degree however downsides have been restricted. A low is fashioned close to $20,750 and the worth is now consolidating losses. It’s now buying and selling under the $21,500 degree and the 100 hourly easy transferring common.
There was a minor upside above the $21,000 degree. The worth cleared the 23.6% Fib retracement degree of the current drop from the $22,250 swing excessive to $20,750 low.
On the upside, bitcoin worth may face resistance close to the $21,500 degree. It’s close to the 50% Fib retracement degree of the current drop from the $22,250 swing excessive to $20,750 low. The following 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
An in depth above the $21,650 resistance zone may set the tempo for an honest improve. Within the said case, the worth might maybe rise in the direction of the $22,000 degree. The following main resistance sits close to the $22,500 degree.
Extra Losses in BTC?
If bitcoin fails to begin a restoration wave above the $21,500 degree, it may proceed to maneuver down. A direct assist on the draw back is close to the $21,000 degree.
The following main assist now sits close to the $20,750 and $20,500 ranges. An in depth under the $20,500 assist zone may improve promoting strain and the worth may check $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 Energy Index) – The RSI for BTC/USD is now close to the 50 degree.
Main Help Ranges – $21,000, adopted by $20,750.
Main Resistance Ranges – $21,500, $21,650 and $22,000.
