TA: Bitcoin Price Could Avoid Another Drop if it Closes Above One Key Level

TA: Bitcoin Price Could Avoid Another Drop if it Closes Above One Key Level

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Bitcoin is struggling to realize tempo above $21,500 towards the US Greenback. BTC should clear the $22,500 resistance zone to keep away from a contemporary decline within the close to time period.
Bitcoin worth began a minor upside correction from the $21,000 help zone. BTC was capable of slowly transfer increased above the $21,250 and $21,500 ranges.
The worth even broke the $21,650 stage and the 100 hourly easy shifting common. There was a transparent transfer above the 23.6% Fib retracement stage of the downward transfer from the $24,416 swing excessive to $20,797 low. Nonetheless, the bulls struggled to realize energy for a push in direction of the $22,000 resistance.
Bitcoin worth is now buying and selling above the $21,500 stage and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $21,750 and $21,800 ranges.
The primary main resistance on the upside sits close to the $22,000 stage. There may be additionally a key bearish development line forming with resistance close to $22,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the development line resistance would possibly ship the value in direction of the $22,500 zone.
Bitcoin Price
The subsequent main resistance might be close to the $22,650 zone. It’s near the 50% Fib retracement stage of the downward transfer from the $24,416 swing excessive to $20,797 low. Any extra good points would possibly ship the value in direction of the $24,000 resistance zone.
If bitcoin fails to clear the $22,000 resistance zone, it might begin one other decline. A direct help on the draw back is close to the $21,500 stage and the 100 hourly easy shifting common.
The subsequent main help now sits close to the $21,000 stage. A detailed under the $21,000 help would possibly begin one other decline within the close to time period. Within the acknowledged case, the value would possibly decline in direction of the $20,000 stage.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.
Main Help Ranges – $21,500, adopted by $21,000.
Main Resistance Ranges – $21,750, $22,000 and $22,650.
Aayush is a Senior Foreign exchange, Cryptocurrencies and Monetary Market Strategist with a background in IT and monetary markets. He specialises in market methods and technical evaluation, and has spent over a DECADE as a monetary markets contributor and observer. He possesses robust technical analytical expertise and is well-known for his entertaining and informative evaluation of the forex, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency information service that covers bitcoin information at the moment, technical evaluation & forecasts for bitcoin worth and different altcoins. Right here at NewsBTC, we’re devoted to enlightening everybody about bitcoin and different cryptocurrencies.
We cowl BTC information associated to bitcoin exchanges, bitcoin mining and worth forecasts for varied cryptocurrencies.
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© 2021 NewsBTC. All Rights Reserved.

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