Bitcoin price is trying to make a new increase above the $21,200 resistance zone. BTC could gain bullish momentum if there is a clear move above the $21,500 resistance.
- Bitcoin corrected lower, but found support near the $20,500 zone.
- The price is trading above $21,000 and the hourly moving average is 100.
- There is a key short-term bullish trend line formed with support near $21,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new uptrend if there is a clear move above the $21,500 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price started a downward correction from the $21,500 resistance zone. BTC declined below the $21,000 support zone, similar to ethereum.
However, bulls are active near the $20,500 and $20,400 support levels. A low was formed near $20,395 and the price is now rising. There is a clear move above the $20,850 resistance zone. Bulls pushed the price above the 50% Fib retracement level of the recent decline from the $21,639 swing high to the $20,395 low.
Bitcoin price is currently trading above $21,000 and the hourly simple moving average is 100. There is also a key short-term bullish trend line formed with support near $21,050 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $21,160 level. It is near the 61.8% Fib retracement level of the recent decline from the $21,639 swing high to $20,395. The next major resistance is near the $21,500 zone, above which the price can gain bullish momentum.
Source: BTCUSD on TradingView.com
In that case, the price may rise to the $22,000 level. Another gain could send the btc price to the $22,500 level.
Another drop in BTC?
If the price of bitcoin fails to clear the $21,250 resistance, it could start a new decline. Immediate support on the downside near the $21,050 zone and the trend line.
The next major support is near the $20,500 zone, below which the price can gain bearish momentum and test $20,000. Any losses could send the price to $19,500 in the near term.
Technical indicators:
Hourly MACD – MACD is currently losing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Main Support Level – $20,500, followed by $20,000.
Key Resistance Levels – $21,160, $21,250 and $21,500.