BTC / USD
67,359.68
4.49%
(-3166.92)
ETH / USD
3,269.22
6.51%
(-227.56)
XRP / USD
0.54
10.03%
(-0.06)
LTC / USD
85.87
11.23%
(-10.86)
EOS / USD
0.89
19.97%
(-0.22)
BCH / USD
534.48
10.54%
(-62.98)
ADA / USD
0.51
11.27%
(-0.06)
XLM / USD
0.11
11.26%
(-0.01)
NEO / USD
19.74
12.95%
(-2.94)
XEM / USD
0.04
16.68%
(-0.01)
DASH / USD
31.75
15.83%
(-5.97)
USDT / USD
1.00
0.04%
(0)
BNB / USD
595.26
3.89%
(-24.08)
QTUM / USD
4.51
17.06%
(-0.93)
XVG / USD
0.01
14.97%
(-0)
ONT / USD
0.35
25.98%
(-0.12)
ZEC / USD
23.56
11.36%
(-3.02)
STEEM / USD
0.28
17.28%
(-0.06)

Bitcoin Consolidates Near Key Juncture, Can The Bulls Make It

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Bitcoin is struggling near the $21,000 resistance zone against the US Dollar. BTC could rally if it clears the $20,900 and $21,000 resistance levels.

  • Bitcoin is showing a few positive signs above the $20,000 support.
  • The price is now still above the $20,000 level and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $20,275 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline if it stays below the key $21,000 resistance zone.

Bitcoin Price Eyes Upside Break

Bitcoin price started an upside correction after it traded as low as $17,600. There was a decent recovery wave above the $18,500 and $19,000 levels.

The price surpassed the 50% Fib retracement level of the main drop from the $22,951 high to $17,600 low. The price even cleared the $20,000 level and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $20,275 on the hourly chart of the BTC/USD pair.

However, the bears are now defending major gains above the $20,500 zone. Bitcoin is also struggling near the 61.8% Fib retracement level of the main drop from the $22,951 high to $17,600 low. An immediate resistance on the upside is near the $20,800 level. The first major resistance is near the $20,900 and $21,000 levels.

Source: BTCUSD on TradingView.com

A clear move above the $21,000 level could even push the price towards $21,800. Any more gains might send the price towards the $22,200 level in the coming sessions.

Fresh Decline in BTC?

If bitcoin fails to clear the $21,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $20,275 level and the trend line.

The next major support is near the $20,000 level and the 100 hourly SMA. A downside break below the $20,000 support could spark another decline. In the stated case, the price could test $18,800.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $20,275, followed by $20,000.

Major Resistance Levels – $20,900, $21,000 and $22,000.

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