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Bitcoin Price Faces Key Challenge and At Risk of Downside Correction

Bitcoin Price Faces Key Challenge and At Risk of Downside Correction

Bitcoin worth is dealing with a serious hurdle close to the $21,500 zone. BTC may appropriate decrease if there’s a clear transfer beneath the $20,500 assist zone.

  • Bitcoin appears to be dealing with a serious problem close to the $21,450 and $21,500 ranges.
  • The worth is buying and selling above $20,600 and the 100 hourly easy transferring common.
  • There was a break beneath a serious bullish development line with assist close to $21,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a draw back correction beneath the $20,800 and $20,500 assist ranges.

Bitcoin Value Retains Struggling

Bitcoin worth tried an upside break above the $21,500 resistance zone. Nevertheless, BTC failed to realize tempo above the $21,500 zone. A excessive was fashioned close to $21,679 and the value is now slowly transferring decrease.

There was a break beneath the $21,250 stage. The worth declined beneath the 23.6% Fib retracement stage of the latest improve from the $20,620 swing low to $21,679 excessive. There was a break beneath a serious bullish development line with assist close to $21,100 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above $20,600 and the 100 hourly easy transferring common. If there may be one other upside break try, a direct resistance is close to the $21,450 stage. The subsequent main resistance is close to the $21,500 zone, above which the value may acquire bullish momentum.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the value might maybe rise in the direction of the $21,800 stage. Any extra positive aspects may ship btc worth in the direction of the $22,000 stage.

Draw back Correction in BTC?

If bitcoin worth fails to clear the $21,500 resistance, it may proceed to maneuver down. A direct assist on the draw back is close to the $21,100 zone.

The subsequent main assist is close to the $20,900 zone and the 100 hourly SMA. It’s close to the 61.8% Fib retracement stage of the latest improve from the $20,620 swing low to $21,679 excessive. The primary assist is now forming close to the $20,500 stage, beneath which the value may speed up decrease in the direction of $20,000. Any extra losses may ship the value to $19,500.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Help Ranges – $20,900, adopted by $20,500.

Main Resistance Ranges – $21,450, $21,500 and $22,000.

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