August 10, 2022

Bitcoin is struggling close to the $21,000 resistance zone in opposition to the US Greenback. BTC might rally if it clears the $20,900 and $21,000 resistance ranges.

  • Bitcoin is displaying a number of optimistic indicators above the $20,000 help.
  • The worth is now nonetheless above the $20,000 degree and the 100 hourly easy transferring common.
  • There’s a connecting bullish development line forming with help close to $20,275 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a contemporary decline if it stays under the important thing $21,000 resistance zone.

Bitcoin Worth Eyes Upside Break

Bitcoin worth began an upside correction after it traded as little as $17,600. There was an honest restoration wave above the $18,500 and $19,000 ranges.

The worth surpassed the 50% Fib retracement degree of the primary drop from the $22,951 excessive to $17,600 low. The worth even cleared the $20,000 degree and the 100 hourly easy transferring common. There may be additionally a connecting bullish development line forming with help close to $20,275 on the hourly chart of the BTC/USD pair.

Nonetheless, the bears at the moment are defending main positive aspects above the $20,500 zone. Bitcoin can be struggling close to the 61.8% Fib retracement degree of the primary drop from the $22,951 excessive to $17,600 low. A direct resistance on the upside is close to the $20,800 degree. The primary main resistance is close to the $20,900 and $21,000 ranges.

Supply: BTCUSD on TradingView.com

A transparent transfer above the $21,000 degree might even push the worth in direction of $21,800. Any extra positive aspects may ship the worth in direction of the $22,200 degree within the coming periods.

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Contemporary Decline in BTC?

If bitcoin fails to clear the $21,000 resistance zone, it might begin a contemporary decline. A direct help on the draw back is close to the $20,275 degree and the development line.

The subsequent main help is close to the $20,000 degree and the 100 hourly SMA. A draw back break under the $20,000 help might spark one other decline. Within the said case, the worth might check $18,800.

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 degree.

Main Assist Ranges – $20,275, adopted by $20,000.

Main Resistance Ranges – $20,900, $21,000 and $22,000.