August 13, 2022

Bitcoin is transferring decrease beneath the $21,000 zone in opposition to the US Greenback. BTC may acquire bearish momentum beneath the $20,650 help zone.

  • Bitcoin struggled to rise above $21,200 and declined in the direction of $20,650.
  • The worth is now beneath the $21,000 degree and the 100 hourly easy transferring common.
  • There’s a key bearish development line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may decline additional if there’s a clear transfer beneath the $20,650 zone.

Bitcoin Value Stays At Danger

Bitcoin value didn’t clear the $21,500 resistance zone and began a contemporary decline. The worth declined beneath the $21,200 and $21,000 ranges.

There was a transparent transfer beneath the 50% Fib retracement degree of the upward transfer from the $19,751 swing low to $21,780 excessive. There was additionally a detailed beneath the $20,800 degree and the 100 hourly easy transferring common.

Bitcoin examined the $20,600 and $20,500 help ranges. It’s now consolidating close to the 61.8% Fib retracement degree of the upward transfer from the $19,751 swing low to $21,780 excessive. An instantaneous resistance on the upside is close to the $21,920 degree.

The subsequent key resistance is close to the $21,000 degree. There’s additionally a key bearish development line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the $21,000 degree may begin a good enhance.

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the worth may rise above the $21,250 degree. The subsequent main cease is likely to be close to the $21,780 excessive, above which the worth could maybe rise in the direction of the $22,500 degree.

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Extra Losses in BTC?

If bitcoin fails to clear the $21,250 resistance zone, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $20,650 zone and $20,500.

A draw back break beneath the $20,650 help zone may begin a serious decline. Within the acknowledged case, the worth may slide in the direction of the $20,000 degree. Any extra losses may set the tempo for a transfer in the direction of the $19,200 degree and even $18,800 within the coming periods.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Assist Ranges – $20,500, adopted by $20,000.

Main Resistance Ranges – $20,920, $21,250 and $22,500.