August 17, 2022

Bitcoin is exhibiting optimistic indicators above the $21,000 zone towards the US Greenback. BTC may begin a recent improve and will even clear the $21,750 resistance zone.

  • Bitcoin stays effectively supported above the $21,000 and $20,500 ranges.
  • The value is now above the $20,800 degree and the 100 hourly easy shifting common.
  • There was a break under a key bullish pattern line with help close to $21,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may acquire bullish momentum if it stays above $20,500 and the 100 hourly SMA.

Bitcoin Value Stays Supported

Bitcoin worth began an honest improve above the $20,000 resistance zone. The value was in a position to clear the $20,500 degree to maneuver right into a optimistic zone.

There was a gradual transfer above the $21,000 degree and the 100 hourly easy shifting common. Nonetheless, the bears had been once more energetic close to the $21,700 and $21,750 ranges. A excessive was fashioned close to $21,780 and the value began a draw back correction.

Bitcoin traded under the $21,500 degree. There was a break under the 23.6% Fib retracement degree of the upward transfer from the $19,750 swing low to $21,780 excessive.

In addition to, there was a break under a key bullish pattern line with help close to $21,300 on the hourly chart of the BTC/USD pair. It’s now consolidating above the $21,000 degree and the 100 hourly easy shifting common. A direct resistance on the upside is close to the $21,250 degree.

Supply: BTCUSD on TradingView.com

The subsequent key resistance is close to the $21,750 degree. A transparent transfer above the $21,750 degree may begin an honest improve. Within the acknowledged case, the value may rise above the $22,200 degree. Any extra beneficial properties may ship the value in direction of the $23,000 resistance zone.

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Contemporary Decline in BTC?

If bitcoin fails to clear the $21,750 resistance zone, it may begin one other decline. A direct help on the draw back is close to the $21,000 degree and the 100 hourly SMA.

The primary main help is close to the $20,750 degree. It’s close to the 50% Fib retracement degree of the upward transfer from the $19,750 swing low to $21,780 excessive. A draw back break under the $20,750 help may put numerous stress on the bulls within the close to time period. Within the acknowledged case, the value may slide in direction of the $20,000 degree.

Technical indicators:

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

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

Main Help Ranges – $21,000, adopted by $20,750.

Main Resistance Ranges – $21,250, $21,750 and $23,000.