August 17, 2022

Bitcoin began an upside correction from the $17,600 zone towards the US Greenback. BTC is now dealing with a robust resistance close to $20,500 and $21,000.

  • Bitcoin was in a position to get well losses from the $17,600 assist zone.
  • The worth is now nonetheless beneath the $20,000 stage and the 100 hourly easy transferring common.
  • There was a break above a key bearish development line with resistance close to $19,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair stays at a threat of a recent decline until it settles above the $21,000 resistance zone.

Bitcoin Value Eyes Regular Restoration

Bitcoin value adopted a bearish path and declined sharply beneath the $20,000 assist zone. It declined over 10% and even spiked beneath the $18,000 stage.

A low was fashioned close to $17,600 earlier than the worth began an upside correction. There was a restoration wave above the $18,000 and $18,500 resistance ranges. Moreover, there was a break above a key bearish development line with resistance close to $19,200 on the hourly chart of the BTC/USD pair.

Bitcoin climbed above the 50% Fib retracement stage of the important thing decline from the $22,950 excessive to $17,600 low. The worth even spiked above the $20,000 stage and the 100 hourly easy transferring common.

Nevertheless, the bears have been energetic close to the $20,500 and $20,750 ranges. The 61.8% Fib retracement stage of the important thing decline from the $22,950 excessive to $17,600 low additionally acted as a resistance. The worth is now buying and selling beneath the $20,000 stage and the 100 hourly easy transferring common.

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Supply: BTCUSD on TradingView.com

A direct resistance on the upside is close to the $20,200 stage. The primary main resistance is close to the $20,500 stage. Any extra positive factors would possibly ship the worth in direction of the $21,000 stage. An in depth above the $21,000 stage may set the tempo for a bigger improve.

Recent Decline in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it may begin a recent decline. A direct assist on the draw back is close to the $19,500 stage.

The subsequent main assist is close to the $18,800 stage. A draw back break beneath the $18,800 assist may spark a pointy decline. Within the said case, the worth may check $17,600.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now simply above the 50 stage.

Main Help Ranges – $19,500, adopted by $18,800.

Main Resistance Ranges – $20,200, $20,500 and $21,000.