August 10, 2022

Bitcoin struggled above the $21,500 resistance zone in opposition to the US Greenback. BTC is trimming positive aspects and would possibly discover help close to the 100 hourly SMA.

  • Bitcoin climbed above the $21,500 degree earlier than it confronted sellers.
  • The value is now above the $20,000 degree and the 100 hourly easy shifting common.
  • There was a break under a key bullish development line with help close to $21,175 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may discover bids close to the $20,000 zone or the 100 hourly easy shifting common.

Bitcoin Worth Dips

Bitcoin value began an upside correction above the $20,000 resistance zone. There was a good restoration wave above the $20,200 and $20,500 ranges.

The value climbed the 61.8% Fib retracement degree of the important thing draw back from the $22,950 excessive to $17,600 low. Lastly, there was a transfer above the $21,000 resistance zone and the worth settled above the 100 hourly easy shifting common.

Nevertheless, the bears have been energetic above the $21,500 degree. A excessive was shaped close to the $21,698 and the worth began a draw back correction.

There was a break under the 23.6% Fib retracement degree of the upward transfer from the $17,600 swing low to $21,698 excessive. Apart from, there was a break under a key bullish development line with help close to $21,175 on the hourly chart of the BTC/USD pair.

The value is now buying and selling under $21,000. An instantaneous resistance on the upside is close to the $20,550 degree. The primary main resistance is close to the $21,000 and $21,220 ranges.

See also  TA: Bitcoin Drops 20%, Why The Bulls Should Defend $20K

Supply: BTCUSD on TradingView.com

A transparent transfer above the $21,220 degree would possibly name for a transfer to $21,700. Any extra positive aspects would possibly ship the worth in the direction of the $22,200 degree within the coming classes.

Extra Losses in BTC?

If bitcoin fails to clear the $21,220 resistance zone, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $20,000 degree and the 100 hourly SMA.

The following main help is close to the $19,650 degree. It’s close to the 50% Fib retracement degree of the upward transfer from the $17,600 swing low to $21,698 excessive. A draw back break under the $19,650 help may restart downtrend within the close to time period.

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 under the 50 degree.

Main Assist Ranges – $20,000, adopted by $19,650.

Main Resistance Ranges – $20,500, $21,220 and $21,700.