August 17, 2022

Bitcoin trimmed good points and declined under $21,000 in opposition to the US Greenback. BTC should keep above $20,500 to keep away from a significant decline within the close to time period.

  • Bitcoin failed to remain above the $21,000 assist and prolonged drop.
  • The worth is now buying and selling under the $21,500 degree and the 100 hourly easy transferring common.
  • There’s a main bullish development line forming with assist close to $20,520 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin one other main decline if there’s a clear transfer under $20,500.

Bitcoin Value Reaches Assist

Bitcoin value tried a detailed above the $22,000 degree, however the bears remained lively. In consequence, there was a sluggish and regular decline under the $21,500 degree.

The worth declined under the 50% Fib retracement degree of the upward transfer from the $19,300 swing low to $22,498 excessive. The worth is now buying and selling under the $21,500 degree and the 100 hourly easy transferring common.

It’s testing the important thing $20,500 assist zone. There’s additionally a significant bullish development line forming with assist close to $20,520 on the hourly chart of the BTC/USD pair. The development line is close to the 61.8% Fib retracement degree of the upward transfer from the $19,300 swing low to $22,498 excessive.

If bitcoin value stays above the development line, it might right above $20,800. On the upside, the worth is dealing with resistance close to the $20,800 and $20,850 ranges.

Supply: BTCUSD on TradingView.com

The following key resistance is close to the $21,250 zone and the 100 hourly easy transferring common. An in depth above the $21,250 resistance zone might set the tempo for a check of the $22,000 degree. Any extra good points may open the doorways for a rise in direction of the $22,500 degree. The following main resistance sits close to the $23,200 degree.

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Draw back Break in BTC?

If bitcoin fails to remain above the development line assist, it might proceed to maneuver down under $20,500. A direct assist on the draw back is close to the $20,050 degree.

The following main assist now sits close to the $19,600 degree or the final swing low. An in depth under the $19,600 assist zone might push the worth to $19,000. Within the acknowledged case, there’s a threat of a transfer in direction of the $18,500 degree.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now within the oversold zone.

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

Main Resistance Ranges – $20,800, $21,250 and $22,000.