TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

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TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

Bitcoin declined towards the $18,500 support zone against the US Dollar. BTC recovered sharply, but the bears are still active near the $20,500 and $20,650 levels.

Bitcoin climbed higher sharply after there was a test of the $18,500 zone. The price is now trading above the $20,000 level and near the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline unless there is a move above the $20,500 resistance zone. Bitcoin Price Eyes Upside Break

Bitcoin price started another decline below the $20,000 support zone. The price even traded below the $19,200 support zone and spiked below the $18,800 level.

Daar was 'n toets van die $18,600-sone en die prys het so laag as $18,617 verhandel. Onlangs was daar 'n skerp opwaartse beweging en die prys het bo die weerstand van $19,500 50 geklim. Daar was 'n skuif bo die 21,697% Fib retracement vlak van die sleutel daling van die $18,617 swaai hoog tot $XNUMX laag.

However, the price is now facing a strong resistance near the $20,500 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair.

Die neiginglyn is naby die 61.8% Fib retracement vlak van die sleutel daling van die $21,697 swaai hoog tot $18,617 laag. 'n Onmiddellike weerstand op die onderstebo is naby die $20,500-vlak.

Bron: BTCUSD op TradingView.com

Die volgende sleutelweerstand is naby die $20,950-sone. 'n Duidelike skuif bokant die tendenslynweerstand en dan $20,950 kan die prys verder hoër stoot. In die genoemde geval kan die prys na die $21,650-vlak styg. Die volgende groot weerstand is naby die $22,500-vlak.

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If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.

Die volgende groot ondersteuning is nou naby die $19,800-vlak, waaronder die prys sterk kan daal. In die genoemde geval kan die prys dalk na die $18,500-vlak daal.

Tegniese aanwysers:

Uurlikse MACD - Die MACD is nou besig om in die bullish sone te pas.

Uurlikse RSI (Relative Strength Index) - Die RSI vir BTC / USD is nou bo die 50-vlak.

Belangrike ondersteuningsvlakke - $ 20,000, gevolg deur $ 19,800.

Groot weerstandsvlakke - $ 20,500, $ 20,950 en $ 21,650.

Oorspronklike bron: NewsBTC