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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 BreakBitcoin 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.
There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low.
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.
The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level.
Isi mmalite: BTCUSD na TradingView.comMgbochi igodo na-esote dị nso mpaghara $20,950. Ntugharị doro anya karịa nkwụsi ike ahịrị na-emekarị na mgbe ahụ $20,950 nwere ike ime ka ọnụahịa ahụ dịkwuo elu. N'okwu ahụ ekwuru, ọnụahịa ahụ nwere ike ịrị elu ruo ọkwa $ 21,650. Isi nguzogide na-esote na-anọdụ ala nso ọkwa $ 22,500.
Ọdịda Ọhụrụ na BTC?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.
Nkwado isi na-esote ugbu a na-anọdụ n'akụkụ ọkwa $ 19,800, n'okpuru nke ọnụahịa ahụ nwere ike ịdaba. N'okwu a, ọnụahịa ahụ nwere ike ịdaba na ọkwa $ 18,500.
Nka na ụzụ na-egosi:
MACD nke awa - MACD na - enweta ugbu a na mpaghara bullish.
RSI Hourly (Ndepụta Ike Ike) - RSI maka BTC / USD dị ugbu a karịa ọkwa 50.
Nnukwu Nkwado ọkwa - $ 20,000, sochiri $ 19,800.
Nnukwu nguzogide isi - $ 20,500, $ 20,950 na $ 21,650.
Isi mmalite: Akwụkwọ akụkọ