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

• Bitcoin surged above $21,500 earlier than going through sellers.
• The worth is now above the $20,000 level and the 100 hourly easy transferring common.
• There was a break beneath a key bullish pattern line with help close to $21,175 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair may discover bids close to the $20,000 zone or the 100 hourly easy transferring common.

Bitcoin Worth Drops

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

The worth rose by the 61.8% Fib retracement level of the principle draw back transfer from the $22,950 high to the $17,600 low. Finally, there was a transfer above the $21,000 resistance zone and the value settled above the 100 hourly easy transferring common.

Nevertheless, the bears have been energetic above the $21,500 level. A high was shaped close to $21,698 and the value began a downward correction.

There was a break beneath the 23.6% Fib retracement level of the bullish transfer from the $17,600 low to the $21,698 high. Additionally, there was a break beneath a key bullish pattern line with help close to $21,175 on the hourly chart of the BTC/USD pair.

The worth is now trading beneath $21,000. Quick resistance on the upside is close to $20,550. The primary main resistance is close to the $21,000 and $21,220 ranges.

Supply: BTCUSD on TradingView.com

A transparent transfer above $21,220 would possibly require a transfer to $21,700. Any additional positive factors may propel the value in the direction of the $22,200 level within the coming periods.

Extra losses on BTC?

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

The subsequent main help is close to $19,650. It’s close to the 50% Fib retracement level of the transfer higher from the $17,600 swing low to the $21,698 high. A draw back break beneath the $19,650 help may resume the downtrend within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 level.

Key Help Ranges – $20,000 adopted by $19,650.

Main resistance ranges – $20,500, $21,220 and $21,700.