Bitcoin is struggling to rally above $21,500 towards the US Greenback. BTC is consolidating and stays liable to a transfer in the direction of the $20,000 assist.

• Bitcoin consolidates above $21,000 and faces many hurdles.
• The worth is now trading above the $21,200 level and the 100 hourly easy transferring common.
• There’s a key bearish pattern line forming with resistance close to $22,500 on the hourly chart of the BTC/USD pair (information feed by Kraken).
• The pair would possibly rally higher, however upsides may be restricted above the $22,000 resistance zone.

Bitcoin value faces hurdles

Bitcoin value remained effectively bid above the $21,000 assist zone. BTC shaped a base above $21,000 and began a consolidation section.

There was a small bullish transfer above the $21,250 and $21,350 ranges. The worth managed to surpass $21,500 and the 100 hourly easy transferring common. Nevertheless, the bears have been energetic close to the $21,640 resistance zone.

It looks like the 23.6% Fib retracement level of the primary decline from the $24,415 high to $20,797 low is appearing as a robust resistance. Bitcoin value is now trading above the $21,200 level and the 100 hourly easy transferring common.

On the upside, there’s an instantaneous resistance close to the $21,500 and $21,640 ranges. The primary main resistance on the upside is close to $22,000.

If there’s an upside break above the $22,000 resistance zone, the worth might maybe surge in the direction of the $22,500 resistance zone. There may be additionally a key bearish pattern line forming with resistance close to $22,500 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

The pattern line is close to the 50% Fib retracement level of the primary decline from the $24,415 swing high to $20,797 low. Additional features might ship the worth in the direction of the $23,000 resistance zone.

BTC falling once more?

If bitcoin fails to clear the $22,000 resistance zone, it might proceed decrease. Quick assist on the draw back is close to $21,000.

The subsequent main assist is now close to the $20,800 level. A pointy transfer beneath the $20,800 assist and the current swing low might set off a recent decline. Within the talked about case, the worth might drop in the direction of the $20,000 level.

Technical indicators:

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

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

Key assist ranges – $21,000 adopted by $20,800.

Main resistance ranges – $21,640, $22,000 and $22,500.