Bitcoin value is making an attempt a recent improve above the $21,200 resistance zone. BTC might achieve bullish momentum if there’s a clear transfer above the $21,500 resistance.

• Bitcoin corrected decrease however discovered help close to the $20,500 zones.
• The worth is trading above $21,000 and the 100 hourly easy shifting common.
• There’s a key brief time period bullish pattern line forming with help close to $21,050 on the hourly chart of the BTC/USD pair (information feed by Kraken).
• The pair might begin a recent rise if there’s a clear transfer above the $21,500 resistance zone.

Bitcoin value continues to be supported

Bitcoin value began a draw back correction from the $21,500 resistance zone. BTC fell beneath the $21,000 help zone, just like Ethereum.

Nevertheless, the bulls have been energetic close to the $20,500 and $20,400 help ranges. A low is forming close to $20,395 and the worth is now rising. There was a transparent transfer above the $20,850 resistance zone. The bulls pushed the worth above the 50% Fib retracement level of the current decline from the $21,639 high to the $20,395 low.

Bitcoin value is now trading above $21,000 and the 100 hourly easy shifting common. There’s additionally a key short-term bullish pattern line forming with help close to $21,050 on the hourly chart of the BTC/USD pair.

Quick resistance is close to $21,160. It’s close to the 61.8% Fib retracement level of the current decline from the $21,639 high to $20,395. The subsequent main resistance is close to the $21,500 zone, above which the worth might achieve bullish momentum.

Supply: BTCUSD on TradingView.com

Within the talked about case, the worth might maybe rally in the direction of the $22,000 level. Additional features might propel the BTC value in the direction of the $22,500 level.

One other drop in BTC?

If bitcoin value fails to clear the $21,250 resistance, it’d begin a recent decline. Quick help on the draw back is close to the $21,050 zone and the pattern line.

The subsequent main help is close to the $20,500 zone, beneath which the worth might achieve bearish momentum and take a look at $20,000. Additional losses might propel the worth to $19,500 within the brief time period.

Technical indicators:

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

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

Key Help Ranges – $20,500 adopted by $20,000.

Main resistance ranges – $21,160, $21,250 and $21,500.