TA: Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact
20 Juni 2022 - 5:08AM
NEWSBTC
Bitcoin started an upside correction from the $17,600 zone against
the US Dollar. BTC is now facing a strong resistance near $20,500
and $21,000. Bitcoin was able to recover losses from the $17,600
support zone. The price is now still below the $20,000 level and
the 100 hourly simple moving average. There was a break above a key
bearish trend line with resistance near $19,200 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair remains at a
risk of a fresh decline unless it settles above the $21,000
resistance zone. Bitcoin Price Eyes Steady Recovery Bitcoin price
followed a bearish path and declined sharply below the $20,000
support zone. It declined over 10% and even spiked below the
$18,000 level. A low was formed near $17,600 before the price
started an upside correction. There was a recovery wave above the
$18,000 and $18,500 resistance levels. Besides, there was a break
above a key bearish trend line with resistance near $19,200 on the
hourly chart of the BTC/USD pair. Bitcoin climbed above the 50% Fib
retracement level of the key decline from the $22,950 high to
$17,600 low. The price even spiked above the $20,000 level and the
100 hourly simple moving average. However, the bears were active
near the $20,500 and $20,750 levels. The 61.8% Fib retracement
level of the key decline from the $22,950 high to $17,600 low also
acted as a resistance. The price is now trading below the $20,000
level and the 100 hourly simple moving average. Source: BTCUSD on
TradingView.com An immediate resistance on the upside is near the
$20,200 level. The first major resistance is near the $20,500
level. Any more gains might send the price towards the $21,000
level. A close above the $21,000 level could set the pace for a
larger increase. Fresh Decline in BTC? If bitcoin fails to clear
the $20,500 resistance zone, it could start a fresh decline. An
immediate support on the downside is near the $19,500 level. The
next major support is near the $18,800 level. A downside break
below the $18,800 support could spark a sharp decline. In the
stated case, the price could test $17,600. Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
just above the 50 level. Major Support Levels – $19,500, followed
by $18,800. Major Resistance Levels – $20,200, $20,500 and $21,000.
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