TA: Bitcoin Trim Losses, Why Bulls Need To Overcome $32.5K For More Upsides
22 Juli 2021 - 5:08AM
NEWSBTC
Bitcoin price started a strong upward move from the $29,250 support
zone against the US Dollar. BTC must settle above $32,000 and
$32,500 for more upsides in the near term. Bitcoin started a strong
increase above the $30,000 and $31,000 resistance levels. The price
is now trading well above $31,000 and the 100 hourly simple moving
average. There was a break above a major bearish trend line with
resistance near $31,250 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could correct gains, but the
bulls are likely to remain active near $31,200. Bitcoin Price
Surges above $32,000 Bitcoin price found a strong buying interest
below the $30,000 level. BTC formed a support base near the $29,300
and it started a major recovery wave. The price surged above the
$30,000 and $30,500 resistance levels. There was a clear break
above the 61.8% Fib retracement level of the recent downward move
from the $31,900 swing high to $29,312 low. There was also a break
above a major bearish trend line with resistance near $31,250 on
the hourly chart of the BTC/USD pair. The pair jumped above the
$31,500 level and the 100 hourly simple moving average. Finally,
there was a break above the $32,000 resistance zone. It tested the
$32,500 resistance zone. It seems like the bears were active near
the 1.236 Fib extension level of the recent downward move from the
$31,900 swing high to $29,312 low. Bitcoin price is now
consolidating above the $31,500 level. Source: BTCUSD on
TradingView.com The first major resistance is near the $32,500
level. If there is a close above the $32,500 resistance zone, the
price is likely to accelerate higher. In the stated case, the price
is likely to move towards the $33,500 level in the near term. Dip
Supported in BTC? If bitcoin fails to climb above the $32,300 and
$32,500 resistance levels, it could start a downside correction. An
initial support on the downside is near the $31,500 level. The
first major support is now near the $31,200 zone. A clear downside
break below the $31,200 support may possibly put a lot of pressure
on the bulls. The next key support is seen near the $30,500 level.
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 well above the 50 level. Major Support Levels –
$31,500, followed by $31,200. Major Resistance Levels – $32,200,
$32,500 and $33,000.
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