Bitcoin Trims Gains, Why 100 SMA Could Trigger Fresh Increase
Bitcoin price started an upside correction above the $20,000 resistance zone. There was a decent recovery wave above the $20,200 and $20,500 levels. The price climbed the 61.8% Fib retracement level of the key downside from the $22,950 high to $17,600 low. Finally, there was a move above the $21,000 resistance zone and the price settled above the 100 hourly simple moving average.
However, the bears were active above the $21,500 level. A high was formed near the $21,698 and the price started a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. Besides, there was a break below a key bullish trend line with support near $21,175 on the hourly chart of the BTC/USDT pair.
The price is now trading below $21,000. An immediate resistance on the upside is near the $20,550 level. The first major resistance is near the $21,000 and $21,220 levels. A clear move above the $21,220 level might call for a move to $21,700. Any more gains might send the price towards the $22,200 level in the coming sessions.
If bitcoin fails to clear the $21,220 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 level and the 100 hourly SMA. The next major support is near the $19,650 level. It is near the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. A downside break below the $19,650 support could restart downtrend in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $20,000, followed by $19,650.
Major Resistance Levels – $20,500, $21,220 and $21,700.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
However, the bears were active above the $21,500 level. A high was formed near the $21,698 and the price started a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. Besides, there was a break below a key bullish trend line with support near $21,175 on the hourly chart of the BTC/USDT pair.
The price is now trading below $21,000. An immediate resistance on the upside is near the $20,550 level. The first major resistance is near the $21,000 and $21,220 levels. A clear move above the $21,220 level might call for a move to $21,700. Any more gains might send the price towards the $22,200 level in the coming sessions.
If bitcoin fails to clear the $21,220 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 level and the 100 hourly SMA. The next major support is near the $19,650 level. It is near the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,698 high. A downside break below the $19,650 support could restart downtrend in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $20,000, followed by $19,650.
Major Resistance Levels – $20,500, $21,220 and $21,700.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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