Bitcoin lost more than $21,000 against the US Dollar. BTC is consolidating. Any upsides could face hurdles close to $21,500.
- Bitcoin traded lower than the $21,000 mark and was in a bearish area.
- The current price of the stock is trading at below $21,500 and the simple 100-hour moving average.
- A key bearish trendline is emerging with resistance close to $21,650 in the hourly BTC/USD chart (data feed Kraken).
- While the potential for the pair to correct higher than expected, its upsides could be less than $21,500.
Bitcoin’s Price Is Still In A Bearish Zone
After it fell below $22,000, the Bitcoin price was still in bearish territory. The Bitcoin price consolidated at the $21,000 level for a while before more losses.
While the price dropped below $21,000, downsides were minimal. The price has been consolidating its losses since a low was formed at $20,750. It trades below the $21,500 mark and the 100 hourly simple moving mean.
A minor uptrend was seen above $21,000. Price moved above the 23.6% Fib level of recent decline from $22,250 swing high, to $20,000.
Bitcoin price may face resistance at the $21,500 mark. The bitcoin price is close to the 50% Fib Retracement level for the drop from $22,250 swing high, to $20,750 low. Near the $21,650 area is the next major resistance. A key bearish trendline is also visible on the hourly charts of BTC/USD pairs. It forms near the $21,650 zone.
Source: BTCUSD at TradingView.com
An increase of at least 5% could be possible if the resistance zone is reached just above $21,650. If this is the case, then the price might rise to the $22,000 mark. Near the $22,500 mark is the next significant resistance.
BTC Losses:
Bitcoin could fall further if it fails to recover above $21,500. The $21,000 level is a strong support for the downside.
Now, the next significant support is located near the $20.750 and 20.500 levels. If the market closes below the $20,000.500 support zone, it could increase selling pressure. The price could test $20,000 within the next few days.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $21,000, followed by $20,750.
Major Resistance Levels – $21,500, $21,650 and $22,000.
