Bitcoin prices began a downward correction at $21,000 against US Dollar. BTC has been stable over $20,000 for a while and may see another increase.
- Bitcoin has seen gains of more than $20,000 and $20,000.
- The 100-hourly moving average is at $20,000, and the price trades above that.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance close to $20,000. (Data feed from Kraken).
- A clear move over the $20,000.500 resistance could signal a continuation of an upward movement.
Bitcoin Price Reaches Key Support
Bitcoin’s price has seen a new increase, surpassing the resistance levels of $20,000.500 and $20,000,000. BTC reached the $20,800 mark and passed the $21,000 barrier.
Before there was a correction, a high of $21,021 was reached. It fell below levels of $20,800, $20,500, and 20,500. The price even broke 23.6% Fib Retracement levels of the important increase, from $19 266 swing low to $21,021 peak.
Bitcoin prices are now above $20,000, and it is trading at the simple 100-hour moving average. Bitcoin seems to have gained above $20,000 and $20,000.
Price also reached the Fib retracement levels of 50% for the important increase in price from $19,266 low to $21,021 high. Surprisingly, the 20,400 mark is the nearest resistance. A key bearish trendline is also in place with resistance close to $20,440. This hourly chart shows the BTC/USD currency pair.
Source: BTCUSD at TradingView.com
It is located near the 20,500-level and the trendline. This marks the beginning of major resistance. The $21,000 mark could become the next significant resistance. If the price moves above $21,000, it could push the price to the $22,000 level. If the gains continue, the price could test the $22,500 resistance.
BTC: More losses
It could move lower if bitcoin does not rise above $20,500 resistance. Support for the downside lies near the 20,150 level.
Next major support will be close to the $20,000 area and the 100 hourly simple movement average. An upside break with a close below $20,000 could allow for an eventual move to the $19,000.500 support zone.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $20,200, followed by $20,000.
Major Resistance Levels – $20,400, $20,500 and $21,000.
