Bitcoin has shown positive signals above the $21,000 mark against the US dollar. BTC could see a new increase, and may even surpass the $21,750 resistance.
- Bitcoin is well supported at levels above $21,000 and $20.500.
- Price is at or above $20,800.
- A break was seen below the key bullish trendline with support at $21,300 (data feed Kraken).
- Bullish momentum could be gained if the pair stays above $20,000.500, and at least 100 hours per hour.
Bitcoin Price Remains Supported
The bitcoin price experienced a significant increase beyond the $20,000 resistance level. To move to a positive zone, the price cleared $20,500.
A steady rise was observed above the $21,000 mark and the 100 hourly simple movement average. But, bears continued to be active at $21,700 and $21,750. An upper high was reached at $21,780. The market began to decline.
Bitcoin fell below $21,500. The Bitcoin price fell below 23.6% Fib Retracement Level of the upmove from $19,750 low to $21,780 high.
A break was also observed below the key bullish trendline with support at $21,300. This is on the hourly charts of BTC/USD. Now, it is consolidating above $21,000 and the 100-hourly simple moving mean. The $21,250 level is the immediate resistance.
Source: BTCUSD at TradingView.com
Next is the $21,750 area. An increase in the price could be initiated by a clear rise above $21,750. If the previous scenario is true, then the price might rise beyond the $22,200 mark. The price could reach the $23,000 threshold if it gains more.
BTC’s Latest Decline
Bitcoin could begin a new decline if it fails to break the $21,750 resistance level. The immediate support for the downside lies near the $21,000 mark and the 100-hourly SMA.
It is close to the $20,000.750 level. The 50% Fib level is the retracement of the upward movement from $19,750 low to $21,780 high. The bulls could be under pressure if they fall below $20,750. The price could slide to $20,000 in the above scenario.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $21,000, followed by $20,750.
Major Resistance Levels – $21,250, $21,750 and $23,000.
