Bitcoin Consolidates Near Key Juncture, Can The Bulls Make It


Bitcoin is struggling near the $21,000 resistance area against the US Dollar. BTC could rise if it crosses the $20,900 and $21,000 resistance levels.

  • Bitcoin is showing some positive signs above the $20,000 support level.
  • The price is now still above the $20,000 level and the 100 hourly simple moving average.
  • There is a solid bullish trend line forming with support near $20,275 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a new decline if it stays below the major resistance area of ​​$21,000.

Breaking the eyes of the Bitcoin price upside down

Bitcoin price started Correction upside After it was traded as low as $17,600. There was a good rally above the $18,500 and $19,000 levels.

The price has breached the 50% Fib retracement level of the main decline from $22,951 to $17,600. The price even cleared the $20,000 level and Simple moving average per 100 hours. There is also a solid bullish trend line forming with support near $20,275 on the hourly chart of the BTC/USD pair.

However, the bears are now defending significant gains above the $20,500 region. Bitcoin is also struggling near the 61.8% Fib retracement level of the major decline from the $22,951 high to $17,600. There is an immediate resistance on the upside near the $20,800 level. The first major resistance is near the $20,900 and $21,000 levels.

Bitcoin price

Source: BTCUSD on TradingView.com

A clear move above the $21,000 level could push the price towards $21,800. Any further gains could push the price towards the $22,200 level in the upcoming sessions.

A new drop in bitcoin?

If Bitcoin fails to break above the $21,000 resistance area, it may start a new decline. There is immediate support on the downside near the $20,275 level and the trend line.

The next major support is near the $20,000 level and the 100 hourly simple moving average. A break-down below the $20,000 support level could trigger another drop. In the mentioned case, the price could test $18,800.

Technical indicators:

Hourly MACD The MACD is now losing momentum in bullish territory.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Key support levels – 20,275 USD, followed by 20,000 USD.

The main resistance levels are $20,900, $21,000 and $22,000.



Leave a Comment

Your email address will not be published.