Bitcoin Price Rallies Around $21K, Why Dips Turn Attractive
Bitcoin Price Rallies Around 22K, Why Dips Turn Attractive
Bitcoin price formed a base above the $20,000 level. BTC started a strong increase by clearing the $20,500 and $20,800 resistance levels.
There was a sharp increase and the price climbed above the $21,500 level. It even broke the $22,000 hurdle and settled above the 100 hourly simple moving average. A high is formed near $22,498 and then the price stepped back to $21,300.
Then bitcoin fails to clear the $22,000 resistance zone and starts a downside correction. An immediate support on the downside is near the $21,300 level.
The next major support now sits near the $21,250 level or the broken channel trend line zone. It is near the 50% Fib retracement level of the recent increase from the $19,750 swing low to $22,498 high. A close below the $21,250 support zone could push the price to $20,500. In the stated case, there is a risk of a move towards the $20,000 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $21,300, followed by $21,250.
Major Resistance Levels – $21,500, $21,700 and $22,000.
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.
Bitcoin price formed a base above the $20,000 level. BTC started a strong increase by clearing the $20,500 and $20,800 resistance levels.
There was a sharp increase and the price climbed above the $21,500 level. It even broke the $22,000 hurdle and settled above the 100 hourly simple moving average. A high is formed near $22,498 and then the price stepped back to $21,300.
Then bitcoin fails to clear the $22,000 resistance zone and starts a downside correction. An immediate support on the downside is near the $21,300 level.
The next major support now sits near the $21,250 level or the broken channel trend line zone. It is near the 50% Fib retracement level of the recent increase from the $19,750 swing low to $22,498 high. A close below the $21,250 support zone could push the price to $20,500. In the stated case, there is a risk of a move towards the $20,000 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $21,300, followed by $21,250.
Major Resistance Levels – $21,500, $21,700 and $22,000.
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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