TA: Bitcoin Dips Further, Why BTC Could Revisit $20K
27 Junio 2022 - 10:08PM
NEWSBTC
Bitcoin is moving lower below the $21,000 zone against the US
Dollar. BTC could gain bearish momentum below the $20,650 support
zone. Bitcoin struggled to rise above $21,200 and declined towards
$20,650. The price is now below the $21,000 level and the 100
hourly simple moving average. There is a key bearish trend line
forming with resistance near $21,000 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could decline
further if there is a clear move below the $20,650 zone. Bitcoin
Price Remains At Risk Bitcoin price failed to clear the $21,500
resistance zone and started a fresh decline. The price declined
below the $21,200 and $21,000 levels. There was a clear move below
the 50% Fib retracement level of the upward move from the $19,751
swing low to $21,780 high. There was also a close below the $20,800
level and the 100 hourly simple moving average. Bitcoin tested the
$20,600 and $20,500 support levels. It is now consolidating near
the 61.8% Fib retracement level of the upward move from the $19,751
swing low to $21,780 high. An immediate resistance on the upside is
near the $21,920 level. The next key resistance is near the $21,000
level. There is also a key bearish trend line forming with
resistance near $21,000 on the hourly chart of the BTC/USD pair. A
clear move above the $21,000 level might start a decent increase.
Source: BTCUSD on TradingView.com In the stated case, the price
could rise above the $21,250 level. The next major stop might be
near the $21,780 high, above which the price may perhaps rise
towards the $22,500 level. More Losses in BTC? If bitcoin fails to
clear the $21,250 resistance zone, it could continue to move down.
An immediate support on the downside is near the $20,650 zone and
$20,500. A downside break below the $20,650 support zone could
start a major decline. In the stated case, the price might slide
towards the $20,000 level. Any more losses could set the pace for a
move towards the $19,200 level or even $18,800 in the coming
sessions. Technical indicators: 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 – $20,500, followed by $20,000. Major Resistance
Levels – $20,920, $21,250 and $22,500.
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