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Home»Analysis»Bitcoin Dips Further, Why BTC Could Revisit $20K
Analysis

Bitcoin Dips Further, Why BTC Could Revisit $20K

2022-06-28No Comments3 Mins Read
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Bitcoin is transferring decrease beneath the $21,000 zone towards the US Greenback. BTC may achieve bearish momentum beneath the $20,650 assist zone.

  • Bitcoin struggled to rise above $21,200 and declined in direction of $20,650.
  • The value is now beneath the $21,000 stage and the 100 hourly easy transferring common.
  • There’s a key bearish development line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may decline additional if there’s a clear transfer beneath the $20,650 zone.

Bitcoin Value Stays At Threat

Bitcoin value didn’t clear the $21,500 resistance zone and began a contemporary decline. The value declined beneath the $21,200 and $21,000 ranges.

There was a transparent transfer beneath the 50% Fib retracement stage of the upward transfer from the $19,751 swing low to $21,780 excessive. There was additionally an in depth beneath the $20,800 stage and the 100 hourly easy transferring common.

Bitcoin examined the $20,600 and $20,500 assist ranges. It’s now consolidating close to the 61.8% Fib retracement stage of the upward transfer from the $19,751 swing low to $21,780 excessive. A right away resistance on the upside is close to the $21,920 stage.

The subsequent key resistance is close to the $21,000 stage. There may be additionally a key bearish development line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the $21,000 stage may begin an honest improve.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Within the said case, the worth may rise above the $21,250 stage. The subsequent main cease is likely to be close to the $21,780 excessive, above which the worth could maybe rise in direction of the $22,500 stage.

See also  Macro Guru Raoul Pal Says Ethereum Could Be Following 2017–2021 Cycle, Predicts Bounce Back in Global Markets

Extra Losses in BTC?

If bitcoin fails to clear the $21,250 resistance zone, it may proceed to maneuver down. A right away assist on the draw back is close to the $20,650 zone and $20,500.

A draw back break beneath the $20,650 assist zone may begin a significant decline. Within the said case, the worth may slide in direction of the $20,000 stage. Any extra losses may set the tempo for a transfer in direction of the $19,200 stage and even $18,800 within the coming periods.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $20,500, adopted by $20,000.

Main Resistance Ranges – $20,920, $21,250 and $22,500.

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20K Bitcoin BTC Dips Revisit
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