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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  Bitcoin Increases By 0.24% In The Last 24 Hours

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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