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Home»Analysis»Bitcoin Faces Another Rejection, Can Bulls Save The Day
Analysis

Bitcoin Faces Another Rejection, Can Bulls Save The Day

2022-07-06No Comments3 Mins Read
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Bitcoin spiked above the $20,500 resistance towards the US Greenback. BTC is now struggling close to $19,800, with a significant help close to the $19,600 zone.

  • Bitcoin made one other try to realize energy above $20,500 however failed.
  • The worth is now buying and selling above the $19,500 stage and the 100 hourly easy transferring common.
  • There’s a key bullish pattern line forming with help close to $19,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might rise once more until there’s a clear transfer under the $19,500 help zone.

Bitcoin Worth Faces Hurdles

Bitcoin value remained supported above the $19,500 zone. BTC began one other enhance and climbed above the $20,000 resistance zone.

There was a spike above the $20,500 resistance zone however the bulls failed to realize energy. A excessive was shaped close to $20,732 and the value corrected positive aspects. There was a drop under the $20,200 and $20,000 help ranges.

Bitcoin traded under the 50% Fib retracement stage of the upward transfer from the $19,300 swing low to $20,732 swing excessive. It’s now buying and selling above the $19,500 stage and the 100 hourly easy transferring common. There may be additionally a key bullish pattern line forming with help close to $19,550 on the hourly chart of the BTC/USD pair.

On the upside, the value is going through resistance close to the $20,000 and $20,200 ranges. The subsequent key resistance is close to the $20,500 zone. A detailed above the $20,500 resistance zone might open the doorways for an honest enhance.

See also  Ethereum Whale Accumulation Soars to Highest Rate in Two Years As ETH Bounces: Santiment

Bitcoin Price

Supply: BTCUSD on TradingView.com

Within the said case, the value might climb in the direction of the $21,200 stage. The subsequent main resistance sits close to the $21,500 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $19,650 stage. It’s close to the 76.4% Fib retracement stage of the upward transfer from the $19,300 swing low to $20,732 swing excessive.

The subsequent main help now sits close to the $19,500 stage or the pattern line zone. A detailed under the $19,500 help zone might enhance promoting strain. Within the said case, the value could maybe decline in the direction of the $18,740 stage.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Help Ranges – $19,650, adopted by $19,500.

Main Resistance Ranges – $20,200, $20,500 and $21,200.

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Bitcoin Bulls Day Faces Rejection Save
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