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Sunday, June 26, 2022
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    HomeMarketBitcoin Consolidates Near Key Juncture, Can The Bulls Make It

    Bitcoin Consolidates Near Key Juncture, Can The Bulls Make It

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    Bitcoin is struggling close to the $21,000 resistance zone in opposition to the US Greenback. BTC might rally if it clears the $20,900 and $21,000 resistance ranges.

    • Bitcoin is exhibiting a number of optimistic indicators above the $20,000 help.
    • The worth is now nonetheless above the $20,000 stage and the 100 hourly easy transferring common.
    • There’s a connecting bullish development line forming with help close to $20,275 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might begin a recent decline if it stays under the important thing $21,000 resistance zone.

    Bitcoin Value Eyes Upside Break

    Bitcoin value began an upside correction after it traded as little as $17,600. There was a good restoration wave above the $18,500 and $19,000 ranges.

    The worth surpassed the 50% Fib retracement stage of the principle drop from the $22,951 excessive to $17,600 low. The worth even cleared the $20,000 stage and the 100 hourly simple moving average. There may be additionally a connecting bullish development line forming with help close to $20,275 on the hourly chart of the BTC/USD pair.

    Nonetheless, the bears are actually defending main features above the $20,500 zone. Bitcoin can be struggling close to the 61.8% Fib retracement stage of the principle drop from the $22,951 excessive to $17,600 low. A direct resistance on the upside is close to the $20,800 stage. The primary main resistance is close to the $20,900 and $21,000 ranges.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $21,000 stage might even push the value in the direction of $21,800. Any extra features would possibly ship the value in the direction of the $22,200 stage within the coming periods.

    Recent Decline in BTC?

    If bitcoin fails to clear the $21,000 resistance zone, it might begin a recent decline. A direct help on the draw back is close to the $20,275 stage and the development line.

    The subsequent main help is close to the $20,000 stage and the 100 hourly SMA. A draw back break under the $20,000 help might spark one other decline. Within the acknowledged case, the value might check $18,800.

    Technical indicators:

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

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

    Main Assist Ranges – $20,275, adopted by $20,000.

    Main Resistance Ranges – $20,900, $21,000 and $22,000.



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