TA: Bitcoin Faces Another Rejection, Can Bulls Save The Day
July 05 2022 - 11:08PM
NEWSBTC
Bitcoin spiked above the $20,500 resistance against the US Dollar.
BTC is now struggling near $19,800, with a major support near the
$19,600 zone. Bitcoin made another attempt to gain strength above
$20,500 but failed. The price is now trading above the $19,500
level and the 100 hourly simple moving average. There is a key
bullish trend line forming with support near $19,550 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
rise again unless there is a clear move below the $19,500 support
zone. Bitcoin Price Faces Hurdles Bitcoin price remained supported
above the $19,500 zone. BTC started another increase and climbed
above the $20,000 resistance zone. There was a spike above the
$20,500 resistance zone but the bulls failed to gain strength. A
high was formed near $20,732 and the price corrected gains. There
was a drop below the $20,200 and $20,000 support levels. Bitcoin
traded below the 50% Fib retracement level of the upward move from
the $19,300 swing low to $20,732 swing high. It is now trading
above the $19,500 level and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near
$19,550 on the hourly chart of the BTC/USD pair. On the upside, the
price is facing resistance near the $20,000 and $20,200 levels. The
next key resistance is near the $20,500 zone. A close above the
$20,500 resistance zone could open the doors for a decent increase.
Source: BTCUSD on TradingView.com In the stated case, the price
could climb towards the $21,200 level. The next major resistance
sits near the $21,500 level. More Losses in BTC? If bitcoin fails
to clear the $20,500 resistance zone, it could continue to move
down. An immediate support on the downside is near the $19,650
level. It is near the 76.4% Fib retracement level of the upward
move from the $19,300 swing low to $20,732 swing high. The next
major support now sits near the $19,500 level or the trend line
zone. A close below the $19,500 support zone could increase selling
pressure. In the stated case, the price may perhaps decline towards
the $18,740 level. Technical indicators: Hourly MACD – The MACD is
now losing pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now near the 50 level. Major
Support Levels – $19,650, followed by $19,500. Major Resistance
Levels – $20,200, $20,500 and $21,200.
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