TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500
June 30 2022 - 11:08PM
NEWSBTC
Bitcoin declined towards the $18,500 support zone against the US
Dollar. BTC recovered sharply, but the bears are still active near
the $20,500 and $20,650 levels. Bitcoin climbed higher sharply
after there was a test of the $18,500 zone. The price is now
trading above the $20,000 level and near the 100 hourly simple
moving average. There is a major bearish trend line forming with
resistance near $20,400 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could start a fresh decline
unless there is a move above the $20,500 resistance zone. Bitcoin
Price Eyes Upside Break Bitcoin price started another decline below
the $20,000 support zone. The price even traded below the $19,200
support zone and spiked below the $18,800 level. There was a test
of the $18,600 zone and the price traded as low as $18,617.
Recently, there was a sharp upward move and the price climbed above
the $19,500 resistance. There was a move above the 50% Fib
retracement level of the key drop from the $21,697 swing high to
$18,617 low. However, the price is now facing a strong resistance
near the $20,500 zone and the 100 hourly simple moving average.
There is also a major bearish trend line forming with resistance
near $20,400 on the hourly chart of the BTC/USD pair. The trend
line is close to the 61.8% Fib retracement level of the key drop
from the $21,697 swing high to $18,617 low. An immediate resistance
on the upside is near the $20,500 level. Source: BTCUSD on
TradingView.com The next key resistance is near the $20,950 zone. A
clear move above the trend line resistance and then $20,950 could
push the price further higher. In the stated case, the price could
rise towards the $21,650 level. The next major resistance sits near
the $22,500 level. Fresh Decline in BTC? If bitcoin fails to clear
the $20,500 resistance zone, it could start another decline. An
immediate support on the downside is near the $20,000 level. The
next major support now sits near the $19,800 level, below which the
price could decline heavily. In the stated case, the price may
perhaps decline towards the $18,500 level. Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
above the 50 level. Major Support Levels – $20,000, followed by
$19,800. Major Resistance Levels – $20,500, $20,950 and $21,650.
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