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Analysis

Bitcoin Price Stuck In Range, Why BTC Is Still At Major Risk of Breakdown

Bitcoin is struggling to settle above $20,500 in opposition to the US Dollar. BTC may decline closely if there’s a clear transfer beneath the $19,500 assist zone.

  • Bitcoin is caught close to the $20,000 zone and buying and selling beneath the $20,500 resistance.
  • The price is now buying and selling beneath the $20,000 stage and the 100 hourly easy transferring common.
  • There is a short-term rising channel forming with assist close to $19,750 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may speed up decrease if there’s a clear transfer beneath the $19,600 and $19,500 ranges.

Bitcoin Price Remains in a Range

Bitcoin price traded in a spread beneath the $20,500 and $20,550 resistance ranges. BTC failed on many events to clear the $20,500 resistance zone.

At the identical time, the bulls had been lively above the $19,500 assist zone. The current low was fashioned close to $19,600 and the price is now transferring larger within the vary. There was a minor improve above the $19,750 resistance zone. The price climbed above the 23.6% Fib retracement stage of the current decline from the $20,397 swing excessive to $19,600 low.

Bitcoin price is now buying and selling beneath the $20,000 stage and the 100 hourly easy transferring common. There can be a short-term rising channel forming with assist close to $19,750 on the hourly chart of the BTC/USD pair.

On the upside, a right away resistance is close to the $19,900 stage and the 100 hourly easy transferring common. The subsequent main resistance sits close to the $20,000 stage. It is close to the 50% Fib retracement stage of the current decline from the $20,397 swing excessive to $19,600 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A transparent transfer above the $20,000 resistance would possibly ship the price in the direction of $20,500. Any extra features would possibly begin a gentle transfer in the direction of the $21,200 resistance zone.

Downside Break in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it may begin one other decline. An fast assist on the draw back is close to the $19,750 zone.

The subsequent main assist sits close to the $19,600 stage. The predominant assist sits close to the $19,500 stage. A break beneath the $19,500 assist would possibly spark a pointy decline in the direction of $18,800. Any extra losses would possibly name for a transfer to $18,500 within the close to time period.

Technical indicators:

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

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

Major Support Levels – $19,750, adopted by $19,500.

Major Resistance Levels – $20,000, $20,350 and $20,500.

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