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Bitcoin Faces One other Rejection, Can Bulls Save The Day

by SB Crypto Guru News
July 6, 2022
in Analysis
Reading Time: 2 mins read
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Bitcoin spiked above the $20,500 resistance in opposition to the US Greenback. BTC is now struggling close to $19,800, with a significant assist close to the $19,600 zone.

  • Bitcoin made one other try to realize power above $20,500 however failed.
  • The value is now buying and selling above the $19,500 degree and the 100 hourly easy shifting common.
  • There’s a key bullish pattern line forming with assist 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 beneath the $19,500 assist zone.

Bitcoin Value 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 power. A excessive was fashioned close to $20,732 and the value corrected good points. There was a drop beneath the $20,200 and $20,000 assist ranges.

Bitcoin traded beneath the 50% Fib retracement degree 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 degree and the 100 hourly easy shifting common. There may be additionally a key bullish pattern line forming with assist 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 following key resistance is close to the $20,500 zone. An in depth above the $20,500 resistance zone might open the doorways for an honest enhance.

Bitcoin Price

Supply: BTCUSD on TradingView.com

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

Extra Losses in BTC?

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

The following main assist now sits close to the $19,500 degree or the pattern line zone. An in depth beneath the $19,500 assist zone might enhance promoting strain. Within the said case, the value could maybe decline in the direction of the $18,740 degree.

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 degree.

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

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



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