TA: Bitcoin Jumps 5%, Why BTC Could Offer Trade Openings On Dips
05 Luglio 2022 - 5:08AM
NEWSBTC
Bitcoin gained pace and cleared the $19,500 resistance against the
US Dollar. BTC is now facing resistance and might correct lower to
$19,500 in the short-term. Bitcoin gained pace above the $19,500
and $19,600 resistance levels. The price is now trading above the
$20,000 level and the 100 hourly simple moving average. There was a
move above a key bearish trend line with resistance near $19,460 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair tested the $20,500 resistance zone and might correct in the
short-term. Bitcoin Price Gains Pace Bitcoin price formed a base
above the $18,720 support zone. As a result, BTC started a decent
increase and broke the $19,500 resistance zone. There was a clear
move above a key bearish trend line with resistance near $19,460 on
the hourly chart of the BTC/USD pair. The price even broke the
$20,000 resistance and settled above the 100 hourly simple moving
average. Bitcoin climbed above the 76.4% Fib retracement level of
the key drop from the $20,500 swing high to $18,735 low. However,
the bulls struggled to pump the price above the $20,500 resistance
zone. A high is formed near $20,450 and the price is consolidating
gains. It is trading above the 23.6% Fib retracement level of the
recent increase from the $18,738 swing low to $20,450 high. On the
upside, the price is facing resistance near the $20,450 and $20,500
levels. Source: BTCUSD on TradingView.com The next key resistance
is near the $20,920 zone. A clear move above the $20,920 resistance
zone could push the price further higher. In the stated case, the
price could rise towards the $21,500 level. The next major
resistance sits near the $22,200 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 $19,600
level or the 50% Fib retracement level of the recent increase from
the $18,738 swing low to $20,450 high, below which the price could
decline heavily. In the stated case, the price may perhaps drop
towards the $18,720 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 well above the 50
level. Major Support Levels – $20,000, followed by $19,500. Major
Resistance Levels – $20,500, $20,920 and $21,500.
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