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Home Analysis

Bitcoin Dips Additional, Why BTC Might Revisit $20K

by cryptostandard
June 28, 2022
in Analysis
Reading Time: 2 mins read
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Bitcoin is shifting decrease beneath the $21,000 zone in opposition to the US Greenback. BTC might acquire bearish momentum beneath the $20,650 assist zone.

  • Bitcoin struggled to rise above $21,200 and declined in direction of $20,650.
  • The worth is now beneath the $21,000 stage and the 100 hourly easy shifting common.
  • There’s a key bearish development line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might decline additional if there’s a clear transfer beneath the $20,650 zone.

Bitcoin Value Stays At Danger

Bitcoin value did not clear the $21,500 resistance zone and began a contemporary decline. The worth declined beneath the $21,200 and $21,000 ranges.

There was a transparent transfer beneath the 50% Fib retracement stage of the upward transfer from the $19,751 swing low to $21,780 excessive. There was additionally an in depth beneath the $20,800 stage and the 100 hourly easy shifting common.

Bitcoin examined the $20,600 and $20,500 assist ranges. It’s now consolidating close to the 61.8% Fib retracement stage of the upward transfer from the $19,751 swing low to $21,780 excessive. A right away resistance on the upside is close to the $21,920 stage.

The subsequent key resistance is close to the $21,000 stage. There’s additionally a key bearish development line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the $21,000 stage would possibly begin an honest enhance.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the value might rise above the $21,250 stage. The subsequent main cease is perhaps close to the $21,780 excessive, above which the value might maybe rise in direction of the $22,500 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $21,250 resistance zone, it might proceed to maneuver down. A right away assist on the draw back is close to the $20,650 zone and $20,500.

A draw back break beneath the $20,650 assist zone might begin a serious decline. Within the acknowledged case, the value would possibly slide in direction of the $20,000 stage. Any extra losses might set the tempo for a transfer in direction of the $19,200 stage and even $18,800 within the coming classes.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

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

Main Help Ranges – $20,500, adopted by $20,000.

Main Resistance Ranges – $20,920, $21,250 and $22,500.



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Tags: 20KBitcoinBitcoin NewsBTCCrypto NewsCrypto StandardCrypto UpdatesdipsLatest Bitcoin NewsRevisit
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