{"id":495278,"date":"2022-07-11T03:08:25","date_gmt":"2022-07-11T03:08:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=495278"},"modified":"2024-06-11T14:21:26","modified_gmt":"2024-06-11T14:21:26","slug":"bitcoin-price-trims-gains-20500","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-trims-gains-20500\/","title":{"rendered":"TA: Bitcoin Price Trims Gains, Key Breakdown Support Nearby"},"content":{"rendered":"
Bitcoin trimmed gains and declined below $21,000 against the US Dollar. BTC must stay above $20,500 to avoid a major decline in the near term.<\/em><\/p>\n Bitcoin price attempted a close above the $22,000 level, but the bears remained active<\/a>. As a result, there was a slow and steady decline below the $21,500 level.<\/p>\n The price declined below the 50% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high. The price is now trading below the $21,500 level and the 100 hourly simple moving average<\/a>.<\/p>\n It is testing the key $20,500 support zone. There is also a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high.<\/p>\n If bitcoin price stays above the trend line, it could correct above $20,800. On the upside, the price is facing resistance near the $20,800 and $20,850 levels.<\/p>\n <\/a><\/p>\n The next key resistance is near the $21,250 zone and the 100 hourly simple moving average. A close above the $21,250 resistance zone could set the pace for a test of the $22,000 level. Any more gains might open the doors for an increase towards the $22,500 level. The next major resistance sits near the $23,200 level.<\/p>\n If bitcoin fails to stay above the trend line support, it could continue to move down below $20,500. An immediate support on the downside is near the $20,050 level.<\/p>\n The next major support now sits near the $19,600 level or the last swing low. A close below the $19,600 support zone could push the price to $19,000. In the stated case, there is a risk of a move towards the $18,500 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold zone.<\/p>\n Major Support Levels \u2013 $20,500, followed by $20,000.<\/p>\n Major Resistance Levels \u2013 $20,800, $21,250 and $22,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin trimmed gains and declined below $21,000 against the US Dollar. BTC must stay above $20,500 to avoid a major decline in the near term. Bitcoin failed to stay above the $21,000 support and extended drop. The price is now trading below the $21,500 level and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another major decline if there is a clear move below $20,500. Bitcoin Price Reaches Support Bitcoin price attempted a close above the $22,000 level, but the bears remained active. As a result, there was a slow and steady decline below the $21,500 level. The price declined below the 50% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high. The price is now trading below the $21,500 level and the 100 hourly simple moving average. It is testing the key $20,500 support zone. There is also a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high. If bitcoin price stays above the trend line, it could correct above $20,800. On the upside, the price is facing resistance near the $20,800 and $20,850 levels. Source: BTCUSD on TradingView.com The next key resistance is near the $21,250 zone and the 100 hourly simple moving average. A close above the $21,250 resistance zone could set the pace for a test of the $22,000 level. Any more gains might open the doors for an increase towards the $22,500 level. The next major resistance sits near the $23,200 level. Downside Break in BTC? If bitcoin fails to stay above the trend line support, it could continue to move down below $20,500. An immediate support on the downside is near the $20,050 level. The next major support now sits near the $19,600 level or the last swing low. A close below the $19,600 support zone could push the price to $19,000. In the stated case, there is a risk of a move towards the $18,500 level. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold zone. Major Support Levels \u2013 $20,500, followed by $20,000. Major Resistance Levels \u2013 $20,800, $21,250 and $22,000.<\/p>\n","protected":false},"author":67,"featured_media":461703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-495278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Reaches Support<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Downside Break in BTC?<\/h2>\n