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    Home News Bitcoin News

    TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

    Andy K by Andy K
    July 2, 2022
    in Bitcoin News
    Reading Time: 3 mins read
    15.4k 314
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    TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500
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    Bitcoin declined towards the $18,500 support zone against the US Dollar. BTC recovered sharply, but the bears are still active near the $20,500 and $20,650 levels.

    • Bitcoin climbed higher sharply after there was a test of the $18,500 zone.
    • The price is now trading above the $20,000 level and near the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a fresh decline unless there is a move above the $20,500 resistance zone.

    Bitcoin Price Eyes Upside Break

    Bitcoin price started another decline below the $20,000 support zone. The price even traded below the $19,200 support zone and spiked below the $18,800 level.

    There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low.


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    However, the price is now facing a strong resistance near the $20,500 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair.

    The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level.

    Bitcoin Price


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    The next key resistance is near the $20,950 zone. A clear move above the trend line resistance and then $20,950 could push the price further higher. In the stated case, the price could rise towards the $21,650 level. The next major resistance sits near the $22,500 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.

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    The next major support now sits near the $19,800 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $18,500 level.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

    Major Support Levels – $20,000, followed by $19,800.

    Major Resistance Levels – $20,500, $20,950 and $21,650.

    Tags: bitcoinbtcusdBTCUSDTxbtusd

    Read More From Original Source

    Tags: bitcoinBTCUSDbtcusdtxbtusd
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    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Despite other staff members helping themselves daily - Andy has a 'never-ending' container of 'Jelly beans' always sat on his desk, it's magic!

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