Bitcoin Price Consolidates Below Resistance and At Risk of Minor Pullback

Jan 16, 2023

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Bitcoin Price Consolidates Below Resistance and At Risk of Minor Pullback

Originally posted here.
By: Aayush Jindal

Overview

Bitcoin price is facing resistance near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,880 support zone. Bitcoin seems to be facing a strong resistance near the $21,450 and $21,500 levels. The price is trading above $20,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $20,920 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a downside correction below the $20,880 and $20,750 support levels. Bitcoin Price Faces Resistance Bitcoin price started a strong increase above the $20,000 resistance zone. BTC was able to climb above the $20,500 and $21,000 levels to start a major uptrend. Finally, the price tested the $21,500 resistance zone. A high is formed near $21,485 and the price is now consolidating gains. There was a minor decline below the $21,200 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $20,249 swing low to $21,489 high. Bitcoin price is now trading above $20,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $20,920 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $21,250 level. The next major resistance is near the $21,500 zone, above which the price might start another steady increase. In the stated case, the price may perhaps rise towards the $22,000 level. Any more gains might send btc price towards the $22,500 level. Downside Correction in BTC? If bitcoin price fails to clear the $21,500 resistance, it could slowly move down. An immediate support on the downside is near the $21,000 zone and the trend line. The next major support is near the $20,720 level. It is near the 61.8% Fib retracement level of the upward wave from the $20,249 swing low to $21,489 high. The main support is now forming near the $20,500 level, below which the price might retest $20,000. Any more losses might send the price to $19,000. 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 above the 50 level. Major Support Levels – $20,720, followed by $20,500. Major Resistance Levels – $21,250, $21,500 and $22,000.

The Post

Bitcoin price is facing resistance near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,880 support zone.

Bitcoin seems to be facing a strong resistance near the $21,450 and $21,500 levels.

The price is trading above $20,500 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $20,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a downside correction below the $20,880 and $20,750 support levels.

Bitcoin Price Faces Resistance

Bitcoin price started a strong increase above the $20,000 resistance zone . BTC was able to climb above the $20,500 and $21,000 levels to start a major uptrend.

Finally, the price tested the $21,500 resistance zone. A high is formed near $21,485 and the price is now consolidating gains. There was a minor decline below the $21,200 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $20,249 swing low to $21,489 high.

Bitcoin price is now trading above $20,500 and the 100 hourly simple moving average . There is also a key bullish trend line forming with support near $20,920 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $21,250 level. The next major resistance is near the $21,500 zone, above which the price might start another steady increase. In the stated case, the price may perhaps rise towards the $22,000 level. Any more gains might send btc price towards the $22,500 level.

Downside Correction in BTC?

If bitcoin price fails to clear the $21,500 resistance, it could slowly move down. An immediate support on the downside is near the $21,000 zone and the trend line.

The next major support is near the $20,720 level. It is near the 61.8% Fib retracement level of the upward wave from the $20,249 swing low to $21,489 high. The main support is now forming near the $20,500 level, below which the price might retest $20,000. Any more losses might send the price to $19,000.

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 above the 50 level.

Major Support Levels – $20,720, followed by $20,500.

Major Resistance Levels – $21,250, $21,500 and $22,000.

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