Bitcoin Price Faces Key Challenge and At Risk of Downside Correction

Jan 17, 2023

Metablox NFT save memories to the blockchain

OWN PLACES • SAVE MEMORIES

Everyday we create memories that are attached to places, but how will future generations know what happened to us? 

Metablox is saving our most important memories on the blockchain, and you can own the real world places the memories happened.

Bitcoin Price Faces Key Challenge and At Risk of Downside Correction

Originally posted here.
By: Aayush Jindal

Overview

Bitcoin price is facing a major hurdle near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,500 support zone. Bitcoin seems to be facing a major challenge near the $21,450 and $21,500 levels. The price is trading above $20,600 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a downside correction below the $20,800 and $20,500 support levels. Bitcoin Price Keeps Struggling Bitcoin price attempted an upside break above the $21,500 resistance zone. However, BTC failed to gain pace above the $21,500 zone. A high was formed near $21,679 and the price is now slowly moving lower. There was a break below the $21,250 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $20,600 and the 100 hourly simple moving average. If there is another upside break attempt, an immediate resistance is near the $21,450 level. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum. Source: BTCUSD on TradingView.com In the stated case, the price may perhaps rise towards the $21,800 level. Any more gains might send btc price towards the $22,000 level. Downside Correction in BTC? If bitcoin price fails to clear the $21,500 resistance, it could continue to move down. An immediate support on the downside is near the $21,100 zone. The next major support is near the $20,900 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. The main support is now forming near the $20,500 level, below which the price might accelerate lower towards $20,000. Any more losses might send the price to $19,500. 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 near the 50 level. Major Support Levels – $20,900, followed by $20,500. Major Resistance Levels – $21,450, $21,500 and $22,000.

The Post

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

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

The price is trading above $20,600 and the 100 hourly simple moving average.

There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a downside correction below the $20,800 and $20,500 support levels.

Bitcoin Price Keeps Struggling

Bitcoin price attempted an upside break above the $21,500 resistance zone. However, BTC failed to gain pace above the $21,500 zone. A high was formed near $21,679 and the price is now slowly moving lower.

There was a break below the $21,250 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $20,600 and the 100 hourly simple moving average . If there is another upside break attempt, an immediate resistance is near the $21,450 level. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $21,800 level. Any more gains might send btc price towards the $22,000 level.

Downside Correction in BTC?

If bitcoin price fails to clear the $21,500 resistance, it could continue to move down. An immediate support on the downside is near the $21,100 zone.

The next major support is near the $20,900 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. The main support is now forming near the $20,500 level, below which the price might accelerate lower towards $20,000. Any more losses might send the price to $19,500.

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 near the 50 level.

Major Support Levels – $20,900, followed by $20,500.

Major Resistance Levels – $21,450, $21,500 and $22,000.

SHARE THIS POST

Add your voice!Join the conversation on Discord...