Bitcoin price finally stabilized above $19,800 and managed to bounce back. Currently, BTC is having a correction and depending how low it goes, it could have a rally coming. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed $20,500 and $21,200
- Currently, the price is over $21,000 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a new uptrend forming with support level at $21,300.
- In case BTC manages to remain above $21,300, the uptrend will continue.
Bitcoin Price Action Analysis
Bitcoin surpassed $20,500 and broke through $21,200 and $21,700. With that, the highest recorded price has been at $22,536 before facing a correction. Subsequently, it lost the $22,000 and $21,600 support levels. Furthermore, BTC penetrated the 23.6% Fibonacci retracement level from the latest rise from $18,621 to $22,536. For now, BTC is trading above $21,000 and the 1-hour candles are above the SMA100.
The first resistance level for BTC is at $21,600 followed by $22,130. After that, the $22,500 will come next. Moving above these levels would bring short-term growth. In which case, the $22,700 and $23,000 will be the next resistance levels. Further growth will bring BTC closer to $23,500.
On the other hand, if Bitcoin price fails to surpass $21,600 or $22,130, the price would approach the support level on the trendline. On the 1-hour chart, we have a new uptrend forming with support level at $21,300. In case of losing this level, we could expect short-term dip. For this scenario, BTC could fall as low as $21,000 and $20,920. However, dipping below these levels could push Bitcoin down to $20,600 which is near the 50% Fibonacci retracement level. Following that, the $20,300 will be the subsequent support level. Further decline can bring Bitcoin down to $19,800.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently 50.
Resistance levels: Right now, the $21,600, $22,130 and $22,500 are crucial resistance levels for BTC.
Support levels: The $21,000 and $20,600 are currently the key support levels for the price.
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