Bitcoin’s Recovery Stalls Near Key Juncture With The Key Resistance Intact

Bitcoin’s recovery stalls near key juncture while the key resistance remains intact as BTC Started an upside correction from the $17,600 zone against the US dollar so now the coin is facing a strogn resistance near $20,500 and $21,000 as we are reading more today in our latest Bitcoin news.

Bitcoin’s recovery stalls and was able to recover the losses from the $17,600 support zone and the price now remains below the $20K and the 100 hourly simple moving average. There was a key bearish trend line with the resistance at $19,200 n the hourly charts for the pair which remains at risk of a fresh decline and settles above the $21,000 resistance zone. Bitcoin’s price followed a new bearish path and dropped sharply below the $20K support zone and it dropped over 10% and spiked below the $18K level.

A new low was formed near $17,600 before the price started a new correction and there was a recovery wave above the $18K and $18,500 resistance so, besides that, there was a break above the key bearish trend line with the resistance close to $19,200 on the chart of the pair. BTC climbed above the 50% fib retracement level of the key decline from the $22,950 high to the $17,600 low and the price surged above the $20,000 and the 100 hourly simple moving average. The bears were active close to $20,500 and $20,750 and the 61.8% fib retracement level from the key decline of $22,950 high to the $17,600 low and acted as a resistance. The price is trading below the $20,000 level and the 100 hourly simple moving average.

The resistance on the upside is close to the $20,200 level and the first major resistance is close to the $20,500 level. More gains could send the price to $21,000 and a close above this level could set the price for a bigger increase. If BTC fails to clear the $20K resistance level it could start a new decline. The immediate support on the downside is close to the $19,500 level. The next major support is close to the $18,800 level with a downside break below this support could spark a new decline and in this case, the price could test $17,600.

As earlier reported, After a weekend of losses, crypto’s top two coins made slight recoveries on Sunday and Bitcoin managed to bounce back above $20,000. BTC recovered by 15% in the past day and ETH which crashed to $898 recovered over 25% in the past day to $1130 at the time of writing.