Bitcoin price is attempting a fresh increase above the $21,200 resistance zone. BTC could gain bullish momentum if there is a clear move above the $21,500 resistance.
- Bitcoin corrected lower, but it found support near the $20,500 zones.
- The price is trading above $21,000 and the 100 hourly simple moving average.
- There is a short-term key bullish trend line forming with support near $21,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if there is a clear move above the $21,500 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price started a downside correction from the $21,500 resistance zone. BTC declined below the $21,000 support zone, similar to ethereum.
However, the bulls were active near the $20,500 and $20,400 support levels. A low is formed near $20,395 and the price is now rising. There was a clear move above the $20,850 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the recent decline from the $21,639 swing high to $20,395 low.Bitcoin price is now trading above $21,000 and the 100 hourly simple moving average. There is also a short-term key bullish trend line forming with support near $21,050 on the hourly chart of the BTC/USD pair.
An immediate resistance is near the $21,160 level. It is near the 61.8% Fib retracement level of the recent decline from the $21,639 swing high to $20,395. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum.