TA: Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact

Jun 20, 2022 04:00 am Cryptocurrency 190

Bitcoin started an upside correction from the $17,600 zone against the US Dollar. BTC is now facing a strong resistance near $20,500 and $21,000.

Bitcoin was able to recover losses from the $17,600 support zone.

The price is now still below the $20,000 level and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair remains at a risk of a fresh decline unless it settles above the $21,000 resistance zone.

Bitcoin Price Eyes Steady Recovery

Bitcoin price followed a bearish path and declined sharply below the $20,000 support zone. It declined over 10% and even spiked below the $18,000 level.

A low was formed near $17,600 before the price started an upside correction. There was a recovery wave above the $18,000 and $18,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair.

..

Support the originator by clicking the read the rest link below.