What 1-hour chart says?
Fundamental Development:-
After starting a recovery wave above the USD 20,000 resistance zone, Bitcoin is facing a key hurdle near USD 20,500 and USD 21,200. It is currently consolidating above USD 20,500 and is up almost 3% in a day and down 9% in a week. Similarly, most major altcoins are stuck near key hurdles. ETH is struggling to clear USD 1,140 and USD 1,150. XRP is still consolidating near USD 0.320. ADA struggled to settle above the USD 0.50 resistances.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $21,000 ranges.BTC is made low 19,500 and now consolidating within a range. Yesterday it made high near $21100 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $21,200.
Alternative Scenario: If Bitcoin fails to clear the $21,200 resistance zone, it could start another decline. An immediate support on the downside is near the $19600 level.
After starting a recovery wave above the USD 20,000 resistance zone, Bitcoin is facing a key hurdle near USD 20,500 and USD 21,200. It is currently consolidating above USD 20,500 and is up almost 3% in a day and down 9% in a week. Similarly, most major altcoins are stuck near key hurdles. ETH is struggling to clear USD 1,140 and USD 1,150. XRP is still consolidating near USD 0.320. ADA struggled to settle above the USD 0.50 resistances.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $21,000 ranges.BTC is made low 19,500 and now consolidating within a range. Yesterday it made high near $21100 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $21,200.
Alternative Scenario: If Bitcoin fails to clear the $21,200 resistance zone, it could start another decline. An immediate support on the downside is near the $19600 level.
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