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Bitcoin Price is Losing Momentum Above $21,000, Holders are Safe

Bitcoin price has begun a downward correction from its $21,000 post. The asset might, however, begin a fresh rise it could sustain above the $20,000 level.

Shifting Off Target

The market’s top crypto asset is slowly declining from the $21,000 resistance area. It currently trades at $20,498 and below its 100-hour simple moving average. A major downward channel is now being created with some resistance at the $20,700 line.

But Bitcoin keeps making attempts close to the $21,000 resistance area. Nevertheless, it has not been able to gather any serious momentum to retake the position. The resistance at $21,000 poses a new challenge to traders in the face of this decline.

The last high level created was at $21,074 from where the price resumes this round of decline. There was, however, a slight movement above the $20,600 and $20,500 areas.

The Bitcoin bears were responsible for pushing the asset’s price under the 50% Fibonacci retracement area. It went on an upward movement from the low swing of $20,029 to $21.074. 

Bitcoin currently trades under $20,500 and below the expected 100-hourly simple moving average. There is equally a major downward channel around the $20,700 present on the BTC/USD pair’s hourly chart.

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The price currently holds at the $20,498 support level which is close to the 61.8% Fibonacci retracement area. It is also on the upward side of the move around the low swing of $20,029 to the high swing of $21,074.

Future Possibilities

But if the price increases from this point, the first point of resistance will be encountered at $20,600. It will also be at the 100-hourly simple moving average.

The major resistance, however, is at $20,700 and the channel’s trend line. The next major resistance, therefore, will be close to $21,000, as expected. If there is a decisive rise above $21,000, then Bitcoin might head steadily toward $22,000.

Any further increase would open the gates toward testing $22,500. It might prove to be a formidable resistance point to overcome.

But if Bitcoin fails to beat the $20,700 line, however, it might keep declining downward. The first point of support on the downward path is $20,450. 

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The next major line of support after that will be $20,200. From that point, the Bitcoin price would be looking at $20,000. Any more downward break under $20,000 could lead to a heavy decline for the asset in the short term.  


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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