Bitcoin Retracement Stalling

BTC/USD: retracement over

• Bollinger Bands bearish;
• ADX and DI bearish;
• RSI bearish.

Bitcoin buyers managed to stop the free-fall of the coin price. As a result, BTC/USD charted a bounce back towards the middle line of the Bollinger Bands indicator. However, the upside bounce was stopped by a double-resistance – an ascending trendline and the BB yellow line. Thus the cryptocurrency is back under selling pressure.

It will be important to watch the pair’s behavior at around the recent bottom – $200071.00 per coin. If the bears were able to push the Bitcoin price lower, then we’d see another wave of the sell-off. Otherwise, a reversal pattern might be in place. The ADX and DI indicator still has the mainline showing quite a robust momentum, while the red line is above the green one, pointing to a bearish sentiment. However, the RSI oscillator might have a bullish divergence if the upcoming low would be higher than previous ones. Besides, BTC/USD is about to test an important round-figure psychological level at $20K per coin.                                                

Pivot points:

R1: 22263.48 (BB middle line);

R2: 22974.10 (recent peak);

S1: 20000.00 (round-figure psychological support);

S2: 19000.00 (extension).