Bitcoin worth gained tempo for a transfer above $20,000 towards the US Dollar. BTC is displaying optimistic indicators and would possibly rise additional above $20,500.
- Bitcoin began a gradual enhance above the $19,200 and $19,500 resistance ranges.
- The worth is buying and selling above $20,000 and the 100 hourly easy shifting common.
- There is a connecting bullish development line forming with help close to $20,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is gaining tempo and would possibly rally additional above the $20,500 stage.
Bitcoin Price Gains Pace
Bitcoin worth shaped a base above the $19,000 stage and began a steady increase. BTC was in a position to clear the $19,500 and $19,650 resistance ranges.
The bulls had been in a position to pump the value above the $20,000 resistance zone. The worth traded as excessive as $20,475 and the value is now correcting positive factors. It is buying and selling above $20,000 and the 100 hourly easy shifting common. Bitcoin is now slowly shifting decrease under $20,400.
It is buying and selling properly above the 23.6% Fib retracement stage of the upward transfer from the $18,937 swing low to $20,475 excessive. There can also be a connecting bullish development line forming with help close to $20,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $20,450 stage. The subsequent main resistance sits close to the $20,500 zone. A transparent transfer above the $20,500 resistance would possibly begin one other enhance. In the acknowledged case, the value may even surpass the $21,200 resistance zone. The subsequent main resistance is close to the $22,500 zone.
Dips Limited in BTC?
If bitcoin fails to rise above the $20,500 resistance zone, it may begin a draw back correction. An speedy help on the draw back is close to the $20,100 zone.
The subsequent main help is close to the $20,000 zone and the development line. A draw back break under the development line would possibly ship the value in the direction of $19,700. It is close to the 50% Fib retracement stage of the upward transfer from the $18,937 swing low to $20,475 excessive. The major help is close to $19,500, under which the value would possibly drop to $19,200.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $20,100, adopted by $20,000.
Major Resistance Levels – $20,500, $21,200 and $22,500.
