Bitcoin worth is exhibiting constructive indicators above $20,000 in opposition to the US Dollar. BTC might begin a robust surge if it clears the $20,500 resistance.
- Bitcoin is gaining tempo above the $19,800 and $20,000 resistance ranges.
- The worth is buying and selling above $20,100 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with help close to $20,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might acquire bullish momentum if there’s a clear transfer above the $20,500 resistance.
Bitcoin Price Remains Supported
Bitcoin worth tried an upside break above the $20,500 resistance zone. However, BTC struggled close to the $20,450 zone and began a draw back correction.
There was a transfer under the $20,000 help zone, however the worth remained supported effectively above the 100 hourly easy shifting common. It traded as little as $19,754 and not too long ago began a recent improve. There was a transparent transfer above the $20,000 and $20,200 resistance ranges.
Bitcoin worth climbed above the 50% Fib retracement degree of the current decline from the $20,475 swing excessive to $19,754 low. It is now buying and selling above $20,100 and the 100 hourly simple moving average. Besides, there may be additionally a key bullish development line forming with help close to $20,150 on the hourly chart of the BTC/USD pair.
It additionally cleared the 76.4% Fib retracement degree of the current decline from the $20,475 swing excessive to $19,754 low. On the upside, a direct resistance is close to the $20,450 degree. The subsequent main resistance sits close to the $20,500 zone.
Source: BTCUSD on TradingView.com
A correct shut above the $20,500 resistance may begin one other improve. In the acknowledged case, the value might even surpass the $21,000 resistance zone. In the acknowledged case, the bulls may purpose a transfer in the direction of the $22,000 degree.
Dips Supported in BTC?
If bitcoin fails to rise above the $20,450 resistance zone, it might begin a draw back correction. An quick help on the draw back is close to the $20,200 zone.
The subsequent main help is close to the $20,100 zone and the development line. A draw back break under the development line may ship the value in the direction of $19,750. The primary help is close to $19,500, under which the value may begin a gradual decline.
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 degree.
Major Support Levels – $20,200, adopted by $20,000.
Major Resistance Levels – $20,500, $21,200 and $22,000.
