Bitcoin worth is gaining tempo above $20,000 in opposition to the US Dollar. BTC is exhibiting optimistic indicators and may rise additional in direction of $22,000 and even $25,000.
- Bitcoin is gaining tempo above the $20,000 and $20,500 resistance ranges.
- The worth is buying and selling above $20,000 and the 100 hourly easy transferring common.
- There is a significant contracting triangle forming with resistance close to $20,820 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may rally once more if there’s a clear transfer above the $21,200 resistance.
Bitcoin Price Remains In Uptrend
Bitcoin worth began a fresh increase above the $19,650 and $20,000 resistance ranges. BTC bulls have been capable of push the worth right into a optimistic zone above the $20,200 stage.
Yesterday, we noticed a bullish continuation sample with resistance at $20,300. The worth did transfer increased and cleared the $20,300 resistance. It even cleared the $20,500 resistance and settled nicely above the 100 hourly easy transferring common.
A excessive was fashioned close to $21,021 and the worth is now consolidating gains. There was a minor decline under the $20,800 stage. Bitcoin worth dipped under the 23.6% Fib retracement stage of the upward transfer from the $19,992 swing low to $21,021 excessive.
It is now buying and selling above $20,000 and the 100 hourly easy transferring common. There can also be a significant contracting triangle forming with resistance close to $20,820 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, a direct resistance is close to the $20,800 zone. The first main resistance sits close to the $21,000 stage. The subsequent main resistance may be $21,200. A transparent transfer above the $21,200 resistance may ship the worth in direction of the $22,000 resistance. Any extra good points open the doorways for a gradual enhance in direction of the $25,000 resistance zone.
Downside Correction in BTC?
If bitcoin fails to rise above the $21,200 resistance zone, it may begin a draw back correction. An fast help on the draw back is close to the $20,700 zone.
The subsequent main help is close to the $20,500 zone. It is close to the 50% Fib retracement stage of the upward transfer from the $19,992 swing low to $21,021 excessive. A draw back break and shut under $20,500 may clear the trail for a take a look at of the $20,000 zone.
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 nicely above the 50 stage.
Major Support Levels – $20,700, adopted by $20,500.
Major Resistance Levels – $20,820, $21,200 and $22,000.
