Bitcoin value remained nicely bid above the $20,000 help zone. BTC is consolidating and may begin a recent rally if it clears the $20,500 resistance zone.
- Bitcoin traded in a spread above the key $20,000 help zone.
- The value is buying and selling beneath $20,500 and the 100 hourly easy shifting common.
- There is an important bearish development line forming with resistance close to $20,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might a recent rally if it clears the 100 hourly SMA and $20,500.
Bitcoin Price Consolidates
Bitcoin value began a downside correction beneath the $20,600 and $20,500 ranges. BTC even traded beneath the $20,250 degree and settled beneath the 100 hourly easy shifting common.
However, the bulls have been energetic close to the $20,000 zone. A low was shaped close to $20,059 and the value is now consolidating losses. There was a minor enhance above the $20,200 degree. The value climbed above the 23.6% Fib retracement degree of the downward transfer from the $20,865 swing excessive to $20,060 low.
Bitcoin value is now buying and selling beneath $20,500 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $20,350 degree.
The first main resistance is close to the $20,500 degree and the 100 hourly easy shifting common. There is additionally an important bearish development line forming with resistance close to $20,500 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement degree of the downward transfer from the $20,865 swing excessive to $20,060 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the $20,500 resistance zone might begin one other regular enhance. The subsequent main resistance is close to $21,000, above which the value might maybe rise in the direction of the $22,000 zone.
More Losses in BTC?
If bitcoin fails to clear above the $20,500 resistance zone, it might resume its decline. An rapid help on the draw back is close to the $20,200 zone.
The subsequent main help is close to the $20,000 zone or the latest low. A transparent transfer beneath the $20,000 help may push the value additional decrease. In this case, the value might maybe decline in the direction of the $19,200 degree.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in 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 – $20,350, $20,500 and $21,000.
