Bitcoin is consolidating close to the $20,000 zone in opposition to the US Dollar. BTC might begin a good restoration wave if it clears the $20,550 resistance zone.
- Bitcoin is exhibiting a couple of constructive indicators above the $20,000 resistance.
- The value is now buying and selling above the $20,000 degree and the 100 hourly easy transferring common.
- There is a connecting bearish development line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair should clear the $20,340 zone and $20,550 to begin a gentle improve.
Bitcoin Price Struggles
Bitcoin value began a minor upside correction above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly easy transferring common.
It spiked above the $20,500 degree however the bulls struggled to push the worth additional larger. A excessive was fashioned close to $20,576 earlier than there was a bearish response. The value declined sharply beneath the $20,000 degree and the 100 hourly simple moving average.
However, it stayed above the $19,500 help zone. A low is fashioned close to $19,555 and the worth is now rising. There was a transfer above the 50% Fib retracement degree of the current decline from the $20,576 swing excessive to $19,555 low.
Bitcoin is now buying and selling above the $20,000 degree and the 100 hourly easy transferring common. On the upside, a direct resistance is close to the $20,340 degree.
There can also be a connecting bearish development line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair. The development line is close to the 76.4% Fib retracement degree of the current decline from the $20,576 swing excessive to $19,555 low.
Source: BTCUSD on TradingView.com
The subsequent main resistance sits close to the $20,550 degree. A transparent transfer above the $20,550 resistance would possibly ship the worth in direction of $21,000. Any extra good points would possibly ship the worth in direction of the $22,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $20,550 resistance zone, it might begin one other decline. An rapid help on the draw back is close to the $20,000 zone.
The subsequent main help sits close to the $19,780 degree. A break beneath the $19,780 help would possibly push the worth to $19,550. Any extra losses would possibly name for a brand new low beneath $19,500.
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 – $19,780, adopted by $19,500.
Major Resistance Levels – $20,340, $20,550 and $21,000.
