Bitcoin remains to be consolidating close to the $20,000 zone towards the US Dollar. BTC should clear the $20,550 resistance zone to begin a gentle improve.
- Bitcoin remains to be struggling to realize tempo above the $20,550 resistance.
- The value is now buying and selling close to the $20,000 stage and the 100 hourly easy transferring common.
- There is a key bearish development line forming with resistance close to $20,330 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair should clear the $20,350 zone and $20,550 to begin a recent improve.
Bitcoin Price Faces Hurdles
Bitcoin value remained properly supported above the $19,550 zone. BTC shaped a base and began a recent upward transfer above the $20,000 resistance zone.
There was a push above the $20,200 stage and the 100 hourly easy transferring common. The value even cleared the 61.8% Fib retracement stage of the downward transfer from the $20,576 swing excessive to $19,555 low. However, the worth stayed beneath the $20,550 resistance zone.
Bitcoin value is now buying and selling close to the $20,000 stage and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $20,350 stage.
There can be a key bearish development line forming with resistance close to $20,330 on the hourly chart of the BTC/USD pair. The development line is close to the 76.4% Fib retracement stage of the downward transfer 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 and $20,575 ranges. A transparent transfer above the $20,575 resistance may ship the worth in the direction of $21,000. Any extra beneficial properties may begin a gentle transfer in the 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 instant help on the draw back is close to the $20,000 zone.
The subsequent main help sits close to the $19,800 stage. The principal help sits close to the $19,550 stage. A break beneath the $19,550 help may spark a pointy transfer to $19,000. Any extra losses may name for a transfer to $18,500 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $19,880, adopted by $19,500.
Major Resistance Levels – $20,350, $20,550 and $21,000.
