Bitcoin is struggling to realize momentum above $20,000 in opposition to the US Dollar. BTC may rise steadily if there’s a clear transfer above the $20,200 resistance zone.
- Bitcoin is caught close to the $20,000 zone and buying and selling beneath the $20,550 resistance.
- The worth is now buying and selling close to the $20,000 stage and the 100 hourly easy shifting common.
- There is a serious bearish pattern line forming with resistance close to $20,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a gentle improve if it clears the $20,200 zone and $20,550 resistance ranges.
Bitcoin Price Stuck Near $20K
Bitcoin worth traded in a spread and remained well supported above the $19,550 zone. BTC additionally struggled to clear the $20,500 resistance zone.
Recently, there was a contemporary drop beneath the $20,000 stage. However, the bulls had been energetic close to the $19,500 zone. A low was shaped close to $19,560 and the value began an honest improve. There was a transfer above the $19,800 and $20,000 ranges.
The bulls pushed the value above the 50% Fib retracement stage of the current decline from the $20,473 swing excessive to $19,560 low. Bitcoin worth is now buying and selling close to the $20,000 stage and the 100 hourly simple moving average.
On the upside, an instantaneous resistance is close to the $20,125 stage. It is close to the 61.8% Fib retracement stage of the current decline from the $20,473 swing excessive to $19,560 low. There can be a serious bearish pattern line forming with resistance close to $20,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The subsequent main resistance sits close to the $20,350 and $20,500 ranges. A transparent transfer above the $20,500 resistance may ship the value in the direction of $21,200. Any extra features may begin a gentle transfer in the direction of the $22,000 resistance zone.
Dips Limited in BTC?
If bitcoin fails to clear the $20,200 resistance zone, it may begin one other decline. An speedy assist on the draw back is close to the $19,850 zone.
The subsequent main assist sits close to the $19,550 stage. The major assist sits close to the $19,500 stage. A break beneath the $19,500 assist may begin a pointy decline 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 gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $19,850, adopted by $19,500.
Major Resistance Levels – $20,200, $20,350 and $20,500.
