Bitcoin is consolidating above the $19,500 help in opposition to the US Dollar. BTC may begin a significant enhance contemplating the current rise in ether.
- Bitcoin continues to be buying and selling in vary close to the $20,000 zone and under the $20,500 resistance.
- The worth is now buying and selling under the $20,000 degree and the 100 hourly easy transferring common.
- There is a key bullish pattern line forming with help close to $19,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin an honest enhance except there’s a clear transfer under the $19,600 and $19,500 ranges.
Bitcoin Price Eyes Fresh Increase
Bitcoin worth remained in a variety under the $20,500 and $20,550 resistance levels. Recently, BTC shaped a help base above the $19,600 degree and began an upside correction.
There was a transfer above the $19,800 resistance degree and the 100 hourly simple moving average. The bulls have been in a position to push the worth above the 50% Fib retracement degree of the downward transfer from the $20,398 swing excessive to $19,600 low.
Finally, there was a spike above the $20,000 resistance. However, the bears have been energetic close to the $20,100 zone. Bitcoin worth didn’t clear the 61.8% Fib retracement degree of the downward transfer from the $20,398 swing excessive to $19,600 low.
It is now buying and selling under the $20,000 degree and the 100 hourly easy transferring common. There can also be a key bullish pattern line forming with help close to $19,700 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, a right away resistance is close to the $19,900 degree and the 100 hourly easy transferring common. The subsequent main resistance sits close to the $20,100 degree. The primary resistance continues to be close to the $20,400 and $20,500 ranges. A transparent transfer above the $20,500 resistance would possibly ship the worth in direction of $21,200. Any extra positive aspects would possibly begin push the worth in direction of the $22,000 resistance zone.
Downside Break in BTC?
If bitcoin fails to clear the $20,400 resistance zone, it may begin one other decline. An fast help on the draw back is close to the $19,700 zone and the pattern line.
The subsequent main help sits close to the $19,600 degree. The primary help sits close to the $19,500 degree. A transparent transfer under the $19,500 help would possibly begin a significant decline. In the acknowledged case, the worth might maybe take a look at the $18,500 help.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.
Major Support Levels – $19,700, adopted by $19,500.
Major Resistance Levels – $20,000, $20,400 and $20,500.
