Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC could start a strong surge if it clears the $20,500 resistance.
- Bitcoin is gaining pace above the $19,800 and $20,000 resistance levels.
- The price is trading above $20,100 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a clear move above the $20,500 resistance.
Bitcoin Price Remains Supported
Bitcoin price attempted an upside break above the $20,500 resistance zone. However, BTC struggled near the $20,450 zone and started a downside correction.
There was a move below the $20,000 support zone, but the price remained supported well above the 100 hourly simple moving average. It traded as low as $19,754 and recently started a fresh increase. There was a clear move above the $20,000 and $20,200 resistance levels.
Bitcoin price climbed above the 50% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. It is now trading above $20,100 and the 100 hourly simple moving average. Besides, there is also a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair.
It also cleared the 76.4% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone.
Source: BTCUSD on TradingView.com
A proper close above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,000 resistance zone. In the stated case, the bulls might aim a move towards the $22,000 level.
Dips Supported in BTC?
If bitcoin fails to rise above the $20,450 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.
The next major support is near the $20,100 zone and the trend line. A downside break below the trend line might send the price towards $19,750. The main support is near $19,500, below which the price might start a steady decline.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $20,200, followed by $20,000.
Major Resistance Levels – $20,500, $21,200 and $22,000.
