Bitcoin spiked above the $20,500 resistance towards the US Dollar. BTC is now struggling close to $19,800, with a serious help close to the $19,600 zone.
- Bitcoin made one other try to realize power above $20,500 however failed.
- The worth is now buying and selling above the $19,500 degree and the 100 hourly easy transferring common.
- There is a key bullish development line forming with help close to $19,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might rise once more until there’s a clear transfer beneath the $19,500 help zone.
Bitcoin Price Faces Hurdles
Bitcoin worth remained supported above the $19,500 zone. BTC began one other enhance and climbed above the $20,000 resistance zone.
There was a spike above the $20,500 resistance zone however the bulls failed to realize power. A excessive was shaped close to $20,732 and the worth corrected features. There was a drop beneath the $20,200 and $20,000 help ranges.
Bitcoin traded beneath the 50% Fib retracement degree of the upward transfer from the $19,300 swing low to $20,732 swing excessive. It is now buying and selling above the $19,500 degree and the 100 hourly simple moving average. There can be a key bullish development line forming with help close to $19,550 on the hourly chart of the BTC/USD pair.
On the upside, the worth is going through resistance close to the $20,000 and $20,200 ranges. The subsequent key resistance is close to the $20,500 zone. An in depth above the $20,500 resistance zone might open the doorways for a good enhance.
Source: BTCUSD on TradingView.com
In the acknowledged case, the worth might climb in direction of the $21,200 degree. The subsequent main resistance sits close to the $21,500 degree.
More Losses in BTC?
If bitcoin fails to clear the $20,500 resistance zone, it might proceed to maneuver down. An fast help on the draw back is close to the $19,650 degree. It is close to the 76.4% Fib retracement degree of the upward transfer from the $19,300 swing low to $20,732 swing excessive.
The subsequent main help now sits close to the $19,500 degree or the development line zone. An in depth beneath the $19,500 help zone might enhance promoting strain. In the acknowledged case, the worth could maybe decline in direction of the $18,740 degree.
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 – $19,650, adopted by $19,500.
Major Resistance Levels – $20,200, $20,500 and $21,200.
