Bitcoin is displaying constructive indicators above the $20,500 zone towards the US Dollar. BTC may rally if there’s a clear transfer above the $21,250 resistance zone.
- Bitcoin stays nicely supported above the $20,000 and $20,500 ranges.
- The worth is now above the $20,500 degree and the 100 hourly easy shifting common.
- There was a break above a significant bearish pattern line with resistance close to $20,450 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may acquire bullish momentum if it clears the $21,250 and $21,650 resistance ranges.
Bitcoin Price Could Gain Pace
Bitcoin worth began a downside correction under the $20,500 degree. There was additionally a transfer under the $20,000 degree, however the worth was secure close to the $19,750 zone.
A low was shaped close to $19,750 and the value began contemporary. BTC was ready to clear the $20,000 and $20,500 resistance ranges. Besides, there was a break above a significant bearish pattern line with resistance close to $20,450 on the hourly chart of the BTC/USD pair.
The pair climbed above the 50% Fib retracement degree of the downward transfer from the $21,698 swing excessive to $19,750 low. Bitcoin is now above the $20,500 degree and the 100 hourly simple moving average.
An speedy resistance on the upside is close to the $21,250 degree. It is close to the 76.4% Fib retracement degree of the downward transfer from the $21,698 swing excessive to $19,750 low. The subsequent key resistance is close to the $21,650 degree. A transparent transfer above the $21,650 degree may begin an honest improve.
Source: BTCUSD on TradingView.com
The subsequent main resistance sits close to the $22,200 degree, above which the bulls may acquire energy for a transfer in direction of the $23,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $21,250 resistance zone, it may begin one other decline. An speedy help on the draw back is close to the $20,600 degree and the 100 hourly SMA.
The first main help is close to the $20,000 degree. The predominant help is now close to the $19,750 degree. A draw back break under the $19,750 help may put loads of stress on the bulls within the close to time period. In the acknowledged case, the value may slide in direction of the $18,500 degree.
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 degree.
Major Support Levels – $20,600, adopted by $20,000.
Major Resistance Levels – $21,250, $21,650 and $23,000.
