Bitcoin saw a solid rise above the resistance of $20,000 against the US Dollar. BTC trading at $20,500 is expected to see further gains towards $22,000
- Bitcoin continues to rise above the $20,000 threshold.
- Now the price has risen to above the $20,000. It is also testing the 100 hourly moving average.
- A key bullish trend line is emerging with support at $20,400 (data feed Kraken).
- If the pair clears $20,750 or $21,000, it could gain bullish momentum.
The Bitcoin price gains momentum
The Bitcoin price reached a level above $19,000 and began a steady increase. Bitcoin price moved into positive territory after trading above $20,000 resistance.
Clear movement above 23.6% Fib Retracement Level of the downmove from $22,500 swing high, to $18,916 lowest was evident. The price rejected near the $20,000.500 mark at first. The bulls were still active at the $19,600 mark.
Bitcoin saw another rise above the $20,000.00 resistance level. The Bitcoin price is currently trading at the $20,000.00 level, and it’s testing the simple moving average of 100 hours. The hourly BTC/USD chart shows a significant bullish trendline with support close to $20,400.
Surprisingly, it could hold above the $20,750 mark. This price is at the 50% Fib level of the decline from $18,916 high to $22,500 swing low. Near the $21,000 mark is the next major resistance.
Source: BTCUSD at TradingView.com
The pace of a substantial increase could be set if it is just above the $21,000 zone. If this is the case, then the price might rise to the $21,650 mark. Next comes resistance at the $22,000 point.
BTC’s Latest Decline
It could lead to a further decline if bitcoin does not clear the $20,000.750 resistance area. The $20,500 level is a support area for the downside.
Near the trendline and $20,400 levels is the next important support. The trend line support zone may be below which could lead to further losses. There is the possibility of the market moving towards $20,000 in the above scenario.
Indicators technical
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 – $20,400, followed by $20,000.
Major Resistance Levels – $20,750, $21,000 and $21,650.
