Bitcoin has struggled to settle for more than $20,500 against US dollars. BTC might fall quickly if it falls below $19500.
- Bitcoin trades below the $20,000.500 resistance and is still in the $20,000 area.
- The current price of the stock is trading at below $20,000 and the simple 100-hour moving average.
- A short-term rising channel is emerging with support at $19,750 (data feed Kraken).
- A clear break below $19,600 or $19,500 could cause the pair to accelerate.
There is still a range in bitcoin prices
Bitcoin’s price fluctuated below the $20,000.500 resistance level. BTC was unable to break the $20,000.500 barrier on numerous occasions.
It was also noted that bulls were still active well above $19,500. Near $19,600 was the recent low and prices are now higher within the range. A minor rise was seen above $19750 resistance. It rose above 23.6% Fib level to retrace the decline in price from the $19,600 high and the $20,397 swing low.
Bitcoin prices are currently trading at $20,000 and below the simple moving average of 100 hours. A short-term rising channel is also emerging with support at $19,750 per hour on the hourly charts of the BTC/USD pairs.
The $19,900 and 100 hourly simple moving Average levels are the immediate resistances. Near the $20,000 mark is the next significant resistance. The Fib Retracement Level of the Recent Decline from the $19,600 high to $20,397 low is at 50%.
Source: BTCUSD at TradingView.com
The price could reach $20,500 if it moves above the $20,000 barrier. If the gains continue, it could lead to a gradual move toward $21,200.
BTC Downside Break
Bitcoin could begin a new decline if it fails to break the $20,500 resistance level. Support for the downside lies near $19750.
Next is $19,600. Near the $19,500 support is the main support. Breaking below $19,500 could lead to a steep decline towards $18,800. If there are more losses, we might see a rise to $18,500 within the next few months.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,750, followed by $19,500.
Major Resistance Levels – $20,000, $20,350 and $20,500.
