Bitcoin’s price rose in pace to surpass $20,000 against US Dollar. BTC has shown positive signs, and may rise even higher than $20,000.
- Bitcoin saw a steady rise in value above the resistance levels of $19,200 & $19,500.
- The price traded above $20,000 as well as the simple 100 hour moving average.
- A connecting bullish trendline is seen forming, with support at $20,000 in the hourly chart for the BTC/USD pair. (Data feed from Kraken).
- Both are gaining momentum, and may rally even higher above $20,000.500
Bitcoin prices rise at a rapid pace
BTC price reached $19,000, and it continued to rise. BTC managed to surpass the $19 500 and $19 65 resistance levels.
Bulls managed to push the price higher than the $20,000 resistance level. It reached $20,475 at one point and is currently correcting its gains. It trades above $20,000, and it is moving at a 100-hourly simple average. Bitcoin is slowly dropping below $20,400.
The Fib Retracement Level of the Upward Move from $18,937 low to $204,475 high is 23.6%. It’s trading above that level. On the hourly BTC/USD chart, there is a bullish trend line connecting with support at $20,000
Source: BTCUSD at TradingView.com
Surprisingly, the 20,450 level is an immediate support. Next is the $20,000.500 area. Another increase could be initiated by a clear break above the $20,000.500 resistance. If the case is true, then the price might even go above the $21,200 resistance. Near the $22,500 mark is the next significant resistance.
BTC Dips Limited
It could cause a downtrend if bitcoin falls below the $20,500 resistance area. Support for the downside lies near the $20,000.
Near the $20,000 area and the trendline is the next support. The price could fall below the trendline and reach $19,700 if it does. This price is at the 50% Fib level of the upward swing from the $18,937 swing bottom to the $20,475 top. Below $19500 the main support level, where price could drop as low as $19200.
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 – $20,100, followed by $20,000.
Major Resistance Levels – $20,500, $21,200 and $22,500.
