Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge

Bitcoin’s price has been rising above $20,000 against US Dollar. BTC may experience a significant surge once it crosses the $20,000.500 threshold.

  • Bitcoin’s pace is increasing above $19,800 resistance and $20,000 resistance.
  • The daily simple moving average and price are trading at above $20,100.
  • On the hourly chart for the BTC/USD pair, there is support close to $20,000. This trend line represents a bullish signal (data feed Kraken).
  • Bullish momentum could result if the price moves higher than $20,500.

Bitcoin Price Remains Supported

Bitcoin prices attempted to break the $20,500 resistance area and made an upside breakout. BTC was unable to break the $20,450 resistance zone, and it began a downward correction.

The price fell below $20,000 but remained above the 100 hourly moving average. The price traded at $19,754 but recently began a new increase. The price moved above the resistances of $20,000 and 20,200.

Bitcoin prices rose above 50% Fib Retracement levels of recent falls from $20,475 swing highs to $19,754 bottoms. Now, it is trading at above $20,000. A key bullish trend line is also in place with support at $20,150, as shown on the hourly BTC/USD chart.

Also, it cleared the 76.4% Fib Retracement level for the recent fall from the $20.475 swing high and $19.754 low. Surprisingly, the immediate resistance lies near the $20,000.450 level. Next is the $20,000.500 area.

Bitcoin Price

Source: BTCUSD at TradingView.com

An increase in price could occur if it is close to the $20,000.500 resistance. If the situation is true, then the price may even go above the $21,000 level. If this is the case, bulls may aim to move up towards $22,000.

BTC Supported Dips

It could cause a downtrend if bitcoin falls below the $20,450 resistance level. The $20,200 area is a support zone for the downside.

Next major support will be near the 20,100 level and the trend line. The price could fall below the trendline and reach $19,750. Below $19,500 the main support will be found. If this price falls, it could start a gradual decline.

Technical indicators

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 – $20,200, followed by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,000.

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