Current Bitcoin prices are consolidating at below $20,000. If it crosses the $100 hourly SMA, and $20,650 then BTC may start a new rally.
- Bitcoin has maintained gains over the $20,250-$20,000 support levels.
- The daily simple moving average is at the $100 hourly level and is currently trading below $20650
- A key bearish trendline is emerging with resistance close to $20,650 in the hourly BTC/USD chart (data feed Kraken).
- A pair that clears the 200 hourly SMA or $20,650 could see an additional increase.
Bitcoin’s Price is Stable
After a slight downturn, Bitcoin prices found support in the $20,000.250 area. BTC bulls were active at levels above $20,000 and $23,250.
Before the price began to move higher, a low was reached at around $20,000. A move higher than the resistance of $20,450 occurred. It was able surpass the 23.6% Fib level of the key fall from $21,075 swing high, to $20,000.
Bitcoin prices are trading at below $20,000. This is the same as the simple moving hourly average. The hourly BTC/USD chart shows a significant bearish trendline with resistance close to $20,650.
Surprisingly, a resistance area is located near the $20620 level and the 100-hourly simple moving average. A bearish trend line and $20,650 are the initial major resistances. This trend line lies close to the 50% Fib Retracement level for the crucial drop from $21,075 swing high, $20,250 low.
Source: BTCUSD from TradingView.com
The price could rise further if it moves above $20,650. Near $21,000 is the next significant resistance, which could cause a new surge. If the above is true, then the price might rise to the $22,500 zone.
BTC: More losses
Bitcoin could move down if it fails to break the $20,650 resistance level. Support for the downside lies near the $20,000.320 zone.
Next is the $20,000.250 level. Below $20,000 the main support is where bears can aim a greater correction. The price could fall towards $19,200 in this scenario.
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 near the 50 level.
Major Support Levels – $20,320, followed by $20,250.
Major Resistance Levels – $20,650, $20,700 and $21,000.