Bitcoin’s positive indicators are above the $20,000.500 resistance zone. BTC might rally if it moves above $21,250 resistance.
- Bitcoin is well-supported above levels of $20,000 or $20,500.
- It is currently above the level of $20,500 and the simple 100-hour moving average.
- A break was observed above a significant bearish trend line, with resistance close to $20,450 in the hourly charts of the BTC/USD pair. (Data feed from Kraken).
- If the pair clears $21,250 or $21,650 resistance, it could experience bullish momentum.
Bitcoin price could rise
Bitcoin prices began a downward correction below $20,500. Although the Bitcoin price moved lower than the $20,000 mark, it was still stable around the $19,000.
The price dropped to $19,750. BTC cleared the resistances of $20,500 (20% and $20,000 respectively). A break was also observed above the major bearish trendline with resistance at $20,450, on the hourly charts of BTC/USD.
Bitcoin climbed to the top of the Fib retracement levels at 50% for the downmove from $21,698 high to $19,000. Bitcoin has risen above the $20,000.00 level as well as the simple 100 hour moving average.
The $21,250 level is a strong resistance to the upside. The 76.4% Fib level of the decline from the $21,698 swing high and $19,750 low is at the near-end. Near the $21,650 threshold is the next major resistance. An increase of at least 10% could be possible if the level is moved above $21,650.
Source: BTCUSD from TradingView.com
Next major resistance lies at the $22,200 level. If bulls can gain enough strength, they might be able to make a move towards $23,000.
BTC – A New Decline
It could fall further if bitcoin does not clear the $21,250 resistance area. Support for bitcoin is located near the 20,600 level and 100 hourly SMA.
It is now nearing the $20,000 mark. At $19,750 the main support level is at hand. In the short term, a downside breakout below $19750 could place a significant pressure on bulls. If this is the case, then the price may slide toward the $18,500 area.
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 – $20,600, followed by $20,000.
Major Resistance Levels – $21,250, $21,650 and $23,000.