Bitcoin Price Forms Short-Term Bullish Pattern, Why BTC Could Rise To $20K

Bitcoin is now at $19,000, which is close to the US Dollar level. BTC may be moving towards 20,000.

  • Bitcoin’s pace is slowing down for an upward move to $19,200.
  • The 100-hourly simple moving average and price are both below $19,400.
  • On the hourly chart for the BTC/USD pair, there is an emerging bearish trendline that forms with resistance close to $19,000. (Data feed from Kraken).
  • The pair may start an increase, unless the price drops below $18,950.

Bitcoin price remains in a range

Bitcoin was trading below $20,000 resistance level. BTC traded below $19,500 and the 100-hourly simple moving average.

Before there was an upside correction, the last swing low formed was near $18,860. It was able surpass the 23.6% Fib Retracement level for the downmove from the $19 560 swing high to the $18,860 low. Even higher, the bulls drove the price to $19,000.

But, bears were still active above $19,000. However, Bitcoin prices struggled to surpass the 50% Fib level of the decline from the $19 560 swing high to the $18,860 low.

It trades below $19,000. This is also lower than the simple moving average of 100 hours. There appears to be a short-term inverted head and shoulders pattern with breakdown support at $18,950. Surprisingly, a resistance level is located near $19,000. A new bearish connecting trend line is also emerging with resistance close to $19,000. This hourly chart shows the BTC/USD currency pair.

Bitcoin Price

Source: BTCUSD at

If the trend line is crossed, a clear rise could push the price to the $19500 level. Gains above the trend line could lead to a steady rise towards $20,000 resistance.

BTC Losses:

Bitcoin could fall further if it fails to climb above $19,200 resistance. Support for the downside lies near the $18,950 region.

Near the $18,860 support zone is the next major support. If the support zone is breached, the price will fall to $18,860. If there are any more losses, the price could drop towards $17.800.

Indicators technical

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $18,950, followed by $18,860.

Major Resistance Levels – $19,200, $19,500 and $20,000.

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