BTC price rallied above $19650 to USD. BTC trades above $20,000, and may gain momentum beyond the $20,000.500 resistance.
- Bitcoin experienced a significant increase in value above the resistance levels of $19,500 & $19,650.
- The 100-hourly moving average is at $20,000, and the price trades above that.
- On the hourly chart for the BTC/USD pair, there is an important contracting triangle that forms with resistance at $20,300 (data feed Kraken).
- If the pair moves above $20,500 resistance, it could trigger another rise.
Bitcoin price begins a fresh surge
The Bitcoin price was well above $19,000 and $19,000. BTC established a foundation and began a new increase over the $19650 resistance levels.
It rose more than 5%. There was clear movement above the $20,000 resistance. The hourly chart for the BTC/USD pair showed a rise above the connecting bearish trendline, which formed resistance at $19,300.
Bitcoin’s price has risen to $20,000, and is above the simple moving average of $100 per hour. Bitcoin price reached a new high near $20,000. The current consolidation of gains is evident.
The minor fall below 23.6% Fib level of recent increases from the $19 266 swing low to the $20,400 peak was not significant. The upside is that the immediate resistance level of $20,300 appears to be in place. A key contracting triangle is also visible with resistance close to $20,300 in the hourly charts of BTC/USD.
Source: BTCUSD at TradingView.com
Near the $20,400 mark is the first major resistance. 20,500 could be the next major resistance. If the price moves above $20,500 the resistance it could push the price to the $21,200 level. If the gains continue, the price could move towards the $22,000 resistance.
Downside Correction in BTC?
It could cause a downtrend if bitcoin falls below the $20,500 resistance area. The $20,200 area is a support zone for the downside.
Near the $19,000.00 zone is the next support. The Fib level at 50% is the retracement of the increase in price from $19,266 low to $20,000. high. An upside break below $19 800 could open up the possibility of a new test for the $19 500 support.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $20,200, followed by $19,800.
Major Resistance Levels – $20,300, $20,400 and $20,500.