Bitcoin traded at $19,200 and lost more than the US Dollar. BTC discovered support close to $19,000 and initiated an upside correction.
- Bitcoin was traded at $18,916 before it began an upward correction.
- Now, the price trades above $20,000 and is testing the simple 100-hour moving average.
- The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $19,400 (data feed Kraken).
- If the pair clears both the $100 hourly SMA (and $20,600), it could gain bullish momentum.
Bitcoin price recovers above $20K
The Bitcoin price fell below $20,000 and then rebounded. Even breaking the $19600 and $19250 support levels, Bitcoin prices crashed.
The price finally jumped below $19,000 Near $18,916 was the low point and now, it is correcting its losses. A steady rise was seen above $19250 and $19 500 levels. Bulls lifted the price to above 23.6% Fib Retracement of the downmove from $22,499 swing high, $18,916 low.
On the hourly chart for the BTC/USD pair, there was an exception. The price broke above a crucial bearish trend line that had resistance close to $19,000. The resistance at $20,000 was even exceeded by the price.
Bitcoin trading is currently above $20,000, and it’s testing the 100 hourly simple moving mean. The price seems to be at the $20,350 mark. The upside is that the price may be able to resist near the $20,000. Next is the $20,000.
Near the $20,000.0 level is the 50% Fib level for the downmove from $22,499 swing highs to $18,916 lows. An increase of at least 20% could be possible if the resistance zone is reached just above $20,700.
Source: BTCUSD at TradingView.com
If the case is true, then the price might rise up to the $21,650 mark. Next comes resistance at the $22,000 point.
BTC – A New Decline
It could plunge further if bitcoin does not start a wave of recovery above the $20,000.00 level. The $20,000 mark is a strong support for the downside.
At $19,500 the nearest major support is located. Losses could be accelerated if the support zone of $19,500 is breached. The risk is that the price could move to the $18,800 level in this case.
Indicators technical
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 – $20,000, followed by $19,500.
Major Resistance Levels – $20,350, $20,600 and $20,700.
