Bitcoin began a rebound wave higher than the $20,000 resistance to the US Dollar. BTC currently faces strong resistance close to the 100 hourly SMA.
- Bitcoin experienced a minor uptrend and reached the $20,000 mark.
- The price currently trades below the $20,000.500 level, and below the 100 hourly simple moving mean.
- On the hourly chart for the BTC/USD pair, there was an upward movement above a crucial bearish trend line. Resistance is near $20,000
- To continue on to higher levels, the pair must reach the $20,400 threshold and pass the 100-hourly SMA.
Bitcoin Price Faces Hurdles
Bitcoin prices found support in the $19 5,525 area and experienced a small upside correction. BTC cleared the $19 700 and $19 800 levels in order to begin the current recovery wave.
The $20,000 resistance area was clearly breached. A break was also seen above a crucial bearish trend line that has resistance at $20,000 in the hourly charts of BTC/USD. It rose above 23.6% Fib Retracement of the pivotal decline from $21,875 swing high, to $19 5,25 low.
The price has now encountered major resistance at the $20,400 area and near the 100 hourly simple moving mean. While the bulls attempted to surpass the 100 hourly simple moving mean, it failed.
Bitcoin is currently trading at below the $20,000.50 level and the simple moving average 100 hours per hour. The immediate resistance lies near the $20.350 level, and the 100-hourly SMA. Next is the $20,700 mark.
Source: BTCUSD from TradingView.com
To act as resistance, the 50% Fib Retracement level for the pivotal decline from $21,875 swing highs to $19,525 bottoms is close to the $20,700 mark. If the gains continue, the price could reach the $21,000 resistance area.
BTC – A New Decline
Bitcoin could begin a new decline if it fails to break the $20,400 resistance level. The $20,000 area is a support zone for the downside.
Next is $19850. Price could drop further below $19850 support if there is a break. The price could fall towards $19,525 in these cases.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,850, followed by $19,500.
Major Resistance Levels – $20,400, $20,700 and $21,000.