Bitcoin is struggling to gain momentum above $20,000 against the US Dollar. BTC could rise steadily if there is a clear move above the $20,200 resistance zone.
Bitcoin is stuck near the $20,000 zone and trading below the $20,550 resistance.
The price is now trading near the $20,000 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if it clears the $20,200 zone and $20,550 resistance levels.
Bitcoin Price Stuck Near $20K
Bitcoin price traded in a range and remained well supported above the $19,550 zone. BTC also struggled to clear the $20,500 resistance zone.
Recently, there was a fresh drop below the $20,000 level. However, the bulls were active near the $19,500 zone. A low was formed near $19,560 and the price started a decent increase. There was a move above the $19,800 and $20,000 levels.
The bulls pushed the price above the 50% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low. Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $20,125 level. It is near the 61.8% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low. There is also a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next major resistance sits near the $20,350 and $20,500 levels. A clear move above the $20,500 resistance might send the price towards $21,200. Any more gains might start a steady move towards the $22,000 resistance zone.
Dips Limited in BTC?
If bitcoin fails to clear the $20,200 resistance zone, it could start another decline. An immediate support on the downside is near the $19,850 zone.
The next major support sits near the $19,550 level. The main support sits near the $19,500 level. A break below the $19,500 support might start a sharp decline to $19,000. Any more losses might call for a move to $18,500 in the near term.
Technical indicators:
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 – $19,850, followed by $19,500.
Major Resistance Levels – $20,200, $20,350 and $20,500.
Bitcoin is struggling to gain momentum above $20,000 against the US Dollar. BTC could rise steadily if there is a clear move above the $20,200 resistance zone.
Bitcoin is stuck near the $20,000 zone and trading below the $20,550 resistance.
The price is now trading near the $20,000 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if it clears the $20,200 zone and $20,550 resistance levels.
Bitcoin price traded in a range and remained well supported above the $19,550 zone. BTC also struggled to clear the $20,500 resistance zone.
Recently, there was a fresh drop below the $20,000 level. However, the bulls were active near the $19,500 zone. A low was formed near $19,560 and the price started a decent increase. There was a move above the $19,800 and $20,000 levels.
The bulls pushed the price above the 50% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low. Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $20,125 level. It is near the 61.8% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low. There is also a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next major resistance sits near the $20,350 and $20,500 levels. A clear move above the $20,500 resistance might send the price towards $21,200. Any more gains might start a steady move towards the $22,000 resistance zone.
If bitcoin fails to clear the $20,200 resistance zone, it could start another decline. An immediate support on the downside is near the $19,850 zone.
The next major support sits near the $19,550 level. The main support sits near the $19,500 level. A break below the $19,500 support might start a sharp decline to $19,000. Any more losses might call for a move to $18,500 in the near term.
Technical indicators:
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 – $19,850, followed by $19,500.
Major Resistance Levels – $20,200, $20,350 and $20,500.
Tags: bitcoinbtcusdBTCUSDTxbtusd
NewsBTCRead More
A fresh infusion of liquidity from the US Treasury General Account (TGA) is making waves…
Bitcoin has been stuck for the last three months, trading between $90K and $100K. It…
Litecoin has been gaining momentum in recent weeks, and according to crypto analyst Tony “The…
Bitcoin (BTC) miners listed in the U.S. are growing their share of the network hashrate,…
Metaplanet (3350) said it bought a further 269.43 bitcoin (BTC), strengthening its position as a…
The U.S. crypto task force will focus on starting up a national bitcoin (BTC) reserve,…
