Bitcoin gained tempo and cleared the $19,500 resistance towards the US Dollar. BTC is now going through resistance and would possibly appropriate decrease to $19,500 within the short-term.
- Bitcoin gained tempo above the $19,500 and $19,600 resistance ranges.
- The value is now buying and selling above the $20,000 degree and the 100 hourly easy transferring common.
- There was a transfer above a key bearish pattern line with resistance close to $19,460 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair examined the $20,500 resistance zone and would possibly appropriate within the short-term.
Bitcoin Price Gains Pace
Bitcoin value fashioned a base above the $18,720 assist zone. As a outcome, BTC began a good enhance and broke the $19,500 resistance zone.
There was a transparent transfer above a key bearish pattern line with resistance close to $19,460 on the hourly chart of the BTC/USD pair. The value even broke the $20,000 resistance and settled above the 100 hourly easy transferring common.
Bitcoin climbed above the 76.4% Fib retracement degree of the important thing drop from the $20,500 swing excessive to $18,735 low. However, the bulls struggled to pump the value above the $20,500 resistance zone.
A excessive is fashioned close to $20,450 and the value is consolidating features. It is buying and selling above the 23.6% Fib retracement degree of the current enhance from the $18,738 swing low to $20,450 excessive. On the upside, the value is going through resistance close to the $20,450 and $20,500 ranges.
Source: BTCUSD on TradingView.com
The subsequent key resistance is close to the $20,920 zone. A transparent transfer above the $20,920 resistance zone may push the value additional greater. In the acknowledged case, the value may rise in the direction of the $21,500 degree. The subsequent main resistance sits close to the $22,200 degree.
Fresh Decline in BTC?
If bitcoin fails to clear the $20,500 resistance zone, it may begin one other decline. An rapid assist on the draw back is close to the $20,000 degree.
The subsequent main assist now sits close to the $19,600 degree or the 50% Fib retracement degree of the current enhance from the $18,738 swing low to $20,450 excessive, beneath which the value may decline closely. In the acknowledged case, the value could maybe drop in the direction of the $18,720 degree.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now nicely above the 50 degree.
Major Support Levels – $20,000, adopted by $19,500.
Major Resistance Levels – $20,500, $20,920 and $21,500.
