Bitcoin is consolidating close to the $20,000 zone towards the US Greenback. BTC may begin a good restoration wave if it clears the $20,550 resistance zone.
Bitcoin is displaying just a few constructive indicators above the $20,000 resistance.
The worth is now buying and selling above the $20,000 stage and the 100 hourly easy transferring common.
There’s a connecting bearish pattern line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair should clear the $20,340 zone and $20,550 to begin a gentle enhance.
Bitcoin Worth Struggles
Bitcoin value began a minor upside correction above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly easy transferring common.
It spiked above the $20,500 stage however the bulls struggled to push the worth additional increased. A excessive was shaped close to $20,576 earlier than there was a bearish response. The worth declined sharply under the $20,000 stage and the 100 hourly easy transferring common.
Nevertheless, it stayed above the $19,500 assist zone. A low is shaped close to $19,555 and the worth is now rising. There was a transfer above the 50% Fib retracement stage of the current decline from the $20,576 swing excessive to $19,555 low.
Bitcoin is now buying and selling above the $20,000 stage and the 100 hourly easy transferring common. On the upside, a right away resistance is close to the $20,340 stage.
There’s additionally a connecting bearish pattern line forming with resistance close to $20,340 on the hourly chart of the BTC/USD pair. The pattern line is close to the 76.4% Fib retracement stage of the current decline from the $20,576 swing excessive to $19,555 low.
Supply: BTCUSD on TradingView.com
The following main resistance sits close to the $20,550 stage. A transparent transfer above the $20,550 resistance would possibly ship the worth in the direction of $21,000. Any extra beneficial properties would possibly ship the worth in the direction of the $22,000 resistance zone.
Recent Decline in BTC?
If bitcoin fails to clear the $20,550 resistance zone, it may begin one other decline. A right away assist on the draw back is close to the $20,000 zone.
The following main assist sits close to the $19,780 stage. A break under the $19,780 assist would possibly push the worth to $19,550. Any extra losses would possibly name for a brand new low under $19,500.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.
Main Assist Ranges – $19,780, adopted by $19,500.
Main Resistance Ranges – $20,340, $20,550 and $21,000.
