BTC / USD
25,774.44
3.76%
(-1006.98)
ETH / USD
1,815.99
2.91%
(-54.48)
XRP / USD
0.51
4.36%
(-0.02)
LTC / USD
87.50
6.34%
(-5.92)
EOS / USD
0.84
6.75%
(-0.06)
BCH / USD
109.36
3.85%
(-4.38)
ADA / USD
0.35
6.4%
(-0.02)
XLM / USD
0.09
3.38%
(-0)
NEO / USD
9.30
7.93%
(-0.8)
XEM / USD
0.03
6.54%
(-0)
DASH / USD
39.12
6.7%
(-2.81)
USDT / USD
1.00
0%
(0)
BNB / USD
277.11
7.72%
(-23.19)
QTUM / USD
2.45
6.88%
(-0.18)
XVG / USD
0.00
6.19%
(-0)
ONT / USD
0.20
7.71%
(-0.02)
ZEC / USD
29.47
6.98%
(-2.21)
STEEM / USD
0.17
6.02%
(-0.01)

Bitcoin Could Restart Increase If The Bulls Clear This Resistance

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Bitcoin is consolidating above the $20,000 zone against the US Dollar. BTC must clear the $20,800 resistance to restart increase in the near term.

  • Bitcoin corrected gains and tested the $19,800 support zone.
  • The price is now above the $20,000 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $20,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $20,550 and $20,800 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price failed to gain pace above $21,700 and corrected gains. There was a downside correction below the $21,000 support zone.

The price declined below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to $21,700 swing high. The bears even pushed the price below the $20,500 support zone and the 100 hourly simple moving average.

However, the bulls were active above the $19,650 and $19,800 support levels. Bitcoin also stayed above the 50% Fib retracement level of the upward move from the $17,600 swing low to $21,700 swing high.

It is now above the $20,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $20,550 level. There is also a key bearish trend line forming with resistance near $20,550 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first major resistance is near the $20,800 level. A clear move above the $20,800 level might start a decent increase. The next major resistance sits near the $21,220 level, above which the bulls might gain strength for a steady increase.

More Losses in BTC?

If bitcoin fails to clear the $20,800 resistance zone, it could start another decline. An immediate support on the downside is near the $20,200 level and the 100 hourly SMA.

The first major support is near the $20,000 level. The main support is now near the $19,650 level. A downside break below the $19,650 support could restart decline in the near term. In the stated case, the price might slide towards the $18,800 level.

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 – $20,000, followed by $19,650.

Major Resistance Levels – $20,800, $21,220 and $21,700.

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