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Bitcoin Price Close Below $20K Could Spark Larger Degree Increase

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Bitcoin price is slowly moving higher above $19,500 against the US Dollar. BTC could start a steady increase if there is a close above $19,600 and $20,000.

  • Bitcoin remained well bid above the $19,200 and $19,000 support levels.
  • The price is trading above $19,400 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady increase if there is a clear move above the $19,700 level.

Bitcoin Price Eyes Steady Increase

Bitcoin price remained strong above the $19,000 level. BTC traded as low as $18,937 and started a steady increase. There was a move above the $19,150 and $19200 levels.

The price was able to clear the 50% Fib retracement level of the downward move from the $20,177 swing high to $18,937 low. There was a also a move above the $19,500 resistance zone to move into a short-term positive zone.

Bitcoin price is now trading above $19,400 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,450 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $19,700 level. It is near the 61.8% Fib retracement level of the downward move from the $20,177 swing high to $18,937 low. The next major resistance sits near the $20,000 zone.

Source: BTCUSD on TradingView.com

A clear move above the $20,0000 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,200 resistance zone. The next major resistance is near the $20,500 zone.

Another Decline in BTC?

If bitcoin fails to rise above the $19,700 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,400 zone.

The next major support is near the $19,000 zone. The main support is near $18,500, below which there could be a major decline. In the stated case, the price may perhaps decline towards the $17,500 support.

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 – $19,400, followed by $19,200.

Major Resistance Levels – $19,700, $20,000 and $20,500.

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