Bitcoin Price Holds Ground, Why Close above $20K Is The Key

Bitcoin is holding the key $ 18,500 support zone against the US Dollar. BTC must settle above the $ 20,000 resistance zone to move into a positive zone.

  • Bitcoin is struggling to gain momentum above the $ 19,500 resistance zone.
  • The price is trading below $ 19,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $ 19,020 on the hourly chart of the BTC / USD pair (data feed from Kraken).
  • The pair could stage a fresh rally if there is a clear move above the $ 19,500 resistance zone.

Bitcoin Price Consolidates

Bitcoin price made another attempt to clear the $ 19,500 resistance zone. However, BTC struggled and formed a short-term top near the $ 19,400 level.

A high was formed near $ 19,392 and the price declined. There was a move below the $ 19,000 level and the 100 hourly simple moving average. The pair traded as low as $ 18,645 and is currently consolidating losses. There was a minor increase above the $ 18,800 level.

Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $ 19,392 swing high to $ 18,645 low. On the upside, an immediate resistance is near the $ 19,000 level and the 100 hourly simple moving average.

There is also a key bearish trend line forming with resistance near $ 19,020 on the hourly chart of the BTC / USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $ 19,392 swing high to $ 18,645 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance sits near the $ 19,500 zone. A close above the $ 19,500 level might start a fresh surge to $ 20,000. Any more gains might start a steady increase and the price might rise towards the $ 21,500 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to recover above the $ 19,500 zone, it could start a fresh decline. An immediate support on the downside is near the $ 18,650 zone.

The next major support is near the $ 18,500 level. A clear move below the $ 18,500 zone could set the pace for a fresh decline. In the stated case, the price may even test the $ 17,500 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now just below the 50 level.

Major Support Levels – $ 18,650, followed by $ 18,500.

Major Resistance Levels – $ 19,000, $ 19,350 and $ 19,500.

Source

Latest stories

- Advertisement - spot_img

You might also like...