Bitcoin continues to be consolidating close to the $20,000 zone towards the US Greenback. BTC should clear the $20,550 resistance zone to start out a gentle improve.
Bitcoin continues to be struggling to achieve tempo above the $20,550 resistance.
The worth is now buying and selling close to the $20,000 stage and the 100 hourly easy transferring common.
There’s a key bearish pattern line forming with resistance close to $20,330 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair should clear the $20,350 zone and $20,550 to start out a contemporary improve.
Bitcoin Value Faces Hurdles
Bitcoin worth remained nicely supported above the $19,550 zone. BTC shaped a base and began a contemporary upward transfer above the $20,000 resistance zone.
There was a push above the $20,200 stage and the 100 hourly easy transferring common. The worth even cleared the 61.8% Fib retracement stage of the downward transfer from the $20,576 swing excessive to $19,555 low. Nonetheless, the worth stayed beneath the $20,550 resistance zone.
Bitcoin worth is now buying and selling close to the $20,000 stage and the 100 hourly easy transferring common. On the upside, an instantaneous resistance is close to the $20,350 stage.
There’s additionally a key bearish pattern line forming with resistance close to $20,330 on the hourly chart of the BTC/USD pair. The pattern line is close to the 76.4% Fib retracement stage of the downward transfer 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 and $20,575 ranges. A transparent transfer above the $20,575 resistance would possibly ship the worth in the direction of $21,000. Any extra positive aspects would possibly begin a gentle transfer in the direction of the $22,000 resistance zone.
Recent Decline in BTC?
If bitcoin fails to clear the $20,550 resistance zone, it might begin one other decline. A direct help on the draw back is close to the $20,000 zone.
The following main help sits close to the $19,800 stage. The principle help sits close to the $19,550 stage. A break beneath the $19,550 help would possibly spark a pointy transfer to $19,000. Any extra losses would possibly name for a transfer to $18,500 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.
Main Assist Ranges – $19,880, adopted by $19,500.
Main Resistance Ranges – $20,350, $20,550 and $21,000.
