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Bitcoin value is exhibiting constructive indicators above $20,000 in opposition to the US Dollar. BTC might begin a robust surge if it clears the $20,500 resistance.

• Bitcoin is gaining tempo above the $19,800 and $20,000 resistance ranges.
• The value is buying and selling above $20,100 and the 100 hourly easy transferring common.
• There is a key bullish pattern line forming with assist close to $20,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might acquire bullish momentum if there’s a clear transfer above the $20,500 resistance.

Bitcoin Price Remains Supported

Bitcoin value tried an upside break above the $20,500 resistance zone. However, BTC struggled close to the $20,450 zone and began a draw back correction.

There was a transfer beneath the $20,000 assist zone, however the value remained supported nicely above the 100 hourly easy transferring common. It traded as little as $19,754 and not too long ago began a recent enhance. There was a transparent transfer above the $20,000 and $20,200 resistance ranges.

Bitcoin value climbed above the 50% Fib retracement stage of the current decline from the $20,475 swing excessive to $19,754 low. It is now buying and selling above $20,100 and the 100 hourly simple moving average. Besides, there’s additionally a key bullish pattern line forming with assist close to $20,150 on the hourly chart of the BTC/USD pair.

It additionally cleared the 76.4% Fib retracement stage of the current decline from the $20,475 swing excessive to $19,754 low. On the upside, a right away resistance is close to the $20,450 stage. The subsequent main resistance sits close to the $20,500 zone.

Source: BTCUSD on TradingView.com

A correct shut above the $20,500 resistance may begin one other enhance. In the said case, the value might even surpass the $21,000 resistance zone. In the said case, the bulls may purpose a transfer in the direction of the $22,000 stage.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,450 resistance zone, it might begin a draw back correction. An fast assist on the draw back is close to the $20,200 zone.

The subsequent main assist is close to the $20,100 zone and the pattern line. A draw back break beneath the pattern line may ship the value in the direction of $19,750. The important assist is close to $19,500, beneath which the value may begin a gentle decline.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $20,200, adopted by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,000.