Blog

Bitcoin gained tempo and cleared the $19,500 resistance towards the US Dollar. BTC is now dealing with resistance and would possibly appropriate decrease to $19,500 within the short-term.

• Bitcoin gained tempo above the $19,500 and $19,600 resistance ranges.
• The value is now buying and selling above the $20,000 degree and the 100 hourly easy transferring common.
• There was a transfer above a key bearish pattern line with resistance close to $19,460 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair examined the $20,500 resistance zone and would possibly appropriate within the short-term.

Bitcoin Price Gains Pace

Bitcoin value shaped a base above the $18,720 assist zone. As a outcome, BTC began a decent increase and broke the $19,500 resistance zone.

There was a transparent transfer above a key bearish pattern line with resistance close to $19,460 on the hourly chart of the BTC/USD pair. The value even broke the $20,000 resistance and settled above the 100 hourly simple moving average.

Bitcoin climbed above the 76.4% Fib retracement degree of the important thing drop from the $20,500 swing excessive to $18,735 low. However, the bulls struggled to pump the worth above the $20,500 resistance zone.

A excessive is shaped close to $20,450 and the worth is consolidating positive factors. It is buying and selling above the 23.6% Fib retracement degree of the latest enhance from the $18,738 swing low to $20,450 excessive. On the upside, the worth is dealing with resistance close to the $20,450 and $20,500 ranges.

Source: BTCUSD on TradingView.com

The subsequent key resistance is close to the $20,920 zone. A transparent transfer above the $20,920 resistance zone might push the worth additional greater. In the acknowledged case, the worth might rise in direction of the $21,500 degree. The subsequent main resistance sits close to the $22,200 degree.

Fresh Decline in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it might begin one other decline. An fast assist on the draw back is close to the $20,000 degree.

The subsequent main assist now sits close to the $19,600 degree or the 50% Fib retracement degree of the latest enhance from the $18,738 swing low to $20,450 excessive, beneath which the worth might decline closely. In the acknowledged case, the worth might maybe drop in direction of the $18,720 degree.

Technical indicators:

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

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

Major Support Levels – $20,000, adopted by $19,500.

Major Resistance Levels – $20,500, $20,920 and $21,500.