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Bitcoin prolonged losses and traded beneath $19,200 in opposition to the US Dollar. BTC discovered help close to $19,000 and began an upside correction.

• Bitcoin traded as little as $18,916 and began an upside correction.
• The worth is now buying and selling above the $20,000 stage and testing the 100 hourly easy transferring common.
• There was a break above a key bearish pattern line with resistance close to $19,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may acquire bullish momentum if it clears the 100 hourly SMA and $20,600.

Bitcoin Price Recovers Above $20K

Bitcoin worth began a fresh decline beneath the $20,000 help zone. The worth even broke the $19,600 and $19,250 help ranges.

Finally, there was a spike beneath the $19,000 stage. A low was shaped close to $18,916 and the value is now correcting losses. There was a gradual transfer above the $19,250 and $19,500 ranges. The bulls pumped the value above the 23.6% Fib retracement stage of the downward transfer from the $22,499 swing excessive to $18,916 low.

Besides, there was a break above a key bearish pattern line with resistance close to $19,400 on the hourly chart of the BTC/USD pair. The worth even climbed above the $20,000 resistance stage.

Bitcoin is now buying and selling above the $20,000 stage and testing the 100 hourly simple moving average. It appears to be going through resistance close to the $20,350 stage. On the upside, the value may resistance close to the $20,600 stage. The subsequent key resistance is close to the $20,700 zone.

The 50% Fib retracement stage of the downward transfer from the $22,499 swing excessive to $18,916 low can also be close to the $20,700 stage. An in depth above the $20,700 resistance zone may set the tempo for an honest improve.

Source: BTCUSD on TradingView.com

In the acknowledged case, the value could maybe rise in the direction of the $21,650 stage. The subsequent main resistance sits close to the $22,000 stage.

Fresh Decline in BTC?

If bitcoin fails to begin a restoration wave above the $20,600 stage, it may begin a contemporary decline. An rapid help on the draw back is close to the $20,000 stage.

The subsequent main help now sits close to the $19,500 stage. An in depth beneath the $19,500 help zone may speed up losses. In the acknowledged case, there’s a threat of a transfer in the direction of the $18,800 stage.

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 – $20,000, adopted by $19,500.

Major Resistance Levels – $20,350, $20,600 and $20,700.