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Bitcoin continues to be consolidating close to the $20,000 zone towards the US Dollar. BTC should clear the $20,550 resistance zone to start out a gradual enhance.

• Bitcoin continues to be struggling to realize tempo above the $20,550 resistance.
• The value is now buying and selling close to the $20,000 stage and the 100 hourly easy transferring common.
• There is 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 recent enhance.

Bitcoin Price Faces Hurdles

Bitcoin value remained effectively supported above the $19,550 zone. BTC fashioned a base and began a recent 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 value even cleared the 61.8% Fib retracement stage of the downward transfer from the $20,576 swing excessive to $19,555 low. However, the value stayed under the $20,550 resistance zone.

Bitcoin value is now buying and selling close to the $20,000 stage and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $20,350 stage.

There can also be 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.

Source: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $20,550 and $20,575 ranges. A transparent transfer above the $20,575 resistance would possibly ship the value in direction of $21,000. Any extra good points would possibly begin a gradual transfer in direction of the $22,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $20,550 resistance zone, it may begin one other decline. An fast help on the draw back is close to the $20,000 zone.

The subsequent main help sits close to the $19,800 stage. The fundamental help sits close to the $19,550 stage. A break under 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 dropping tempo within the bullish zone.

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

Major Support Levels – $19,880, adopted by $19,500.

Major Resistance Levels – $20,350, $20,550 and $21,000.