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Bitcoin value gained tempo for a transfer above $20,000 towards the US Dollar. BTC is displaying constructive indicators and would possibly rise additional above $20,500.

• Bitcoin began a gradual enhance above the $19,200 and $19,500 resistance ranges.
• The value is buying and selling above $20,000 and the 100 hourly easy shifting common.
• There is a connecting bullish development line forming with assist close to $20,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair is gaining tempo and would possibly rally additional above the $20,500 degree.

Bitcoin Price Gains Pace

Bitcoin value shaped a base above the $19,000 degree and began a steady increase. BTC was in a position to clear the $19,500 and $19,650 resistance ranges.

The bulls have been in a position to pump the worth above the $20,000 resistance zone. The value traded as excessive as $20,475 and the worth is now correcting good points. It is buying and selling above $20,000 and the 100 hourly easy shifting common. Bitcoin is now slowly shifting decrease under $20,400.

It is buying and selling properly above the 23.6% Fib retracement degree of the upward transfer from the $18,937 swing low to $20,475 excessive. There can also be a connecting bullish development line forming with assist close to $20,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, a right away resistance is close to the $20,450 degree. The subsequent main resistance sits close to the $20,500 zone. A transparent transfer above the $20,500 resistance would possibly begin one other enhance. In the acknowledged case, the worth might even surpass the $21,200 resistance zone. The subsequent main resistance is close to the $22,500 zone.

Dips Limited in BTC?

If bitcoin fails to rise above the $20,500 resistance zone, it might begin a draw back correction. An instant assist on the draw back is close to the $20,100 zone.

The subsequent main assist is close to the $20,000 zone and the development line. A draw back break under the development line would possibly ship the worth in the direction of $19,700. It is close to the 50% Fib retracement degree of the upward transfer from the $18,937 swing low to $20,475 excessive. The predominant assist is close to $19,500, under which the worth would possibly drop to $19,200.

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 degree.

Major Support Levels – $20,100, adopted by $20,000.

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