Blog

Bitcoin value struggled to clear the $20,000 resistance zone in opposition to the US Dollar. BTC may decline, however there’s a key help ready close to the $18,900 zone.

• Bitcoin failed to achieve momentum for a transfer above the $20,000 resistance zone.
• The value is buying and selling under $19,400 and the 100 hourly easy transferring common.
• There is a key bearish development line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might transfer down additional to check the $18,900 help zone within the close to time period.

Bitcoin Price Trims Gains

Bitcoin price attempted a decent increase above the $19,500 resistance zone. BTC even climbed above the $19,800 stage, however the bears have been lively close to the $20,000 resistance zone.

The value traded as excessive as $19,939 earlier than there was a contemporary decline. There was a drop under the $19,500 and $19,400 ranges. The bears even pushed the worth under the 50% Fib retracement stage of the upward move from the $18,271 swing low to $19,939 excessive.

Bitcoin value is now buying and selling under $19,400 and the 100 hourly easy transferring common. There can also be a key bearish development line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair.

On the upside, a right away resistance is close to the $19,220 stage. The first main resistance sits close to the $19,250 stage and the development line. A transparent transfer above the development line resistance may pump the worth in direction of the $19,500 resistance zone.

Source: BTCUSD on TradingView.com

The major resistance remains to be close to the $20,000 zone. Any extra positive aspects may begin a gentle enhance in direction of the $21,200 resistance zone.

Dips Limited in BTC?

If bitcoin fails to rise above the $19,250 resistance zone, it might proceed to maneuver down. An quick help on the draw back is close to the $19,000 zone.

The subsequent main help is close to the $18,900 zone. It is close to the 61.8% Fib retracement stage of the upward transfer from the $18,271 swing low to $19,939 excessive. A draw back break under the $18,900 help zone may enhance promoting stress. In the acknowledged case, the worth might decline in direction of the $18,500 help zone.

Technical indicators:

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

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

Major Support Levels – $19,000, adopted by $18,900.

Major Resistance Levels – $19,250, $19,500 and $20,000.