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Bitcoin value began a powerful rally above $19,650 towards the US Dollar. BTC is buying and selling above $20,000 and will achieve momentum above the $20,500 resistance.
- Bitcoin began a powerful enhance above the $19,500 and $19,650 resistance ranges.
- The value is buying and selling above $20,000 and the 100 hourly easy transferring common.
- There is a key contracting triangle forming with resistance close to $20,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other enhance if there’s a clear transfer above the $20,500 resistance.
Bitcoin Price Starts Fresh Surge
Bitcoin price remained well bid above the $19,000 and $19,200 support levels. BTC shaped a base and began a recent enhance above the $19,650 resistance ranges.
It gained over 5% and there was a transparent transfer above the $20,000 resistance. During the rise, there was a transfer above a connecting bearish development line forming with resistance close to $19,300 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling above $20,000 and the 100 hourly simple moving average. A excessive was shaped close to $20,400 and the value is now consolidating beneficial properties.
There was a minor decline under the 23.6% Fib retracement degree of the latest enhance from the $19,266 swing low to $20,400 excessive. On the upside, a direct resistance is close to the $20,300 degree. There can be a key contracting triangle forming with resistance close to $20,300 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first main resistance sits close to the $20,400 degree. The subsequent main resistance is likely to be $20,500. A transparent transfer above the $20,500 resistance would possibly ship the value in the direction of the $21,200 resistance. Any extra beneficial properties would possibly set the tempo for a gentle enhance in the direction of the $22,000 resistance zone.
Downside Correction in BTC?
If bitcoin fails to rise above the $20,500 resistance zone, it may begin a draw back correction. An speedy assist on the draw back is close to the $20,200 zone.
The subsequent main assist is close to the $19,800 zone. It is close to the 50% Fib retracement degree of the latest enhance from the $19,266 swing low to $20,400 excessive. A draw back break and shut under $19,800 would possibly open the doorways for a recent take a look at of the $19,500 assist.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the overbought zone.
Major Support Levels – $20,200, adopted by $19,800.
Major Resistance Levels – $20,300, $20,400 and $20,500.
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