Bitcoin gained momentum and cleared $ 19,500 resistance against the US Dollar. BTC is currently facing resistance and could justify lower to $ 19,500 in the short term.
- Bitcoin gained momentum above the $ 19,500 and $ 19,600 resistance levels.
- The price is currently trading above the $ 20,000 level and is a simple 100 hour moving average.
- There is a move above the key bearish trend line with resistance near $ 19,460 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair is testing the $ 20,500 resistance zone and may correct in the short term.
Price Bitcoin Gain Pace
The Bitcoin price formed a base above the $ 18,720 support zone. As a result, BTC started a decent increases and broke the $ 19,500 resistance zone.
There is a clear move above the key bearish trend line with resistance near $ 19,460 on the hourly chart of the BTC / USD pair. The price even broke the $ 20,000 resistance and settled on top of it 100 moving average per hour.
Bitcoin rose above the Fib retracement level of 76.4% from a key decline from a $ 20,500 swing high to a $ 18,735 low. However, the bulls struggled to pump the price above the $ 20,500 resistance zone.
A high formed near $ 20,450 and the price was consolidating the result. Traded above the 23.6% Fib retracement level of a recent rise from a $ 18,738 swing to a $ 20,450 high. On the upside, the price is facing resistance near the $ 20,450 and $ 20,500 levels.
Source: BTCUSD on TradingView.com
The next key resistance is close to the $ 20,920 zone. A clear move above the $ 20,920 resistance zone could push the price higher. In that case, the price could rise to the $ 21,500 level. The next major resistance is located near the $ 22,200 level.
A recent drop in BTC?
If bitcoin fails to clear the $ 20,500 resistance zone, it could start another decline. Direct support at the bottom is near the $ 20,000 level.
The next major support is now near the $ 19,600 level or the 50% Fib retracement level of the recent rise from the $ 18,738 swing to the $ 20,450 high, below which the price could go down sharply. In that case, the price may drop to the $ 18,720 level.
Technical indicators:
Hourly MACD – MACD is currently losing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently higher than the 50 level.
Key Support Level – $ 20,000, followed by $ 19,500.
Main Resistance Levels – $ 20,500, $ 20,920 and $ 21,500.
