Bitcoin gained momentum and cleared the $19,500 resistance against the US Dollar. BTC is now facing resistance and it is likely to move lower towards $19,500 in the near term.
- Bitcoin gained momentum above the $19,500 and $19,600 resistance levels.
- The price is now trading above the $20,000 level and the 100 hourly simple moving average.
- There was a move above a major bearish trend line with resistance near $19,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair tested the $20,500 resistance area and it could correct further in the near term.
bitcoin price rise
Bitcoin price is trading above the $18,720 support area. As a result, BTC started a decent rise and broke the $19,500 resistance area.
There was a clear move above a major 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 closed above the 100 hourly simple moving average.
Bitcoin climbed above the 76.4% Fib retracement level of the key decline from the $20,500 high to $18,735 low. However, the bulls struggled to pump the price above the $20,500 resistance area.
A high is formed near $20,450 and the price is consolidating gains. It is trading above the 23.6% Fib retracement level of the recent rise from $18,738 low to $20,450 high. On the upside, the price is facing resistance near $20,450 and $20,500.
Source: BTCUSD on TradingView.com
The next major resistance is near the $20,920 area. A clear move above the $20,920 resistance area could propel the price higher. In the specified case, the price is likely to move higher towards the $21,500 level. The next major resistance is near the $22,200 level.
Recent fall in BTC?
If bitcoin fails to clear the $20,500 resistance area, it could start another decline. On the downside, immediate support 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 move from the $18,738 low to $20,450 high, below which the price could decline heavily. In the specified case, the price might decline towards the $18,720 level.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Level – $20,000, followed by $19,500.
Major resistance levels – $20,500, $20,920 and $21,500.