Bitcoin is struggling to gain momentum above $20,000 against the US Dollar. BTC could turn bullish if there is a clear move above the $20,200 resistance area.
- Bitcoin is stuck near the $20,000 area and it is trading below the $20,550 resistance area.
- The price is now trading near the $20,000 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady rise if it clears the $20,200 area and the $20,550 resistance level.
The price of bitcoin is $20K. stuck near
Bitcoin price is trading in a range and it remains well supported above the $19,550 area. BTC also struggled to clear the $20,500 resistance area.
Recently, there was a fresh decline below the $20,000 level. However, the bulls were active near the $19,500 area. A low was formed near $19,560 and the price started a decent rise. There is a move above the $19,800 and $20,000 levels.
The bulls pushed the price above the 50% Fib retracement level of the recent decline from the $20,473 high to $19,560 low. Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $20,125 level. It is close to the 61.8% Fib retracement level of the recent decline from the $20,473 high high to $19,560 low. There is also a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next major resistance is near the $20,350 and $20,500 levels. A clear move above the $20,500 resistance could send the price towards $21,200. Any further gains could start a steady move towards the $22,000 resistance area.
Dips Limited in BTC?
If Bitcoin fails to clear the $20,200 resistance area, it could start another decline. On the downside, immediate support is near the $19,850 area.
The next major support is near the $19,550 level. The main support is near the $19,500 level. A break below the $19,500 support could start a sharp decline towards $19,000. Any further losses could call for a move towards $18,500 in the near term.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Level – $19,850, followed by $19,500.
Major resistance levels – $20,200, $20,350 and $20,500.