Bitcoin price is currently consolidating below $20,650 against the US Dollar. BTC could start a fresh rally if it clears the 100 hourly SMA and then $20,650.
Bitcoin is holding gains above the key $20,250 and $20,000 support levels.
The price is trading below $20,650 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the 100 hourly SMA and $20,650.
Bitcoin price found support near the $20,250 zone after a minor downside correction. BTC bulls were active above the $20,000 and $20,250 levels.
A low was formed near $20,250 before the price slowly moved higher. There was a move above the $20,450 resistance level. The price was able to clear the 23.6% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.
Bitcoin price is trading below $20,650 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $20,620 zone and the 100 hourly simple moving average. The first major resistance sits near the $20,650 level and the bearish trend line. The trend line is near the 50% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.
Source: BTCUSD on TradingView.com
A clear move above the $20,650 zone could send the price further higher. The next major resistance is still near $21,000, above which the price may perhaps start a fresh surge. In the stated case, the price may perhaps rise towards the $22,500 resistance zone.
If bitcoin fails to clear above the $20,650 resistance zone, it could slowly move lower. An immediate support on the downside is near the $20,320 zone.
The next major support is near the $20,250 zone. The main support sits at $20,000, below which the bears could aim a larger correction. In this case, the price may perhaps decline towards the $19,200 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $20,320, followed by $20,250.
Major Resistance Levels – $20,650, $20,700 and $21,000.
Bitcoin price is currently consolidating below $20,650 against the US Dollar. BTC could start a fresh rally if it clears the 100 hourly SMA and then $20,650.
Bitcoin is holding gains above the key $20,250 and $20,000 support levels.
The price is trading below $20,650 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the 100 hourly SMA and $20,650.
Bitcoin price found support near the $20,250 zone after a minor downside correction. BTC bulls were active above the $20,000 and $20,250 levels.
A low was formed near $20,250 before the price slowly moved higher. There was a move above the $20,450 resistance level. The price was able to clear the 23.6% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.
Bitcoin price is trading below $20,650 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $20,620 zone and the 100 hourly simple moving average. The first major resistance sits near the $20,650 level and the bearish trend line. The trend line is near the 50% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low.
Source: BTCUSD on TradingView.com
A clear move above the $20,650 zone could send the price further higher. The next major resistance is still near $21,000, above which the price may perhaps start a fresh surge. In the stated case, the price may perhaps rise towards the $22,500 resistance zone.
If bitcoin fails to clear above the $20,650 resistance zone, it could slowly move lower. An immediate support on the downside is near the $20,320 zone.
The next major support is near the $20,250 zone. The main support sits at $20,000, below which the bears could aim a larger correction. In this case, the price may perhaps decline towards the $19,200 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $20,320, followed by $20,250.
Major Resistance Levels – $20,650, $20,700 and $21,000.
Tags: bitcoinbtcusdBTCUSDTxbtusd
NewsBTCRead More
XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders…
On-chain data shows the popular Bitcoin Hash Ribbons indicator has just given a miner capitulation…
Bitcoin Magazine Jack Mallers’ Twenty One Capital Vows to Buy ‘As Much Bitcoin as Possible’…
BlackRock's filing for a staking ether ETF earlier this week has contributed to ETH's relative…
Bitcoin Magazine On the value of holding the History of Bitcoin in your hands In…
The executive chairman of Strategy pitched BTC-backed banking and yield products as a $200 trillion…
