Bitcoin Price Analysis: BTC Could Gain Pace Above This Resistance
Bitcoin price is rising above $20,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $20,400 zone.
Bitcoin Price Analysis
Bitcoin price started a decent increase from the $18,650 support zone. There was a steady increase above the $19,200 and $19,500 resistance levels.
There was a break above a key bearish trend line with resistance near $19,200 on the 4-hours chart of the BTC/USD pair. The upward move gained strength above the $19,500 level. The pair broke the $20,000 barrier and settled above the 55 simple moving average (4-hours).
A high is formed near $20,420 and the price is now correcting gains. There was a minor move below the $20,200 level. The price declined tested the 23.6% Fib retracement level of the upward move from the $18,659 swing low to $20,420 high.
It is now trading above $20,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $20,250 level. The first major resistance is near the $20,400 level.
The next major resistance on the upside is near the $20,500 level, above which the price could rise towards the $21,250 zone. Any more gains might send the price towards the $22,000 zone. If there is no upside break, the price might start a downside correction below $20,000.
The next key support is near the $19,500 level. It is close to the 50% Fib retracement level of the upward move from the $18,659 swing low to $20,420 high.
Any more losses might call for a move towards the $19,200 support zone. The main support sits near the $19,650 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $19,500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $20,400 level in the near term.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $20,000 and $19,800.
Key Resistance Levels – $20,400, $20,500 and $21,250.
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