Bitcoin Price Forms Bullish Pattern, Why BTC Could Rally Above $20K


Bitcoin price keeps gains above the $19,000 level against the US dollar. BTC could rise if there is a clear move above the $19,660 resistance area.

  • Bitcoin remained stable and consolidated above the $19,000 support area.
  • The price is trading above $19,100 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a new rally if there is a clear movement above the $19,660 resistance area.

Bitcoin price is unified

Bitcoin price started a recovery wave from $18,500 support area. The BTC bulls remained active above the $18,500 level and managed to push the price above the $19,000 resistance area.

There was a clear move above the 50% Fib retracement level of the major decline from the $20,382 high to $18,486. The price even rose above the $19,500 resistance area, but the bears were active near $19,650 and $19,660.

Bitcoin price is now consolidating above $19,100 and 100 hourly simple moving average. There is also a major bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair.

On the upside, there is an immediate resistance near the $19,500 level. The next major resistance is near the $19,660 area. It is close to the 61.8% Fib retracement level of the major decline from the high-swinging $20382 to $18,486.

Bitcoin price

source: BTCUSD on TradingView.com

A clear move above the $19,660 resistance might start a new increase. In the mentioned case, the price may cross the $20,000 resistance area. The next major resistance is near the $20,500 region, above which the price may revisit the $21,000 region.

Another drop in bitcoin?

If Bitcoin fails to rise above the $19,660 resistance area, it may start a new low. There is immediate support to the downside near the $19,350 region and the hourly 100 simple moving average.

The next major support is near the $19,220 area and the uptrend line. The main support is near $19,000. Any further losses could lead to a decline towards the $18,500 support area in the upcoming sessions.

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 above the 50 level.

Key support levels – 19,220 USD, followed by 19,000 USD.

Key resistance levels – $19,660, $20,000 and $20,500.



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