Bitcoin Price Holds Ground, Why Close above $20K Is The Key


Bitcoin maintains a major support area of ​​$18,500 against the US Dollar. BTC must stabilize above the $20,000 resistance area to move into positive territory.

  • Bitcoin is struggling to gain momentum above the $19,500 resistance area.
  • The price is trading below $19,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could witness a new rally if there is a clear move above the $19,500 resistance area.

Bitcoin price is unified

Bitcoin price made another attempt to clear $19,500 resistance area. However, BTC struggled and formed a short-term top near the $19,400 level.

A high formed near $19392 and the price fell. There was a move below the $19,000 level and the 100 hourly simple moving average. The pair traded as low as $18,645 and is currently consolidating losses. There was a slight increase above the $18,800 level.

Bitcoin price has risen above the 23.6% Fib retracement level of the recent decline from the high of $19,392 to $18,645. On the upside, there is immediate resistance near the $19,000 level and Simple moving average per 100 hours.

There is also a major bearish trend line forming with resistance near $1,020 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $19,392 swing high to $18,645 low.

Bitcoin price

Source: BTCUSD on TradingView.com

The next major resistance is near the $19,500 region. A close above the $19,500 level could lead to a new high to $20,000. Any further gains may start to increase steadily and the price could move towards the $21,500 resistance area.

A new drop in bitcoin?

If Bitcoin fails to recover above the $19,500 region, it may start a new decline. There is immediate support to the downside near the $18,650 region.

The next major support is near the $18,500 level. A clear move below $18,500 could set the pace for a new decline. In the mentioned case, the price may test the $17,500 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 just below the 50 level.

Key support levels – $18,650, followed by $18,500.

The main resistance levels are $19,000, $19,350 and $19,500.



Leave a Comment

Your email address will not be published. Required fields are marked *