TA: Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge
Bitcoin price is showing positive signs above $20,000 against the
US Dollar. BTC could start a strong surge if it clears the $20,500
resistance. Bitcoin is gaining pace above the $19,800 and $20,000
resistance levels. The price is trading above $20,100 and the 100
hourly simple moving average. There is a key bullish trend line
forming with support near $20,150 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could gain bullish
momentum if there is a clear move above the $20,500 resistance.
Bitcoin Price Remains Supported Bitcoin price attempted an upside
break above the $20,500 resistance zone. However, BTC struggled
near the $20,450 zone and started a downside correction. There was
a move below the $20,000 support zone, but the price remained
supported well above the 100 hourly simple moving average. It
traded as low as $19,754 and recently started a fresh increase.
There was a clear move above the $20,000 and $20,200 resistance
levels. Bitcoin price climbed above the 50% Fib retracement level
of the recent decline from the $20,475 swing high to $19,754 low.
It is now trading above $20,100 and the 100 hourly simple moving
average. Besides, there is also a key bullish trend line forming
with support near $20,150 on the hourly chart of the BTC/USD pair.
It also cleared the 76.4% Fib retracement level of the recent
decline from the $20,475 swing high to $19,754 low. On the upside,
an immediate resistance is near the $20,450 level. The next major
resistance sits near the $20,500 zone. Source: BTCUSD on
TradingView.com A proper close above the $20,500 resistance might
start another increase. In the stated case, the price could even
surpass the $21,000 resistance zone. In the stated case, the bulls
might aim a move towards the $22,000 level. Dips Supported in BTC?
If bitcoin fails to rise above the $20,450 resistance zone, it
could start a downside correction. An immediate support on the
downside is near the $20,200 zone. The next major support is near
the $20,100 zone and the trend line. A downside break below the
trend line might send the price towards $19,750. The main support
is near $19,500, below which the price might start a steady
decline. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $20,200, followed by $20,000. Major Resistance
Levels – $20,500, $21,200 and $22,000.
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