Bitcoin is showing positive signs above the $20,500 zone against the US Dollar. BTC could rally if there is a clear move above the $21,250 resistance zone.<\/p>\n
Bitcoin remains well supported above the $20,000 and $20,500 levels.
\nThe price is now above the $20,500 level and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if it clears the $21,250 and $21,650 resistance levels.<\/p>\n
Bitcoin Price Could Gain Pace<\/p>\n
Bitcoin price started a downside correction below the $20,500 level. There was also a move below the $20,000 level, but the price was stable near the $19,750 zone.<\/p>\n
A low was formed near $19,750 and the price started fresh. BTC was able to clear the $20,000 and $20,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC\/USD pair.<\/p>\n
The pair climbed above the 50% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. Bitcoin is now above the $20,500 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $21,250 level. It is near the 76.4% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. The next key resistance is near the $21,650 level. A clear move above the $21,650 level might start a decent increase.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next major resistance sits near the $22,200 level, above which the bulls might gain strength for a move towards the $23,000 resistance zone.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $21,250 resistance zone, it could start another decline. An immediate support on the downside is near the $20,600 level and the 100 hourly SMA.<\/p>\n
The first major support is near the $20,000 level. The main support is now near the $19,750 level. A downside break below the $19,750 support could put a lot of pressure on the bulls in the near term. In the stated case, the price might slide towards the $18,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,600, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $21,250, $21,650 and $23,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is showing positive signs above the $20,500 zone against the US Dollar. BTC could rally if there is a clear move above the $21,250 resistance zone.<\/p>\n
Bitcoin remains well supported above the $20,000 and $20,500 levels.
\nThe price is now above the $20,500 level and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if it clears the $21,250 and $21,650 resistance levels.<\/p>\n
Bitcoin Price Could Gain Pace<\/p>\n
Bitcoin price started a downside correction below the $20,500 level. There was also a move below the $20,000 level, but the price was stable near the $19,750 zone.<\/p>\n
A low was formed near $19,750 and the price started fresh. BTC was able to clear the $20,000 and $20,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC\/USD pair.<\/p>\n
The pair climbed above the 50% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. Bitcoin is now above the $20,500 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $21,250 level. It is near the 76.4% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. The next key resistance is near the $21,650 level. A clear move above the $21,650 level might start a decent increase.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next major resistance sits near the $22,200 level, above which the bulls might gain strength for a move towards the $23,000 resistance zone.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $21,250 resistance zone, it could start another decline. An immediate support on the downside is near the $20,600 level and the 100 hourly SMA.<\/p>\n
The first major support is near the $20,000 level. The main support is now near the $19,750 level. A downside break below the $19,750 support could put a lot of pressure on the bulls in the near term. In the stated case, the price might slide towards the $18,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,600, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $21,250, $21,650 and $23,000.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1935","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1935"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1935\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1935"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}