Bitcoin gained pace and cleared the $19,500 resistance against the US Dollar. BTC is now facing resistance and might correct lower to $19,500 in the short-term.<\/p>\n
Bitcoin gained pace above the $19,500 and $19,600 resistance levels.
\nThe price is now trading above the $20,000 level and the 100 hourly simple moving average.
\nThere was a move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair tested the $20,500 resistance zone and might correct in the short-term.<\/p>\n
Bitcoin Price Gains Pace<\/p>\n
Bitcoin price formed a base above the $18,720 support zone. As a result, BTC started a decent increase and broke the $19,500 resistance zone.<\/p>\n
There was a clear move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC\/USD pair. The price even broke the $20,000 resistance and settled above the 100 hourly simple moving average.<\/p>\n
Bitcoin climbed above the 76.4% Fib retracement level of the key drop from the $20,500 swing high to $18,735 low. However, the bulls struggled to pump the price above the $20,500 resistance zone.<\/p>\n
A high is formed near $20,450 and the price is consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high. On the upside, the price is facing resistance near the $20,450 and $20,500 levels.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $20,920 zone. A clear move above the $20,920 resistance zone could push the price further higher. In the stated case, the price could rise towards the $21,500 level. The next major resistance sits near the $22,200 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.<\/p>\n
The next major support now sits near the $19,600 level or the 50% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high, below which the price could decline heavily. In the stated case, the price may perhaps drop towards the $18,720 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,500.<\/p>\n
Major Resistance Levels \u2013 $20,500, $20,920 and $21,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin gained pace and cleared the $19,500 resistance against the US Dollar. BTC is now facing resistance and might correct lower to $19,500 in the short-term.<\/p>\n
Bitcoin gained pace above the $19,500 and $19,600 resistance levels.
\nThe price is now trading above the $20,000 level and the 100 hourly simple moving average.
\nThere was a move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair tested the $20,500 resistance zone and might correct in the short-term.<\/p>\n
Bitcoin Price Gains Pace<\/p>\n
Bitcoin price formed a base above the $18,720 support zone. As a result, BTC started a decent increase and broke the $19,500 resistance zone.<\/p>\n
There was a clear move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC\/USD pair. The price even broke the $20,000 resistance and settled above the 100 hourly simple moving average.<\/p>\n
Bitcoin climbed above the 76.4% Fib retracement level of the key drop from the $20,500 swing high to $18,735 low. However, the bulls struggled to pump the price above the $20,500 resistance zone.<\/p>\n
A high is formed near $20,450 and the price is consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high. On the upside, the price is facing resistance near the $20,450 and $20,500 levels.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $20,920 zone. A clear move above the $20,920 resistance zone could push the price further higher. In the stated case, the price could rise towards the $21,500 level. The next major resistance sits near the $22,200 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.<\/p>\n
The next major support now sits near the $19,600 level or the 50% Fib retracement level of the recent increase from the $18,738 swing low to $20,450 high, below which the price could decline heavily. In the stated case, the price may perhaps drop towards the $18,720 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,500.<\/p>\n
Major Resistance Levels \u2013 $20,500, $20,920 and $21,500.<\/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-2703","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\/2703","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=2703"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2703\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2703"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}