Bitcoin spiked above the $20,500 resistance against the US Dollar. BTC is now struggling near $19,800, with a major support near the $19,600 zone.<\/p>\n
Bitcoin made another attempt to gain strength above $20,500 but failed.
\nThe price is now trading above the $19,500 level and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $19,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise again unless there is a clear move below the $19,500 support zone.<\/p>\n
Bitcoin Price Faces Hurdles<\/p>\n
Bitcoin price remained supported above the $19,500 zone. BTC started another increase and climbed above the $20,000 resistance zone.<\/p>\n
There was a spike above the $20,500 resistance zone but the bulls failed to gain strength. A high was formed near $20,732 and the price corrected gains. There was a drop below the $20,200 and $20,000 support levels.<\/p>\n
Bitcoin traded below the 50% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high. It is now trading above the $19,500 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,550 on the hourly chart of the BTC\/USD pair.<\/p>\n
On the upside, the price is facing resistance near the $20,000 and $20,200 levels. The next key resistance is near the $20,500 zone. A close above the $20,500 resistance zone could open the doors for a decent increase.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
In the stated case, the price could climb towards the $21,200 level. The next major resistance sits near the $21,500 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,650 level. It is near the 76.4% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high.<\/p>\n
The next major support now sits near the $19,500 level or the trend line zone. A close below the $19,500 support zone could increase selling pressure. In the stated case, the price may perhaps decline towards the $18,740 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 near the 50 level.<\/p>\n
Major Support Levels \u2013 $19,650, followed by $19,500.<\/p>\n
Major Resistance Levels \u2013 $20,200, $20,500 and $21,200.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin spiked above the $20,500 resistance against the US Dollar. BTC is now struggling near $19,800, with a major support near the $19,600 zone.<\/p>\n
Bitcoin made another attempt to gain strength above $20,500 but failed.
\nThe price is now trading above the $19,500 level and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $19,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise again unless there is a clear move below the $19,500 support zone.<\/p>\n
Bitcoin Price Faces Hurdles<\/p>\n
Bitcoin price remained supported above the $19,500 zone. BTC started another increase and climbed above the $20,000 resistance zone.<\/p>\n
There was a spike above the $20,500 resistance zone but the bulls failed to gain strength. A high was formed near $20,732 and the price corrected gains. There was a drop below the $20,200 and $20,000 support levels.<\/p>\n
Bitcoin traded below the 50% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high. It is now trading above the $19,500 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,550 on the hourly chart of the BTC\/USD pair.<\/p>\n
On the upside, the price is facing resistance near the $20,000 and $20,200 levels. The next key resistance is near the $20,500 zone. A close above the $20,500 resistance zone could open the doors for a decent increase.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
In the stated case, the price could climb towards the $21,200 level. The next major resistance sits near the $21,500 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $20,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,650 level. It is near the 76.4% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high.<\/p>\n
The next major support now sits near the $19,500 level or the trend line zone. A close below the $19,500 support zone could increase selling pressure. In the stated case, the price may perhaps decline towards the $18,740 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 near the 50 level.<\/p>\n
Major Support Levels \u2013 $19,650, followed by $19,500.<\/p>\n
Major Resistance Levels \u2013 $20,200, $20,500 and $21,200.<\/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-2805","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\/2805","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=2805"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2805\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2805"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}