Bitcoin is consolidating near the $20,000 zone against the US Dollar. BTC could start a decent recovery wave if it clears the $20,550 resistance zone.<\/p>\n
Bitcoin is showing a few positive signs above the $20,000 resistance.
\nThe price is now trading above the $20,000 level and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $20,340 zone and $20,550 to start a steady increase.<\/p>\n
Bitcoin Price Struggles<\/p>\n
Bitcoin price started a minor upside correction<\/a> above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly simple moving average.<\/p>\n It spiked above the $20,500 level but the bulls struggled to push the price further higher. A high was formed near $20,576 before there was a bearish reaction. The price declined sharply below the $20,000 level and the 100 hourly simple moving average<\/a>.<\/p>\n However, it stayed above the $19,500 support zone. A low is formed near $19,555 and the price is now rising. There was a move above the 50% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\n Bitcoin is now trading above the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,340 level.<\/p>\n There is also a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\n <\/a><\/p>\n Source: BTCUSD on TradingView.com<\/a><\/p>\n The next major resistance sits near the $20,550 level. A clear move above the $20,550 resistance might send the price towards $21,000. Any more gains might send the price towards the $22,000 resistance zone.<\/p>\n Fresh Decline in BTC?<\/p>\n If bitcoin fails to clear the $20,550 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.<\/p>\n The next major support sits near the $19,780 level. A break below the $19,780 support might push the price to $19,550. Any more losses might call for a new low below $19,500.<\/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 $19,780, followed by $19,500.<\/p>\n Major Resistance Levels \u2013 $20,340, $20,550 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin is consolidating near the $20,000 zone against the US Dollar. BTC could start a decent recovery wave if it clears the $20,550 resistance zone.<\/p>\n Bitcoin is showing a few positive signs above the $20,000 resistance. Bitcoin Price Struggles<\/p>\n Bitcoin price started a minor upside correction<\/a> above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly simple moving average.<\/p>\n It spiked above the $20,500 level but the bulls struggled to push the price further higher. A high was formed near $20,576 before there was a bearish reaction. The price declined sharply below the $20,000 level and the 100 hourly simple moving average<\/a>.<\/p>\n However, it stayed above the $19,500 support zone. A low is formed near $19,555 and the price is now rising. There was a move above the 50% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\n Bitcoin is now trading above the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,340 level.<\/p>\n There is also a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\n
\nThe price is now trading above the $20,000 level and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $20,340 zone and $20,550 to start a steady increase.<\/p>\n
![<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThe next major resistance sits near the $20,550 level. A clear move above the $20,550 resistance might send the price towards $21,000. Any more gains might send the price towards the $22,000 resistance zone.<\/p>\nFresh Decline in BTC?<\/p>\nIf bitcoin fails to clear the $20,550 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.<\/p>\nThe next major support sits near the $19,780 level. A break below the $19,780 support might push the price to $19,550. Any more losses might call for a new low below $19,500.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\nMajor Support Levels \u2013 $19,780, followed by $19,500.<\/p>\nMajor Resistance Levels \u2013 $20,340, $20,550 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":"<\/p>\nBitcoin is consolidating near the $20,000 zone against the US Dollar. BTC could start a decent recovery wave if it clears the $20,550 resistance zone.<\/p>\nBitcoin is showing a few positive signs above the $20,000 resistance.\nThe price is now trading above the $20,000 level and the 100 hourly simple moving average.\nThere is a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken).\nThe pair must clear the $20,340 zone and $20,550 to start a steady increase.<\/p>\nBitcoin Price Struggles<\/p>\nBitcoin price started a minor upside correction<\/a> above the $20,000 resistance zone. BTC even cleared the $20,200 resistance zone and the 100 hourly simple moving average.<\/p>\nIt spiked above the $20,500 level but the bulls struggled to push the price further higher. A high was formed near $20,576 before there was a bearish reaction. The price declined sharply below the $20,000 level and the 100 hourly simple moving average<\/a>.<\/p>\nHowever, it stayed above the $19,500 support zone. A low is formed near $19,555 and the price is now rising. There was a move above the 50% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\nBitcoin is now trading above the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,340 level.<\/p>\nThere is also a connecting bearish trend line forming with resistance near $20,340 on the hourly chart of the BTC\/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $20,576 swing high to $19,555 low.<\/p>\n<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThe next major resistance sits near the $20,550 level. A clear move above the $20,550 resistance might send the price towards $21,000. Any more gains might send the price towards the $22,000 resistance zone.<\/p>\nFresh Decline in BTC?<\/p>\nIf bitcoin fails to clear the $20,550 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.<\/p>\nThe next major support sits near the $19,780 level. A break below the $19,780 support might push the price to $19,550. Any more losses might call for a new low below $19,500.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\nMajor Support Levels \u2013 $19,780, followed by $19,500.<\/p>\nMajor Resistance Levels \u2013 $20,340, $20,550 and $21,000.<\/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-6655","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\/6655","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=6655"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6655\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6655"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-22.png\"){kind=link}