- Bitcoin climbed further above the $20,000 and $20,500 resistance levels.
- The price is above $20,200 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $20,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further above the $21,500 resistance in the near term.
Bitcoin Price Gains Bullish Momentum
Bitcoin price gained strong bullish momentum and settled above the $20,000 resistance. BTC even climbed above $20,500, entering positive territory.
The price consolidated above $20,500 for a while. A high was formed near $21,484 and the price is now showing more signs of gains. It is now trading above $20,200 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $20,500 on the hourly chart of the BTC/USD pair.
It is also trading above the 23.6% Fib retracement level of the move from the $20,248 swing low to $21,484 high. On the upside, immediate resistance is near $21,500.
Source: BTCUSD on TradingView.com
The next major resistance is near the $21,850 area, above which the price could start another steady increase. In the mentioned case, the price could rise towards the $22,000 level. Any more gains could push the btc price towards the $22,500 level.
Downside correction for BTC?
If bitcoin price fails to clear the $21,500 resistance, it could start a downside correction. An immediate support on the downside is around $21,000.
The next major support is near $20,500 and the trend line. It is close to the 61.8% Fib retracement level of the move from the $20,248 swing low to $21,484 high. Major support is now formed near $20,200, below which the price could retest $19,000.
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 – $20,500, then $20,200.
Major resistance levels – $21,500, $22,000 and $22,500.
Information source: compiled from NEWSBTC by 0x information.Copyright belongs to the author, without permission, may not be reproduced