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Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge

Bitcoin worth is exhibiting constructive indicators above $20,000 towards the US Dollar. BTC might begin a robust surge if it clears the $20,500 resistance.

  • Bitcoin is gaining tempo above the $19,800 and $20,000 resistance ranges.
  • The worth is buying and selling above $20,100 and the 100 hourly easy shifting common.
  • There is a key bullish development line forming with help close to $20,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might acquire bullish momentum if there is a transparent transfer above the $20,500 resistance.

Bitcoin Price Remains Supported

Bitcoin worth tried an upside break above the $20,500 resistance zone. However, BTC struggled close to the $20,450 zone and began a draw back correction.

There was a transfer under the $20,000 help zone, however the worth remained supported properly above the 100 hourly easy shifting common. It traded as little as $19,754 and just lately began a recent improve. There was a transparent transfer above the $20,000 and $20,200 resistance ranges.

Bitcoin worth climbed above the 50% Fib retracement degree of the latest decline from the $20,475 swing excessive to $19,754 low. It is now buying and selling above $20,100 and the 100 hourly easy shifting common. Besides, there is additionally a key bullish development line forming with help close to $20,150 on the hourly chart of the BTC/USD pair.

It additionally cleared the 76.4% Fib retracement degree of the latest decline from the $20,475 swing excessive to $19,754 low. On the upside, a direct resistance is close to the $20,450 degree. The subsequent main resistance sits close to the $20,500 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

A correct shut above the $20,500 resistance may begin one other improve. In the said case, the worth might even surpass the $21,000 resistance zone. In the said case, the bulls may purpose a transfer in direction of the $22,000 degree.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,450 resistance zone, it might begin a draw back correction. An instant help on the draw back is close to the $20,200 zone.

The subsequent main help is close to the $20,100 zone and the development line. A draw back break under the development line may ship the worth in direction of $19,750. The fundamental help is close to $19,500, under which the worth may begin a gentle decline.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $20,200, adopted by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,000.

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