Bitcoin is battling to break through $20,000 versus the US dollar. If there is a clear move over the $20,200 resistance zone, BTC might continue to ad
Bitcoin is battling to break through $20,000 versus the US dollar. If there is a clear move over the $20,200 resistance zone, BTC might continue to advance gradually. BITCOIN is trapped at $20,000 and trading below the $20,550 barrier level. The price is currently hovering at $20,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a significant negative trend line is forming with resistance near $20,200. If the pair breaks through the $20,200 and $20,550 resistance levels, it might begin a continuous rise.
Bitcoin Consolidates Near $20,000
Bitcoin’s price ranged and stayed solidly maintained over the $19,550 mark. BTC also failed to break through the $20,500 barrier level. There was a recent decline below the $20,000 barrier. On the other hand, the bulls were active at the $19,500 level. A low was created near $19,560, and the price began to rise steadily. There was a move above the $19,800 and $20,000 levels.
BTC/USD
The bulls drove the price above the 50% Fib retracement level of the latest slide from the swing high of $20,473 to the low of $19,560. Bitcoin is trading at $20,000 and the 100 hourly simple moving average.
On the upside, an immediate resistance level is at $20,125. It is close to the 61.8% Fib retracement level of the latest slide from the swing high of $20,473 to the low of $19,560. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $20,200.
The next significant obstacle is between $20,350 and $20,500. A decisive break above the $20,500 resistance level might push the price to $21,200. Any further increases might trigger a sustained drive towards the $22,000 resistance zone.
Dips in Bitcoin Limited?
If Bitcoin fails to break through the $20,200 barrier level, it may fall further. On the downside, there is immediate support at $19,850. The next big support is $19,550. The main source of support is $19,500.
A breach below the $19,500 support level might trigger a rapid fall below $19,000. Any more losses may necessitate a move to $18,500 in the near term. Good luck!
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