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Bitcoin Price Lacks Momentum Above $20K, But Dips Likely To Be Limited

Bitcoin is struggling to realize momentum above $20,000 in opposition to the US Dollar. BTC might rise steadily if there’s a clear transfer above the $20,200 resistance zone.

  • Bitcoin is caught close to the $20,000 zone and buying and selling beneath the $20,550 resistance.
  • The price is now buying and selling close to the $20,000 degree and the 100 hourly easy shifting common.
  • There is a significant bearish development line forming with resistance close to $20,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a gentle enhance if it clears the $20,200 zone and $20,550 resistance ranges.

Bitcoin Price Stuck Near $20K

Bitcoin price traded in a spread and remained effectively supported above the $19,550 zone. BTC additionally struggled to clear the $20,500 resistance zone.

Recently, there was a contemporary drop beneath the $20,000 degree. However, the bulls have been lively close to the $19,500 zone. A low was fashioned close to $19,560 and the price began a good enhance. There was a transfer above the $19,800 and $20,000 ranges.

The bulls pushed the price above the 50% Fib retracement degree of the latest decline from the $20,473 swing excessive to $19,560 low. Bitcoin price is now buying and selling close to the $20,000 degree and the 100 hourly easy shifting common.

On the upside, a direct resistance is close to the $20,125 degree. It is close to the 61.8% Fib retracement degree of the latest decline from the $20,473 swing excessive to $19,560 low. There can also be a significant bearish development line forming with resistance close to $20,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $20,350 and $20,500 ranges. A transparent transfer above the $20,500 resistance would possibly ship the price in the direction of $21,200. Any extra good points would possibly begin a gentle transfer in the direction of the $22,000 resistance zone.

Dips Limited in BTC?

If bitcoin fails to clear the $20,200 resistance zone, it might begin one other decline. An quick help on the draw back is close to the $19,850 zone.

The subsequent main help sits close to the $19,550 degree. The fundamental help sits close to the $19,500 degree. A break beneath the $19,500 help would possibly begin a pointy decline to $19,000. Any extra losses would possibly name for a transfer to $18,500 within the close to time period.

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 – $19,850, adopted by $19,500.

Major Resistance Levels – $20,200, $20,350 and $20,500.

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