Bitcoin Price Holds Ground, Why Close above $20K Is The Key

Bitcoin is holding the important thing $18,500 assist zone in opposition to the US Greenback. BTC should settle above the $20,000 resistance zone to maneuver right into a optimistic zone.

• Bitcoin is struggling to achieve momentum above the $19,500 resistance zone.
• The value is buying and selling beneath $19,000 and the 100 hourly easy shifting common.
• There’s a key bearish pattern line forming with resistance close to $19,020 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may stage a recent rally if there’s a clear transfer above the $19,500 resistance zone.

Bitcoin Worth Consolidates

Bitcoin worth made one other try and clear the $19,500 resistance zone. Nevertheless, BTC struggled and shaped a short-term high close to the $19,400 stage.

A excessive was shaped close to $19,392 and the worth declined. There was a transfer beneath the $19,000 stage and the 100 hourly easy shifting common. The pair traded as little as $18,645 and is at present consolidating losses. There was a minor enhance above the $18,800 stage.

Bitcoin worth climbed above the 23.6% Fib retracement stage of the current decline from the $19,392 swing excessive to $18,645 low. On the upside, an instantaneous resistance is close to the $19,000 stage and the 100 hourly easy shifting common.

There’s additionally a key bearish pattern line forming with resistance close to $19,020 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement stage of the current decline from the $19,392 swing excessive to $18,645 low.

Supply: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $19,500 zone. An in depth above the $19,500 stage would possibly begin a recent surge to $20,000. Any extra positive aspects would possibly begin a gradual enhance and the worth would possibly rise in the direction of the $21,500 resistance zone.

Contemporary Decline in BTC?

If bitcoin fails to get well above the $19,500 zone, it may begin a recent decline. A direct assist on the draw back is close to the $18,650 zone.

The subsequent main assist is close to the $18,500 stage. A transparent transfer beneath the $18,500 zone may set the tempo for a recent decline. Within the acknowledged case, the worth might even check the $17,500 stage.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now slightly below the 50 stage.

Main Assist Ranges – $18,650, adopted by $18,500.

Main Resistance Ranges – $19,000, $19,350 and $19,500.