Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge

Bitcoin worth is displaying optimistic indicators above $20,000 towards the US Greenback. BTC might begin a powerful 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’s a key bullish pattern line forming with assist 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’s a clear transfer above the $20,500 resistance.

Bitcoin Value Stays Supported

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

There was a transfer beneath the $20,000 assist zone, however the worth remained supported properly above the 100 hourly easy shifting common. It traded as little as $19,754 and lately began a contemporary enhance. 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’s now buying and selling above $20,100 and the 100 hourly easy shifting common. Apart from, there may be additionally a key bullish pattern line forming with assist 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 following main resistance sits close to the $20,500 zone.

Supply: BTCUSD on TradingView.com

A correct shut above the $20,500 resistance may begin one other enhance. Within the said case, the value might even surpass the $21,000 resistance zone. Within the said case, the bulls may goal a transfer in the 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. A right away assist on the draw back is close to the $20,200 zone.

The following main assist is close to the $20,100 zone and the pattern line. A draw back break beneath the pattern line may ship the value in the direction of $19,750. The primary assist is close to $19,500, beneath which the value may begin a gentle decline.

Technical indicators:

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

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

Main Assist Ranges – $20,200, adopted by $20,000.

Main Resistance Ranges – $20,500, $21,200 and $22,000.