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 Greenback. 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 under the $20,550 resistance.
• The value is now buying and selling close to the $20,000 degree and the 100 hourly easy transferring common.
• There’s a main bearish pattern 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 gradual improve if it clears the $20,200 zone and $20,550 resistance ranges.

Bitcoin Worth Caught Close to $20K

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

Just lately, there was a contemporary drop under the $20,000 degree. Nevertheless, the bulls had been lively close to the $19,500 zone. A low was shaped close to $19,560 and the worth began an honest improve. There was a transfer above the $19,800 and $20,000 ranges.

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

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

Supply: BTCUSD on TradingView.com

The following main resistance sits close to the $20,350 and $20,500 ranges. A transparent transfer above the $20,500 resistance would possibly ship the worth in direction of $21,200. Any extra positive factors would possibly begin a gradual transfer in direction of the $22,000 resistance zone.

Dips Restricted in BTC?

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

The following main help sits close to the $19,550 degree. The primary help sits close to the $19,500 degree. A break under 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 Energy Index) – The RSI for BTC/USD is now above the 50 degree.

Main Help Ranges – $19,850, adopted by $19,500.

Main Resistance Ranges – $20,200, $20,350 and $20,500.