TA: Bitcoin Price Seems Primed For A Strong Wave Above $21K
Bitcoin is moving higher and trading above the $20,000 zone against
the US Dollar. BTC could surge if there is a clear move above
$20,580 and $20,730. Bitcoin is showing a few positive signs above
the $20,000 support zone. The price is now trading above the
$20,000 level and the 100 hourly simple moving average. There is a
major bullish trend line forming with support near $19,800 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could start a strong upward move if there is a close above the
$20,580 level. Bitcoin Price Aims Fresh Increase Bitcoin price
stayed well above the $19,500 support zone. BTC formed a low near
the $19,750 level and started another increase above the $20,000
resistance zone. There was a steady move and the price climbed
above the 50% Fib retracement level of the downward move from the
$20,732 swing high to $19,750 low. The price is now trading above
the $20,000 level and the 100 hourly simple moving average. There
is also a major bullish trend line forming with support near
$19,800 on the hourly chart of the BTC/USD pair. Bitcoin price is
now trading comfortably near the $20,500 zone and the 76.4% Fib
retracement level of the downward move from the $20,732 swing high
to $19,750 low. Source: BTCUSD on TradingView.com On the upside,
the price is facing resistance near the $20,550 and $20,580 levels.
The next key resistance is near the $20,730 zone. A close above the
$20,730 resistance zone could open the doors for a strong increase.
In the stated case, the price could rise towards the $21,500 level.
The next major resistance sits near the $22,200 level. Fresh
Decline in BTC? If bitcoin fails to clear the $20,730 resistance
zone, it could start a downside correction. An immediate support on
the downside is near the $20,200 level. The next major support now
sits near the $19,800 level or the trend line zone. A close below
the $19,800 support zone could push the price to $19,500. In the
stated case, there is a risk of a move towards the $18,750 level.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$20,200, followed by $19,800. Major Resistance Levels – $20,580,
$20,730 and $21,200.
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