Bitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing strong resistance near the 100 hourly SMA.
Bitcoin started a minor upside correction and climbed above the $20,000 resistance. The price now trades below the $20,500 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). To continue higher, the pair must clear the $20,400 zone and the 100 hourly SMA zone.
Bitcoin price found support near the $19,525 zone and started a minor upside correction. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.
There was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair.
The pair climbed above the 23.6% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low.However, the price is now facing a major resistance near the $20,400 zone and the 100 hourly simple moving average.
The bulls made a couple of attempts to clear the 100 hourly simple moving average but failed. Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average.
On the upside, immediate resistance is near the $20,350 level and the 100 hourly SMA. The next major resistance sits near the $20,700 level.
The 50% Fib retracement level of the key decline from the $21,875 swing high to the $19,525 low is also near the $20,700 level to act as a resistance. Any more gains might send the price towards the $21,000 resistance zone.
If bitcoin fails to clear the $20,400 resistance zone, it could start another decline. Immediate support on the downside is near the $20,000 zone.
The next major support sits near the $19,850 level. A break below the $19,850 support might push the price further lower. In the stated case, the price might decline towards the $19,525 low in the coming sessions. - newsbtc
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