Bitcoin price is currently consolidating below $20,650 against the US Dollar. BTC could start a fresh rally if BTC clears the 100 hourly SMA and then $20,650.
- Bitcoin is holding above the key $20,250 and $20,000 support levels.
- The price is trading below $20,650 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it clears the 100 hourly SMA and $20,650 then the pair can start another rise.
bitcoin price remains stable
After a minor decline, bitcoin price found support near the $20,250 area. BTC bulls are active above the $20,000 and $20,250 levels.
A low was formed near $20,250 before gradually rising higher. A move above the $20,450 resistance level. The price was able to clear the 23.6% Fib retracement level of the key decline from the $21,075 high to $20,250 low.
Bitcoin price is trading below $20,650 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $20,620 area and the 100 hourly simple moving average. The first major resistance is near the $20,650 level and the bearish trend line. The trend line is near the 50% Fib retracement level of the major decline from the $21,075 high to $20,250 low.
Source: BTCUSD on TradingView.com
A clear move above the $20,650 area could propel the price higher. The next major resistance is still near the $21,000 level, above which the price could start a fresh rally. In the specified case, the price is likely to move towards the $22,500 resistance area.
More losses in BTC?
If bitcoin fails to rise above the $20,650 resistance area, there could be a gradual decline. On the downside, immediate support is near the $20,320 area.
The next major support is near the $20,250 area. The main support sits at $20,000, below which the bears are likely to target a major correction. In this case, the price could decline towards the $19,200 level.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Key Support Level – $20,320, followed by $20,250.
Key Resistance Levels – $20,650, $20,700 and $21,000.