Bitcoin consolidating above the $20,000 level against the US Dollar. BTC needs to break the $20,800 resistance level to resume its uptrend in the short-term. Bitcoin has retconned gains and tested the $19,800 support level. The price is now up above $20,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with a one on the hourly chart of the BTC/USD pair Resistance near $20,550. It could gain bullish momentum if the pair breaks the $20,550 and $20,800 resistance levels.
Bitcoin price is facing resistance
Bitcoin price failed to break $21,700 and corrected gains. There was a downside correction below the $21,000 support level. The price fell below the 23.6 percent Fib retracement level of the bullish move from the $17,600 swing low to the $21,700 swing high. The bears pushed the price below the $20,500 support zone and the 100 hourly simple moving average.
On the downside, the bulls have been active above the $19,650 and $19,800 support levels. Bitcoin also remained above the 50% Fib retracement level of the bullish move from the $17,600 swing low to the $21,700 swing high.
It is now trading above the $20,000 level and above the 100 hourly simple moving average. On the upside, immediate resistance is near $20,550. There is a key bearish trend line forming with resistance near $20,550 on the hourly chart of the BTC/USD pair.
The first significant resistance is near $20,800. A clear move above $20,800 could trigger a decent surge. The next major resistance level is $21,220, above which the bulls could gain strength for a steady climb.
More bitcoin losses?
If bitcoin fails to break the $20,800 resistance level, it could fall further. On the downside, immediate support is near $20,200 and the 100 hourly SMA.
The first significant support is around the $20,000 level. The main support is now around $19,650. A break below the $19,650 support level could resume the decline in the near term. In the scenario above, the price could drop to $18,800. Much luck!
Source: Crypto News Deutsch