Bitcoin Faces Another Rejection, Can Bulls Save The Day
Bitcoin price remained supported above the $19,500 zone. BTC started another increase and climbed above the $20,000 resistance zone. There was a spike above the $20,500 resistance zone but the bulls failed to gain strength. A high was formed near $20,732 and the price corrected gains. There was a drop below the $20,200 and $20,000 support levels.
Bitcoin traded below the 50% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high. It is now trading above the $19,500 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,550 on the hourly chart of the BTC/USDT pair.
On the upside, the price is facing resistance near the $20,000 and $20,200 levels. The next key resistance is near the $20,500 zone. A close above the $20,500 resistance zone could open the doors for a decent increase. In the stated case, the price could climb towards the $21,200 level. The next major resistance sits near the $21,500 level.
If bitcoin fails to clear the $20,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,650 level. It is near the 76.4% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high.
The next major support now sits near the $19,500 level or the trend line zone. A close below the $19,500 support zone could increase selling pressure. In the stated case, the price may perhaps decline towards the $18,740 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $19,650, followed by $19,500.
Major Resistance Levels – $20,200, $20,500 and $21,200.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Bitcoin traded below the 50% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high. It is now trading above the $19,500 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,550 on the hourly chart of the BTC/USDT pair.
On the upside, the price is facing resistance near the $20,000 and $20,200 levels. The next key resistance is near the $20,500 zone. A close above the $20,500 resistance zone could open the doors for a decent increase. In the stated case, the price could climb towards the $21,200 level. The next major resistance sits near the $21,500 level.
If bitcoin fails to clear the $20,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,650 level. It is near the 76.4% Fib retracement level of the upward move from the $19,300 swing low to $20,732 swing high.
The next major support now sits near the $19,500 level or the trend line zone. A close below the $19,500 support zone could increase selling pressure. In the stated case, the price may perhaps decline towards the $18,740 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $19,650, followed by $19,500.
Major Resistance Levels – $20,200, $20,500 and $21,200.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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