TA: Bitcoin Price Is Forming An Uptrend, Why BTC Might Recover Above $20,000 Cryptocurrency

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TA: Bitcoin Price Is Forming An Uptrend, Why BTC Might Recover Above $20,000 Cryptocurrency

Bitcoin price is holding gains above the $19,000 level against the US Dollar. BTC could rally if there is a clear move above the $19,660 resistance zone.

  • Bitcoin remained stable and consolidated above the $19,000 support zone.
  • The price is trading above $19,100 and the 100 hourly simple moving average.
  • A key bullish trend line is forming with support near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start a new push if there is a clear move above the $19,660 resistance zone.

Bitcoin price consolidates

Bitcoin price launched a wave of recovery from the $18,500 support zone. The BTC bulls remained active above the $18,500 level and managed to push the price above the $19,000 resistance zone.

There was a clear move above the 50% Fib retracement level of the key decline from the swing high of $20,382 to $18,486 low. The price even climbed above the $19,500 resistance zone, but the bears were active near the $19,650 and $19,660 levels.

Bitcoin price is now consolidating above $19,100 and the 100 hourly simple moving average. A key bullish trend line is also forming with support near $19,220 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $19,500 level. The next major resistance is near the $19,660 area. It is near the 61.8% Fib retracement level of the key swing decline from the $20,382 swing low to $18,486 low.

bitcoin price

Source: BTCUSD on TradingView.com

A clear move above the $19,660 resistance could trigger a further increase. In the indicated case, the price might even break above the $20,000 resistance zone. The next major resistance is near the $20,500 area, above which the price might possibly revisit the $21,000 area.

Another BTC drop?

If bitcoin fails to break above the $19,660 resistance zone, it could start a fresh decline. Immediate support on the downside is seen near the $19,350 area and the 100 hourly SMA.

The next major support is near the $19,220 area and the uptrend line. Main support is almost $19,000. Any further losses could lead down towards the $18,500 support zone in the next few sessions.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Main support levels – $19,220, followed by $19,000.

Main resistance levels – $19,660, $20,000 and $20,500.

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