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Bitcoin is struggling to gain momentum above $20,000 against the US Dollar. BTC could rise steadily if there is a clear move above the $20,200 resistance zone.
Bitcoin is stuck near the $20,000 zone and trading below the $20,550 resistance. The price now trades near the $20,000 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if it clears the $20,200 zone and $20,550 resistance levels. Bitcoin Price Stuck Near $20K Bitcoin price traded in a range and remained well supported above the $19,550 zone.
BTC also struggled to clear the $20,500 resistance zone. Recently, there was a fresh drop below the $20,000 level. However, the bulls were active near the $19,500 zone.
A low was formed near $19,560, and the price increased significantly. There was a move above the $19,800 and $20,000 levels.
The bulls pushed the price above the 50% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low.
Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average. On the upside, immediate resistance is near the $20,125 level.
It is near the 61.8% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low. There is also a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair.
The next major resistance sits near the $20,350 and $20,500 levels. A clear move above the $20,500 resistance might send the price towards $21,200.
Any more gains might start a steady move towards the $22,000 resistance zone. Dips Limited in BTC?If bitcoin fails to clear the $20,200 resistance zone, it could start another decline.
Immediate support on the downside is near the $19,850 zone.The next major support sits near the $19,550 level. The main support sits near the $19,500 level.
A break below the $19,500 support might start a sharp decline to $19,000. Any more losses might call for a move to $18,500 in the near term. - newsbtc
