Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC is stable above $20,000 and might start a fresh increase.
- Bitcoin is holding gains above the $20,000 and $20,200 levels.
- The price is trading above $20,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $20,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another upward move if there is a clear move above the $20,500 resistance.
Bitcoin Price Reaches Key Support
Bitcoin price started a fresh increase above the $20,000 and $20,500 resistance levels. BTC even traded above the $20,800 level and tested the $21,000 resistance zone.
A high was formed near $21,021 before there was a downside correction. The price declined below the $20,800 and $20,500 levels. It even broke the 23.6% Fib retracement level of the key increase from the $19,266 swing low to $21,021 high.Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average. It seems to be holding gains above the $20,000 and $20,200 levels.
The price also tested the 50% Fib retracement level of the key increase from the $19,266 swing low to $21,021 high. On the upside, an immediate resistance is near the $20,400 zone. There is also a key bearish trend line forming with resistance near $20,440 on the hourly chart of the BTC/USD pair.