Bitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing a strong resistance near the 100 hourly SMA.
- Bitcoin started a minor upside correction and climbed above the $20,000 resistance.
- The price is now trading below the $20,500 level and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $20,400 zone and the 100 hourly SMA to continue higher.
Bitcoin Price Faces Hurdles
Bitcoin price found support near the $19,525 zone and started a minor upside correction. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.
There was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low.However, the price is now facing a major resistance near the $20,400 zone and the 100 hourly simple moving average. The bulls made a couple of attempts to clear the 100 hourly simple moving average but failed.
Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level and the 100 hourly SMA. The next major resistance sits near the $20,700 level.
Source:The 50% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low is also near the $20,700 level to act as a resistance. Any more gains might send the price towards the $21,000 resistance zone.
