Bitcoin is moving higher and trading above the $20,000 zone against the US Dollar. BTC could surge if there is a clear move above $20,580 and $20,730.
- Bitcoin is showing a few positive signs above the $20,000 support zone.
- The price is now trading above the $20,000 level and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $19,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong upward move if there is a close above the $20,580 level.
Bitcoin Price Aims Fresh Increase
Bitcoin price stayed well above the $19,500 support zone. BTC formed a low near the $19,750 level and started another increase above the $20,000 resistance zone.
There was a steady move and the price climbed above the 50% Fib retracement level of the downward move from the $20,732 swing high to $19,750 low. The price is now trading above the $20,000 level and the 100 hourly simple moving average.
Source:On the upside, the price is facing resistance near the $20,550 and $20,580 levels. The next key resistance is near the $20,730 zone. A close above the $20,730 resistance zone could open the doors for a strong increase. In the stated case, the price could rise towards the $21,500 level. The next major resistance sits near the $22,200 level.