BTCUSD on TradingView.com<\/a><\/p>\nThe first major resistance sits near the $20,400 level. The next major resistance might be $20,500. A clear move above the $20,500 resistance might send the price towards the $21,200 resistance. Any more gains might set the pace for a steady increase towards the $22,000 resistance zone.<\/p>\n
Downside Correction in BTC?<\/h2>\n If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.<\/p>\n
The next major support is near the $19,800 zone. It is near the 50% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. A downside break and close below $19,800 might open the doors for a fresh test of the $19,500 support.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\n
Major Support Levels \u2013 $20,200, followed by $19,800.<\/p>\n
Major Resistance Levels \u2013 $20,300, $20,400 and $20,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a strong rally above $19,650 against the US Dollar. BTC is trading above $20,000 and could gain momentum above the $20,500 resistance. Bitcoin started a strong increase above the $19,500 and $19,650 resistance levels. The price is trading above $20,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another increase if there is a clear move above the $20,500 resistance. Bitcoin Price Starts Fresh Surge Bitcoin price remained well bid above the $19,000 and $19,200 support levels. BTC formed a base and started a fresh increase above the $19,650 resistance levels. It gained over 5% and there was a clear move above the $20,000 resistance. During the increase, there was a move above a connecting bearish trend line forming with resistance near $19,300 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average. A high was formed near $20,400 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. On the upside, an immediate resistance is near the $20,300 level. There is also a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The first major resistance sits near the $20,400 level. The next major resistance might be $20,500. A clear move above the $20,500 resistance might send the price towards the $21,200 resistance. Any more gains might set the pace for a steady increase towards the $22,000 resistance zone. Downside Correction in BTC? If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone. The next major support is near the $19,800 zone. It is near the 50% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. A downside break and close below $19,800 might open the doors for a fresh test of the $19,500 support. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone. Major Support Levels \u2013 $20,200, followed by $19,800. Major Resistance Levels \u2013 $20,300, $20,400 and $20,500.<\/p>\n","protected":false},"author":67,"featured_media":458433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-507878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
Bitcoin Price Rally Could Gather Pace Above $20.5K: Why Bulls Are In Control<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n