- Bitcoin price began to rise to more than $20,000.
- price is now above $19,500 and 55 simple moving averages (4 hours).
- breaks the key bearish trend line on the 4-hour chart of the BTC/USD pair with resistance around $19,200 (data from Coinbase).
- If it explicitly rises above $20,400, the pair may continue to rise.
Bitcoin price rose to above USD 20,000. If the $20,400 region is clearly broken, BTC may gain bullish momentum.
Bitcoin price analysis
Bitcoin price began to rise sharply from the support area of US$18,650. Steady gains above the resistance levels of $19,200 and $19,500.
breaks through the key bearish trend line on the 4-hour chart of the BTC/USD pair with resistance around $19,200. The uptrend gains strength above $19,500. The pair broke through the $20,000 mark and closed above the 55 simple moving average (4 hours).
forms a high point around US$20,420, and the price is now correcting the gains . There is a slight fluctuation below $20,200. The price decline tested the 23.6% Fibonacci retracement level from the $18,659 swing low to the $20,420 high.
It now trades over $20,000 and 55 simple moving averages (4 hours). The direct resistance to the upward is around $20,250. The first major resistance is around $20,400. The next major resistance to the upward trend of
is around $20,500, above which the price may rise to the $21,250 area. More gains could push prices into the $22,000 area. Without an upward breakout, the price may begin a downward correction below $20,000.
The next key support is around $19,500. It approached the 50% Fibonacci retracement level from the $18,659 swing low to the $20,420 high.
More losses may require moving towards the $19,200 support area. The main support is around $19,650.
From the chart, the price of Bitcoin is significantly higher than the $19,500 and the 55 simple moving average (4 hours). Overall, if it significantly rises above $20,400 in the short term, the price may continue to rise.
Technical indicator
4 hours MACD – MACD is now losing momentum in the bullish area.
4 hours RSI (relative strength index) – RSI is now above 50 levels.
Key support levels – $20,000 and $19,800.
Key resistance levels – $20,400, $20,500 and $21,250.
In the crypto industry, if you want to seize the next bull market opportunity, you have to have a high-quality circle, so that everyone can join forces to keep warm and maintain insight. If you are the only one, looking around at a loss and finding that there is no one, it is actually very difficult to persevere in this industry.
Thanks for reading, see you next time
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