Bitcoin Slips Under $20,000 – Quick Daily Outlook
Bitcoin is holding above the $19,500 resistance level versus the US dollar. Given the recent gain in ether, BTC could begin a significant
Bitcoin is holding above the $19,500 resistance level versus the US dollar. Given the recent gain in ether, BTC could begin a significant ascent. BITCOIN is trading near $20,000 but below the $20,500 barrier level.
The price has dropped below $20,000 and the 100-hour simple moving average. On the chart of the BTC/USD pair, a key bullish trend line is forming with support near $19,700.
Unless there is a decisive move underneath the $19,600 and $19,500 levels, the pair could begin to rise.
Bitcoin’s Price is Expected to Rise Further
BTC has maintained between $20,500 and $20,550; BTC just created a support base above $19,600 and began an upward correction.
A rise just above the $19,800 resistance line and the 100 hourly simple moving average occurred. The bulls were able to drive the price just above the 50% Fib retracement level of the decline from the swing high of $20,398 to the low of $19,600.
Finally, the price rose well above the $20,000 resistance level. On the other hand, the bears were strong near the $20,100 level. Bitcoin price failed to surpass the 61.8% Fib retracement level of the decline from the swing high of $20,398 to the low of $19,600.
It currently trades below $20,000 and the 100 hourly simple moving average. On the chart of the BTC/USD pair, a key bullish trend line is emerging with support near $19,700.
On the upside, the $19,900 level and the 100 hourly simple moving average act as immediate resistance. The next significant obstacle is located near the $20,100 level. The primary barrier remains between $20,400 and $20,500. A decisive break above the $20,500 resistance level might push the price to $21,200. Any further advances could take the price towards the $22,000 resistance zone.
BTC Downside Break?
If Bitcoin fails to break over the $20,400 barrier level, it may fall further. On the downside, the trend line and the $19,700 zone provide immediate support.
The next big support is around $19,600. The major support is located near $19,500. A clean break below the $19,500 support level could signal the start of a catastrophic downturn. In the aforementioned scenario, the price may challenge the $18,500 support. Good luck!
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