Bitcoin Under Pressure – Downward Trendline to Extend Resistance at $20,500
Bitcoin is still holding near the $20,000 level compared to the US dollar. Bitcoin (BTC) must break through the $20,550 resistance zone to begin a steady rise, but Bitcoin (BTC) is still struggling to gain pace over the $20,550 resistance. The price is currently hovering at $20,000 and the 100 hourly simple moving average.
On the hourly timeframe of the BTC/USD pair, a key negative trend line is forming with resistance near $20,330. To begin a new ascent, the pair must clear the $20,350 and $20,550 levels.
Bitcoin’s Price is Under Pressure
Bitcoin’s price has been comfortably sustained above $19,550. BTC created a base and resumed its upward trend above the $20,000 resistance level.
A push above the $20,200 level and the 100 hourly simple moving average occurred. The price even broke through the 61.8% Fib retracement level of the decline from the swing high of $20,576 to the low of $19,555. The price, however, remained below the $20,550 resistance level.
BITCOIN is trading at $20,000 and the 100 hourly simple moving average. On the upside, an immediate resistance level is near $20,350. On the hourly timeframe of the BTC/USD pair, a key negative trend line is forming with resistance near $20,330. The trend line is close to the 76.4% Fib retracement mark of the decline from the swing high of $20,576 to the low of $19,555.
The next significant barriers are at the $20,550 and $20,575 levels. A clear break above the $20,575 resistance level might push the price above $21,000. Any further increases might trigger a sustained drive towards the $22,000 resistance zone.
Bitcoin Price Drop?
If Bitcoin fails to break through the $20,550 barrier level, it may fall further. On the downside, there is immediate support near the $20,000 level.
The next significant support is located near $19,800. The major support is located near $19,550. A breach below the $19,550 support level might trigger a fast move to $19,000. Any further losses may necessitate a move to $18,500 in the near term. Good luck!
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