TA: Bitcoin Holds Strong Above $19K, Why BTC Could Test and Break $20K

2020-12-15 06:48

Bitcoin price is gaining bullish momentum above $19,400 against the US Dollar. BTC spiked above $19,500 and it could continue to rise towards the $20,000 resistance.

Bitcoin is showing a lot of positive signs above the $19,000 and $19,200 resistance levels. The price is now trading above the $19,400 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher above $19,500 and $19,800 in the near term. Bitcoin Price is Gaining Momentum

After a short-term downside correction from $19,440, bitcoin price found support near $19,000. BTC remained well bid above the $19,000 level and started a fresh increase.

There was a break above the $19,200 and $19,380 resistance levels. The price even broke the $19,440 swing high and extended gains above the $19,500 level. A new monthly high is formed near $19,545 and the price is now trading well above the 100 hourly simple moving average.

Bitcoin price is currently consolidating gains above the $19,400 level. It tested the 23.6% Fib retracement level of the recent increase from the $19,121 swing low to $19,545 high.

Source: BTCUSD on TradingView.com

The next major support is near the $19,330 level. It is close to the 50% Fib retracement level of the recent increase from the $19,121 swing low to $19,545 high. There is also a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair.

On the upside, the price must break the $19,500 and $19,545 levels to continue higher. The next major resistance is near the $19,800 zone. A clear break above $19,800 could increase the chances of a new all-time high above the $20,000 level.

Downsides Supported in BTC?

If bitcoin starts a short-term downside correction, it could find support near the $19,320 level. The first key support is near the bullish trend line or $19,200.

The main support is now forming near the $19,000 zone. A downside break and close below the $19,000 level could start a sharp decline towards the $18,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Levels – $19,320, followed by $19,200.

Major Resistance Levels – $19,500, $19,800 and $20,000.

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above bitcoin resistance btc could continue towards

Источник: newsbtc.com

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