Bitcoin price is currently consolidating around $20,000. In case BTC manages to surpass $20,550, there could be a significant recovery pattern ahead. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin is showing bullish signs above the $20,000 level.
- Currently, the price is above $20,000 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance at $20,340.
- In order to turn bullish, BTC must surpass the $20,340 and $20,550 indefinitely.
Bitcoin Price Action Analysis
Bitcoin had a recovery and moved back above $20,000. At some point, BTC surpassed $20,200 and the SMA100 and had a spike all the way up to $20,500. Despite that, the sellers took control and Bitcoin peaked at $20,576 before having a correction. With that, BTC fell back down below $20,000 and the SAM100 but managed to regain $19,500. The lowest recorded price in the past few hours has bee $19,555 before recovering. Subsequently, BTC moved above the 50% Fibonacci retracement level from the latest fall from $20,576 to $19,555. Currently, the price is above $20,000 and the 1-hour candles are above the SMA100.
The first resistance level for BTC is at $20,340. On the 1-hour chart, we see a new downtrend forming with resistance at $20,340. Furthermore, this line is also close to the 76.4% Fibonacci retracement level from the latest fall. After that, the $20,550 will be the key resistance level for BTC. Surpassing this level could bring Bitcoin up to $21,000 and ultimately the $22,000.
On the other hand, if Bitcoin price fails to surpass $20,550, there will be a new downtrend. In which case, the $20,000 will be the first support level followed by $19,780. Losing the $19,780 could result in a rapid decline. In that regard, continues bearish action in short-term can bring BTC all the way down to $19,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $20,340, $20,550 and $21,000 are crucial resistance levels for BTC.
Support levels: The $19,780 and $19,500 are currently the key support levels for the price.
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