Bitcoin price managed to surpass $19,500 resistance level and is currently above $20,000. At this point, the selling pressure remains consistent and BTC can have another correction in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpass the $19,500 and $19,600 levels.
- 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 with resistance level at $19,460 broken.
- BTC touched the $20,500 level shorty and will likely enter a new correction in short-term.
Bitcoin Price Action Analysis
With a new bottom at $18,720, Bitcoin price set on a new rally and surpassed $19,500. On the 1-hour chart, we see BTC breaking through a key resistance level at $19,460. At some point, the price even surpassed $20,000 and regained its position above the SMA100. With that, BTC penetrated 76.4% Fibonacci retracement level from the latest fall from $20,500 to $18,735. However, the buyers failed to set up a pump above $20,500. The highest recorded price for BTC in the past few hours has been $20,450 before having a correction. Right now, BTC is trading above the 23.6% Fibonacci retracement level form the latest rise from $18,735 to $20,450.
The first resistance level for Bitcoin is at $20,450 to $20,500. However, the key resistance level is at $20,950. In case of a successful break through, there will be more bullish action in short-term. In which case, the price would approach $21,500 and $22,200.
On the other hand, if Bitcoin price fails to surpass $20,500, more decline will follow. For this scenario, the 20,000 is a key support level followed closely by $19,600. This level is near the 50% Fibonacci retracement from the latest rise. In case of losing it, the $19,500 is the last stop before a momentous decline. With that, BTC could fall as low as $18,720.
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 $20,500, $20,950 and $21,500 are crucial resistance levels for BTC.
Support levels: The $20,000 and $19,500 are currently the key support levels for the price.
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