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TA: Bitcoin Price Trades Heavy, Why BTC Could Soon Test $20K
Bitcoin is struggling to recover above $21,500 against the US Dollar. BTC is consolidating and remains at a risk of a move towards the $20,000 support.
- Bitcoin is consolidating above $21,000 and facing a lot of hurdles.
- The price is now trading above the $21,200 level and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover higher, but upsides might be limited above the $22,000 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin price remained well bid above the $21,000 support zone. BTC formed a base above $21,000 and started a consolidation phase.
There was a minor upward move above the $21,250 and $21,350 levels. The price was able to surpass the $21,500 level and the 100 hourly simple moving average. However, the bears were active near the $21,640 resistance zone.
It seems like the 23.6% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low is acting as a strong resistance. Bitcoin price is now trading above the $21,200 level and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $21,500 and $21,640 levels. The first major resistance on the upside sits near the $22,000 level.
If there is an upside break above the $22,000 resistance zone, the price may perhaps rise towards the $22,500 resistance zone. There is also a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The trend line is near the 50% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low. Any more gains might send the price towards the $23,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $22,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $21,000 level.
The next major support now sits near the $20,800 level. A clear move below the $20,800 support and the last swing low might spark a fresh decline. In the stated case, the price might decline towards the $20,000 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $21,000, followed by $20,800.
Major Resistance Levels – $21,640, $22,000 and $22,500.
