Bitcoin Flaring Above $20,000: BTC May Move Higher If There's An Obvious Breakout

2 mins

Bitcoin is trading above the $20,000 mark against the US Dollar. BTC may flare if there is an obvious move above $20,580 and $20,730.

Bitcoin is trading above the $20,000 level against the US Dollar. BTC may rise if there's a clear break above $20,580 and $20,730.

  • Bitcoin is trading above the $20,000 support level.
  • At the time of writing, the price is trading above $20,000 and the 100-hour simple moving average.
  • A strong bullish trend line is in the process of formation with a support at $19,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • If the price closes above the $20,580 level, the pair could begin a strong upward movement.

Bitcoin Price Eyes Fresh Increase

Bitcoin price remained above the $19,500 support level. BTC formed a low near the $19,750 mark and then started to rise above the $20,000 resistance level.

The price rose above the $20,000 mark and the 100-hour SMA after a steady uptrend. The 50% Fibonacci retracement level of the drop from $20,732 to $19,750 was also broken.

A major bullish trend line has formed with support near $19,800 on the hourly chart of the BTC/USD pair. Bitcoin is trading in the vicinity of $20,500 and at the 76.4% Fib retracement level following a drop from $20,732 to $19,750.

At the moment, the price is facing resistance at the $20,550 and $20,580 levels. The next key resistance is near the $20,730 zone. If it breaks through that zone, there could be a surge in prices; we could see it move up to around $21,500. The next major resistance level sits at around $22,200

Bitcoin saw a drop in its value.

If bitcoin fails to surpass the $20,730 resistance level, it may start a downward correction. An immediate support on the downside is around the $20,200 mark.

The next major support now sits near the $19,800 level or the trend line zone. A close below that could push the price to $19,500. In this case, there is a risk of a move towards the $18,750 level.

Technical indicators:

The MACD is now rising in the bullish zone.

The RSI for BTC/USD is now above the 50 level.

There are two key support levels: $20,200 and $19,800.

At $20,580, $20,730 and $21,200.

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