Bitcoin price finally bounced back and stabilized above $20,000. Currently, BTC is facing the SMA100 and a strong resistance. Here is a summary of Bitcoin price in the past 24 hours:
- BTC set on a new rally and surpassed the $20,000 level.
- Currently, BTC is trading at $20,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart we see a broken downtrend at $20,000.
- In order to have short-term growth, Bitcoin price must break the $20,400 and the SMA100 indefinitely.
Bitcoin Price Action Analysis
BTC found strong support at $19,525 and bounced back. With that, the price surpassed $19,700 and $19,800 and formed a recovery pattern. Then, it finally broke the $20,000 resistance level and a critical downtrend right on this level. Subsequently, BTC penetrated above the 23.6% Fibonacci retracement level from the latest fall from $21,875 to $19,525.
At the moment, BTC is trading at $20,400 and is attempting to surpass the SMA100. Despite multiple efforts by the buyers to move above this line, BTC has failed so far. Currently, Bitcoin price is below $20,500 and the 1-hour candles are below the SMA100.
The first resistance level for Bitcoin is at $20,350 and the SMA100. After that, the $20,700 near the 50% Fibonacci retracement level will come next. Further growth can push BTC toward $21,000.
On the other hand, if Bitcoin price fails to surpass $20,400, there will be a new correction ahead. In which case, the $20,000 is the first support level for the price. Following that the $19,850 will be the next support level and losing it would be detrimental. For this scenario, BTC will once again go for $19,525.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $20,400, $20,700 and $21,000 are crucial resistance levels for BTC.
Support levels: The $19,850 and $19,525 are currently the key support levels for the price.
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