Bitcoin Price Forms Short-Term Bullish Pattern, Why BTC Could Rise To $20K

1 month ago 33

Bitcoin terms is consolidating adjacent the $19,000 level against the US Dollar. BTC seems to beryllium forming a short-term bullish signifier and mightiness emergence towards $20,000.

  • Bitcoin is struggling to summation gait for a determination supra the $19,200 level.
  • The terms is trading beneath supra $19,400 and the 100 hourly elemental moving average.
  • There is simply a caller connecting bearish inclination enactment forming with absorption adjacent $19,200 connected the hourly illustration of the BTC/USD brace (data provender from Kraken).
  • The brace could commencement a caller summation unless determination is simply a wide determination beneath the $18,950 level.
Bitcoin Price Remains In A Range

Bitcoin terms was seen trading successful a scope beneath the $20,000 absorption zone. BTC adjacent settled beneath the $19,500 level and the 100 hourly elemental moving average.

The past plaything debased was formed adjacent $18,860 earlier determination was a insignificant upside correction. The terms was capable to wide the 23.6% Fib retracement level of the downward determination from the $19,560 plaything precocious to $18,860 low. The bulls adjacent pushed the terms supra the $19,200 level.

However, the bears were progressive supra the $19,200 level. Bitcoin terms struggled to wide the 50% Fib retracement level of the downward determination from the $19,560 plaything precocious to $18,860 low.

It is present trading beneath supra $19,400 and the 100 hourly elemental moving average. It seems similar determination is simply a short-term inverse caput and shoulders signifier forming with breakdown enactment astatine $18,950. On the upside, an contiguous absorption is adjacent the $19,200 level. There is besides a caller connecting bearish inclination enactment forming with absorption adjacent $19,200 connected the hourly illustration of the BTC/USD pair.

Source: BTCUSD connected TradingView.com

A wide determination supra the inclination enactment mightiness nonstop the terms towards the $19,500 resistance. Any much gains mightiness commencement a dependable summation towards the $20,000 absorption zone.

More Losses successful BTC?

If bitcoin fails to emergence supra the $19,200 absorption zone, it could proceed to determination down. An contiguous enactment connected the downside is adjacent the $18,950 zone.

The adjacent large enactment is adjacent the $18,860 zone. A downside interruption beneath the $18,860 enactment portion nonstop the terms towards the $18,550 level. Any much losses mightiness telephone for a driblet towards the $17,800 enactment zone.

Technical indicators:

Hourly MACD – The MACD is present gaining gait successful the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is present beneath the 50 level.

Major Support Levels – $18,950, followed by $18,860.

Major Resistance Levels – $19,200, $19,500 and $20,000.

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