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TA: Bitcoin Bears Keep Pushing, Why BTC Is At Make-or-Break Levels

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Bitcoin
01
Sep

Bitcoin is still consolidating near the $20,000 zone against the US Dollar. BTC must clear the $20,550 resistance zone to start a steady increase.

  • Bitcoin is still struggling to gain pace above the $20,550 resistance.
  • The price is now trading near the $20,000 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $20,330 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $20,350 zone and $20,550 to start a fresh increase.

Bitcoin Price Faces Hurdles

Bitcoin price remained well supported above the $19,550 zone. BTC formed a base and started a fresh upward move above the $20,000 resistance zone.

There was a push above the $20,200 level and the 100 hourly simple moving average. The price even cleared the 61.8% Fib retracement level of the downward move from the $20,576 swing high to $19,555 low. However, the price stayed below the $20,550 resistance zone.

Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level.

There is also a key bearish trend line forming with resistance near $20,330 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the downward move from the $20,576 swing high to $19,555 low.

Source: BTCUSD on TradingView.com

The next major resistance sits near the $20,550 and $20,575 levels. A clear move above the $20,575 resistance might send the price towards $21,000. Any more gains might start a steady move towards the $22,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $20,550 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.

The next major support sits near the $19,800 level. The main support sits near the $19,550 level. A break below the $19,550 support might spark a sharp move to $19,000. Any more losses might call for a move to $18,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $19,880, followed by $19,500.

Major Resistance Levels – $20,350, $20,550 and $21,000.

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