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TA: Bitcoin gained pace Jumps 5%, Why BTC Can Offer Trade Openings On Dips

Bitcoin gained pace and cleared the resistance level of $19,500 against the US dollar at the time of scripting. 

Bitcoin is resistant and it has gained pace. It might be lower than S19500 in the short term.

  • Bitcoin gained pace above the resistance level of $19500 and $19,600 levels at the time of writing.
  • Bitcoin price is now trading over the level of the $20,000 level and the 100 hourly simple moving
  • average at the time of scripting.
  • At the time of scripting, there was a move above the bitcoin key bearish trends line.  The resistance is near 19,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Bitcoin has gained pace, and the pair is tested above the resistance zone of $20,500 at the time of writing

Bitcoin Gained Pace

The BTC price of forming a base above the support zone is $18,720.  

As a result, BTC started a decent increase and broke the $19,500 resistance zone.

Furthermore, there was a clear move above the key bearish trend line with resistance near $19,460 on the hourly chart of the BTC/USD pair. 

Even the price broke the $20,000 resistance. It is settled above the 100 hourly simple moving average.

Bitcoin climbed above the 76.4% Fib retracement level of the key drop from the $20,500 swing high to the $18,735 low. However, the bulls struggled to pump the price above the $20,500 resistance zone at the time of writing.

In addition, a high is forming near $20,450, and the price is consolidating gains. Bitcoin has gained pace and is trading above the 23.6% Fib retracement level of the recent increase from the $18,738 swing low to the $20,450 high. 

On the upside, the price is facing resistance near the $20,450 and $20,500 levels.

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 well above the 50 levels.

Major Support Levels – $20,000, followed by $19,500.

Major Resistance Levels – $20,500, $20,920 and $21,500.

Read More: Visa launches exclusive ‘no-limit’ Bitcoin card in UAE



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