Bitcoin Inching Higher, Why BTC Could Rally To New ATH Above $20K

Bitcoin price is up over 5% and is trading above the $ 19,500 level against the US dollar. BTC bulls appear to be targeting a new all-time high above the USD 20,000 resistance.

  • Bitcoin is rising steadily and has cleared a major hurdle at $ 19,500.
  • The price was $ 19,860, which is now well above the 100-hour simple moving average.
  • A major contraction triangle is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 19,800.
  • The pair could start a sharp rise once it hits the $ 19,800 and $ 19,850 levels.

Bitcoin price is approaching $ 20,000

Yesterday we saw the start of a decent spike in Bitcoin price above the $ 18,500 resistance. BTC stayed in a positive zone, removing the USD 19,000 resistance.

The price even surged above the $ 19,500 resistance and traded until a new year 2020. Bitcoin price was $ 19,860, which is now well above the 100-hour simple moving average. Recently there has been a minor downward correction below the 23.6% fib retracement level of the recent wave from the low of $ 18,335 to the high of $ 19,860.

There was a spike below the $ 19,200 level, but the drops were limited. The 50% fib retracement level of the recent wave from the low of $ 18,335 to the high of $ 19,860 was strong support.

Source: BTCUSD on TradingView.com

Bitcoin formed a support base near $ 19,200 and is currently trading above $ 19,500. A major contraction triangle is also forming on the hourly chart of the BTC / USD pair with resistance near USD 19,800.

If there is a significant break above the triangle resistance and $ 19,860, the price could trigger a sharp spike in the upcoming sessions. In that case, the bulls could be targeting new all-time highs above the $ 20,000 level.

Downward correction in BTC?

If Bitcoin fails to remove the triangular resistance at $ 19,800, a short-term downward correction may occur. Initial downside support is near the lower trendline of the triangle at $ 19,550.

A significant break below the triangle support could trigger a longer decline towards $ 19,200. The next major support below the $ 19,200 level is near the $ 18,800 level (a multi-touch zone).

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently correcting from 70.

Major Support Levels – $ 19,550, followed by $ 19,200.

Main Resistance Levels – $ 19,800, $ 19,860, and $ 20,000.

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