Bitcoin Price Analysis: BTC Could Accelerate Higher Above $21K

• Bitcoin price started a fresh increase above the $20,000 zone against the US Dollar.
• The price is now trading above $20,000 and the 55 simple moving average (4-hours).
• There is a key contracting triangle forming with resistance near $20,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
• The pair could continue to rise if there is a clear move above $21,000 level.

Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $21,000 zone.

Bitcoin Price Analysis

Bitcoin price started a steady increase from the $19,000 support zone. The price gained and cleared many hurdles near the $19,500 and $19,800 levels.

There was a clear move above the $20,000 level and the 55 simple moving average (4-hours). The bulls gained pace for a move above the $20,500 zone. The price even spiked above the $21,000 resistance zone and formed a high near $21,080.

Recently, there was a downside correction below the $20,800 level. There was break below the $20,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $18,660 swing low to $21,080 high.

The price is now trading above $20,000 and the 55 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $20,600 on the 4-hours chart of the BTC/USD pair.

An immediate resistance on the upside is near the $20,600 level. The first major resistance is near the $21,000 level. The next major resistance on the upside is near the $21,500 level, above which the price could rise towards the $22,500 zone.

Any more gains might send the price towards the $24,000 zone. If there is no upside break, the price might start a downside correction below $20,400.

The next key support is near the $19,880 level. It is close to the 50% Fib retracement level of the upward move from the $18,660 swing low to $21,080 high. Any more losses might call for a move towards the $19,500 support zone. The main support sits near the $19,200 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $20,400 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $21,000 level in the near term.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $20,400 and $20,000.

Key Resistance Levels – $20,600, $20,800 and $21,000.

Tags: bitcoin, BTC