Bitcoin price is currently consolidating below $20,650 against the US Dollar. BTC could start a fresh rally if it clears the 100 hourly SMA and then $20,650. Bitcoin is holding gains above the key $20,250 and $20,000 support levels. The price is trading below $20,650 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the 100 hourly SMA and $20,650. Bitcoin Price Remains Stable Bitcoin price found support near the $20,250 zone after a minor downside correction. BTC bulls were active above the $20,000 and $20,250 levels. A low was formed near $20,250 before the price slowly moved higher. There was a move above the $20,450 resistance level. The price was able to clear the 23.6% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low. Bitcoin price is trading below $20,650 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $20,620 zone and the 100 hourly simple moving average. The first major resistance sits near the $20,650 level and the bearish trend line. The trend line is near the 50% Fib retracement level of the key drop from the $21,075 swing high to $20,250 low. Source...
