Bitcoin price remained well bid above the $20,000 support zone. BTC is consolidating and might start a fresh rally if it clears the $20,500 resistance zone. Bitcoin traded in a range above the key $20,000 support zone. The price is trading below $20,500 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $20,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could a fresh rally if it clears the 100 hourly SMA and $20,500. Bitcoin Price Consolidates Bitcoin price started a downside correction below the $20,600 and $20,500 levels. BTC even traded below the $20,250 level and settled below the 100 hourly simple moving average. However, the bulls were active near the $20,000 zone. A low was formed near $20,059 and the price is now consolidating losses. There was a minor increase above the $20,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $20,865 swing high to $20,060 low. Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level. The first major resistance is near the $20,500 level and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $20,500 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward...
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