Bitcoin Sideways Channel Breakout – BTC to Go After $20,450
Skerdian Meta • 2 min read
Bitcoin is breaking through the $19,500 resistance level versus the US dollar. BTC could surge above $20,000 if it remains just above the $19,000 support level. BITCOIN began to rise steadily and was able to break through the $19,500 barrier level. The price is currently trading over $19,000 as well as the 100 hourly simple moving average.
On the hourly timeframe of the BTC/USD pair, there was a break above a connecting negative trend line with a resistance of approximately $19,220. If the pair breaks through the $20,000 barrier level, it might stage a significant surge.
Bitcoin Price Overcomes Obstacle
Bitcoin’s price has held well above the $19,000 support level. The cryptocurrency market was able to recover, as BTC rose above the $19,200 resistance zone. On the hourly chart of the BTC/USD pair, there was a clear advance over a connecting negative trend line with a resistance of approximately $19,220.
The pair even broke through a significant resistance zone near $19,500 to enter the positive zone. The price of bitcoin is presently trading above $19,000 and above the 100 hourly simple moving average. It reached a high of $19,863 and is now consolidating gains.
It is trading well above the 23.6% Fib retracement level of the latest climb from the swing low of $18,645 to the high of $19,863. On the upswing, an immediate resistance level is near $19,850. The next big barrier is located near the $20,000 mark.
Bitcoin (BTC/USD) Technical Outlook
A close above $20,000 could propel the price even higher into the positive zone. In the aforementioned scenario, the price may jump to $20,500. Any further advances might push the price up to the $21,000 resistance level.
If bitcoin fails to break through the $20,000 barrier level, it may correct lower. On the downside, there is immediate support near $19,550.
The next significant support level is around $19,250. It is close to the 50% Fib retracement level of the latest rise from the swing low of $18,645 to the high of $19,863. The key support is near $19,000, below which the price may enter a bearish zone.