Bitcoin price is gaining pace above $20,000 against the US Dollar. BTC is showing positive signs and might rise further towards $22,000 or even $25,000.
- Bitcoin is gaining pace above the $20,000 and $20,500 resistance levels.
- The price is trading above $20,000 and the 100 hourly simple moving average.
- There is a major contracting triangle forming with resistance near $20,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally again if there is a clear move above the $21,200 resistance.
Bitcoin Price Remains In Uptrend
Bitcoin price started a fresh increase above the $19,650 and $20,000 resistance levels. BTC bulls were able to push the price into a positive zone above the $20,200 level.
Yesterday, we saw a bullish continuation pattern with resistance at $20,300. The price did move higher and cleared the $20,300 resistance. It even cleared the $20,500 resistance and settled well above the 100 hourly simple moving average.A high was formed near $21,021 and the price is now consolidating gains. There was a minor decline below the $20,800 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $19,992 swing low to $21,021 high.
It is now trading above $20,000 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $20,820 on the hourly chart of the BTC/USD pair.
