Bitcoin Price Analysis: BTC bulls eye one-week-old horizontal resistance on the way to 20,000
- BTC/USD stays firmer above the key SMAs, trend lines.
- Bullish MACD backs the recent bounce off 18,975, suggesting further upside.
- Confluence of 100-bar SMA, previous resistance line offer immediate support.
BTC/USD picks up bids near 19,280, up 0.70% intraday, during early Tuesday. The crypto major bounced off an upward sloping trend line from November 07 on Friday to regain its strength above 100 and 200-bar SMAs. In doing so, it cleared a falling trend line resistance stretched from the month’s start.
However, highs marked during the last one week portray a double top formation around 19,420/35.
Considering the pair’s ability to stay positive above the key supports, amid bullish MACD, BTC/USD buyers are likely to overcome the immediate hurdle and can challenge the monthly peak surrounding 19,915.
It should be noted though that there are multiple filters around 19,520 and 19,600 during the quote’s run-up from 19,420. Also, the 20,00 psychological magnet stays on the top of the bulls’ mind once the bulls refresh the all-time peak.
Alternatively, 100-bar SMA and previous resistance line, around 18,800, restrict the BTC/USD downside, for now.
Also acting as the key support are 200-bar SMA and a six-week-old rising trend line, respectively near 18,120 and 17,950.
Overall, the BTC/USD bulls are likely keeping the reins unless prices decline below 17,950.
BTC/USD four-hour chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
