TA: Bitcoin Could Restart Increase If The Bulls Clear This Resistance

Jun 23, 2022 04:00 am Cryptocurrency 140

Bitcoin is consolidating above the $20,000 zone against the US Dollar. BTC must clear the $20,800 resistance to restart increase in the near term.

Bitcoin corrected gains and tested the $19,800 support zone.

The price is now above the $20,000 level and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $20,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could gain bullish momentum if it clears the $20,550 and $20,800 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price failed to gain pace above $21,700 and corrected gains. There was a downside correction below the $21,000 support zone.

The price declined below the 23.6% Fib retracement level of the upward move from the $17,600 swing low to $21,700 swing high. The bears even pushed the price below the $20,500 support zone and the 100 hourly simple moving average.

However, the bulls were active above the $19,650 and $19,800 support levels. Bitcoin also stayed above the 50% Fib retracement level of the upward move ..

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