Bitcoin faces another rejection, bulls can save the day

Bitcoin rose above the resistance of $ 20,500 against the US dollar. BTC is now struggling close to $ 19,800, with large support near the $ 19,600 zone.

• Bitcoin made another attempt to gain strength over $ 20,500, but failed.
• The price is now trading above the $ 19,500 level and the simple 100-hour moving average.
• An important bullish trend line is formed with support close to $ 19,550 on the hourly chart of the BTC / USD pair (data feed from Kraken).
• The pair may rise again unless there is a clear move below the $ 19,500 support zone.

The Bitcoin price faces obstacles

The Bitcoin price remained supported above the $ 19,500 zone. BTC started a new rise and climbed over the $ 20,000 resistance zone.

It was a peak above the $ 20,500 resistance zone, but the bulls failed to gain strength. A high was formed near $ 20,732 and the price corrected gains. There was a fall below the support levels of $ 20,200 and $ 20,000.

Bitcoin traded below the 50% Fib retracement level for the upward movement from the $ 19,300 turn low to the $ 20,732 turn high. It is now trading above the $ 19,500 level and the simple moving average of 100 hours. There is also an important bullish trend line formed with support near $ 19,550 on the hourly chart of the BTC / USD pair.

On the upside, the price meets resistance near the $ 20,000 and $ 20,200 levels. The next key resistance is close to the $ 20,500 zone. A $ 20,500 resistance above the resistance zone could open the doors for a decent increase.

Source: BTCUSD on TradingView.com

In that case, the price may climb to the $ 21,200 level. The next big resistance is close to the $ 21,500 level.

More losses in BTC?

If bitcoin fails to remove the $ 20,500 resistance zone, it may continue to move downward. Immediate support on the downside is close to the $ 19,650 level. It is close to the 76.4% Fib retracement level for the upward movement from $ 19,300 swing low to $ 20,732 swing high.

The next big support is now close to the $ 19,500 level or the trend line zone. A $ 19,500 closing below the support zone could increase sales pressure. In that case, the price may fall towards the $ 18,740 level.

Technical indicators:

Time-based MACD – MACD is now losing pace in the bullish zone.

Time-based RSI (Relative Strength Index) – The RSI for BTC / USD is now close to the 50 level.

Large support levels – $ 19,650, followed by $ 19,500.

Large resistance levels – $ 20,200, $ 20,500 and $ 21,200.