Bitcoin Faced Resistance Around $19,500 Key Level – What Next?


Bitcoin price declined today morning during the Asian session against the U.S. Dollar. Bitcoin faced resistance around $19,500 psychological key level. What is next? Bears to regain momentum in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.

November 26, 2020, | AtoZ MarketsBitcoin climbed near $19,500 on Tuesday after Donald Trump said his organisation would help President-elect Joe Biden’s alteration to the White House, facilitating investors worry about a delayed time of election dubiousness. Moreover, the BTC/USD exchange rate strike to 3.95 per cent to another year-to-date pick of $19,500, highlighting an extended potential gain move towards its recently settled record high close $20,000.  Bitcoin is currently trading around $17,600 area and trying to push downside quite aggressively. The price also broke below the dynamic level of 20 EMA on the intraday chart. As per the current price action, BTC may face strong support around $16,600 to $16,500 area in the coming days.

Bitcoin Faced Resistance as Investors Sentiments Working Against the Rally

BTC is currently residing near $17,600 area and trying to decline. However, the price also broke below the Kijun line and the Tenkan line on the intraday chart.

Bitcoin Faced Resistance

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, Bitcoin faced resistance and currently trading around $17,600 area. As per the current price action, if the price can have an impulsive bearish candle close below $18,000 to $17,800 area, the bears may sustain the bearish pressure towards $16,600 to $16,500 area in the process. Alternatively, if the price closes above $18,000 to $17,800 area and has an impulsive bullish candle close, the bulls may regain momentum and recover higher towards $18,500 to $18,600 area as a first target. The second target will be $19,300 to $19,500 area if the price can break above $18,500 to $18,600 area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. The dynamic level may act as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.

BTC Bulls Are Still Optimistic

According to the daily chart, Bitcoin faced resistance, but the bias is still bullish. As per the current price action, if the price declines towards $16,600 to $16,500 support area and bounced upside with an impulsive daily bullish candle, the bulls may regain momentum and recover higher towards $19,300 to $19,500 area as a first target. The second target will be $20,400 to $20,500 if the price can break above $19,300 to $19,500 area in the coming days.

Bitcoin Faced Resistance

Image: Bitcoin Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upward. Also, the MACD lines are still residing above the 0.00 level, which indicates bulls are still trying to hold the momentum.

To conclude, after an extended period of bullish momentum, BTC may retrace downside further before sustaining the bullish bias. A daily close will help to identify the definite momentum in the days ahead. 

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