The $ 19.5K resistance is a big challenge for Bitcoin
The dream of all Bitcoin enthusiasts that the price will show $ 20K is accompanied by several complications.
For almost three weeks, Bitcoin has been trying to surpass $ 20K, but it’s not that easy. When we look at the chart, almost every other day we see a price fluctuation in average $ 2K up and down.
Based on this behavior of the market we can easily find people, who buy at these prices, but also those for whom these price levels are attractive for sale.
However, when it comes to traders’ tactics, the bears show us which area is important to them, as confirmed by Bitcoin’s multiple rejections of $ 19.5K. Bitcoin has been struggling with this resistance since November 24, and it is very likely that if it fails to overcome the price in the near future, we will see a price drop.
The disadvantage of the bulls is that in recent days they have been betrayed by support at $ 18.5K and we currently record the nearest verifiable support in the range of $ 15.7K – $ 16K.
What else does technical analysis say?
- Strong resistance at $ 19.5K
- Psychological resistance at $ 20K
- Almost equal buying and selling volumes = neutral
- RSI almost neutral at all TF except 1W / 1M those are overbought
- Very important support at $ 15.7K – $ 16K and $ 14K
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