TA: Bitcoin Price Trims Gains, Why $20K Is The Key To Fresh Increase

Bitcoin started a sharp downside correction below the $22,000 level against the US Dollar. BTC must stay above the $20,000 support to avoid more losses. Bitcoin failed to clear $22,750 and started a sharp downward move. The price is now trading below $21,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $21,810 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is consolidating above the $20,000 level, with a minor bullish angle. Bitcoin Price Dives To $20K Bitcoin price attempted to gain strength above the $22,000 and $22,500 resistance levels. The price even spiked above the $22,750 resistance zone and the 100 hourly simple moving average. However, the price failed to gain strength and topped near the $22,768 level. As a result, there was a bearish wave below the $22,000 and $21,500 levels. There was also a move below the $21,000 level and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $21,810 on the hourly chart of the BTC/USD pair. Bitcoin price even tested the $20,000 zone. A low is formed near $19,921 and the price is now consolidating losses. On the upside, an immediate resistance is near the $20,600 level. It is near the 23.6% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low. Source: BTCUSD on TradingView.com The next major resista...