Bitcoin Price Rally Could Gather Pace Above $20.5K: Why Bulls Are In Control

Bitcoin price started a strong rally above $19,650 against the US Dollar. BTC is trading above $20,000 and could gain momentum above the $20,500 resistance. Bitcoin started a strong increase above the $19,500 and $19,650 resistance levels. The price is trading above $20,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if there is a clear move above the $20,500 resistance. Bitcoin Price Starts Fresh Surge Bitcoin price remained well bid above the $19,000 and $19,200 support levels. BTC formed a base and started a fresh increase above the $19,650 resistance levels. It gained over 5% and there was a clear move above the $20,000 resistance. During the increase, there was a move above a connecting bearish trend line forming with resistance near $19,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average. A high was formed near $20,400 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent increase from the $19,266 swing low to $20,400 high. On the upside, an immediate resistance is near the $20,300 level. There is also a key contracting triangle forming with resistance near $20,300 on the hourly chart of the BTC/USD pair. Sour...