Bitcoin Price Forms Short-Term Bullish Pattern, Why BTC Could Rise To $20K

Bitcoin price is consolidating near the $19,000 level against the US Dollar. BTC seems to be forming a short-term bullish pattern and might rise towards $20,000. Bitcoin is struggling to gain pace for a move above the $19,200 level. The price is trading below above $19,400 and the 100 hourly simple moving average. There is a new connecting bearish trend line forming with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase unless there is a clear move below the $18,950 level. Bitcoin Price Remains In A Range Bitcoin price was seen trading in a range below the $20,000 resistance zone. BTC even settled below the $19,500 level and the 100 hourly simple moving average. The last swing low was formed near $18,860 before there was a minor upside correction. The price was able to clear the 23.6% Fib retracement level of the downward move from the $19,560 swing high to $18,860 low. The bulls even pushed the price above the $19,200 level. However, the bears were active above the $19,200 level. Bitcoin price struggled to clear the 50% Fib retracement level of the downward move from the $19,560 swing high to $18,860 low. It is now trading below above $19,400 and the 100 hourly simple moving average. It seems like there is a short-term inverse head and shoulders pattern forming with breakdown support at $18,950. On the upside, an immediate resistance is near the $19,...