Bitcoin worth is holding good points above the $19,000 degree towards the US Dollar. BTC might rally if there’s a clear transfer above the $19,660 resistance zone.
- Bitcoin remained steady and consolidated above the $19,000 help zone.
- The worth is buying and selling above $19,100 and the 100 hourly easy transferring common.
- There is a key bullish pattern line forming with help close to $19,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a recent surge if there’s a clear transfer above the $19,660 resistance zone.
Bitcoin Price Consolidates
Bitcoin worth began a restoration wave from the $18,500 support zone. BTC bulls remained energetic above the $18,500 degree and managed to push the value above the $19,000 resistance zone.
There was a transparent transfer above the 50% Fib retracement degree of the important thing decline from the $20,382 swing excessive to $18,486 low. The worth even climbed above the $19,500 resistance zone, however the bears have been energetic close to the $19,650 and $19,660 ranges.
Bitcoin worth is now consolidating above $19,100 and the 100 hourly simple moving average. There can be a key bullish pattern line forming with help close to $19,220 on the hourly chart of the BTC/USD pair.
On the upside, a right away resistance is close to the $19,500 degree. The subsequent main resistance sits close to the $19,660 zone. It is near the 61.8% Fib retracement degree of the important thing decline from the $20,382 swing excessive to $18,486 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the $19,660 resistance may begin a recent improve. In the acknowledged case, the value might even surpass the $20,000 resistance zone. The subsequent main resistance is close to the $20,500 zone, above which the value could maybe revisit the $21,000 zone.
Another Drop in BTC?
If bitcoin fails to rise above the $19,660 resistance zone, it might begin a recent decline. An instant help on the draw back is close to the $19,350 zone and the 100 hourly SMA.
The subsequent main help is close to the $19,220 zone and the bullish pattern line. The principal help is close to $19,000. Any extra losses may name for a drop in the direction of the $18,500 help zone within the coming classes.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $19,220, adopted by $19,000.
Major Resistance Levels – $19,660, $20,000 and $20,500.
