Bitcoin is gaining tempo above the $19,500 resistance towards the US Dollar. BTC may rise additional above $20,000 if it stays above the $19,000 help.
- Bitcoin began an honest improve and was in a position to clear the $19,500 resistance zone.
- The worth is buying and selling above $19,000 and the 100 hourly easy transferring common.
- There was a break above a connecting bearish pattern line with resistance close to $19,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may stage a powerful improve if it clears the $20,000 resistance zone.
Bitcoin Price Breaks Hurdle
Bitcoin worth remained properly bid above the $19,000 support zone. The crypto market was in a position to get better and BTC climbed increased above the $19,200 resistance zone.
There was a transparent transfer above a connecting bearish pattern line with resistance close to $19,220 on the hourly chart of the BTC/USD pair. The pair even surpassed a serious resistance zone close to the $19,500 degree to transfer right into a constructive zone.
Bitcoin worth is now buying and selling above $19,000 and the 100 hourly simple moving average. It traded as excessive as $19,863 and is at the moment consolidating good points.
It is buying and selling properly above the 23.6% Fib retracement degree of the current improve from the $18,645 swing low to $19,863 excessive. On the upside, a direct resistance is close to the $19,850 degree. The subsequent main resistance sits close to the $20,000 zone.
Source: BTCUSD on TradingView.com
A detailed above the $20,000 degree may push the worth additional right into a bullish zone. In the said case, the worth may rise in the direction of $20,500. Any extra good points may lead the worth increased in the direction of the $21,000 resistance zone.
Dips Supported in BTC?
If bitcoin fails to rise above the $20,000 resistance zone, it may right decrease. An fast help on the draw back is close to the $19,550 zone.
The subsequent main help is close to the $19,250 zone. It is close to the 50% Fib retracement degree of the current improve from the $18,645 swing low to $19,863 excessive. The major help sits close to the $19,000 degree, under which the worth may transfer right into a bearish zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $19,550, adopted by $19,000.
Major Resistance Levels – $19,850, $20,000 and $20,500.
