Bitcoin value traded to a brand new weekly low earlier than reversing losses towards the US Dollar. BTC broke $19,500 and may rise additional in the direction of $20,500.
- Bitcoin is up practically 5% and there was a transparent transfer above the $19,500 resistance zone.
- The value is buying and selling beneath above $19,500 and the 100 hourly easy shifting common.
- There was a break above a serious bearish development line with resistance close to $19,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is exhibiting bullish indicators and may prolong features above $20,000.
Bitcoin Price Starts Fresh Rally
Bitcoin value prolonged losses beneath the $19,000 assist zone. Yesterday, the US CPI information was launched, which posted a rise of 8.2%. It pushed BTC value beneath the $18,500 support zone.
The bears gained energy and the value dived to the $18,200 assist zone. However, the bears didn’t push the value additional decrease. A low was fashioned close to $18,142 and there was a robust bullish response. The value gained bullish momentum and climbed above the $19,000 degree.
Bitcoin value cleared the 50% Fib retracement degree of the downward transfer from the $20,443 swing excessive to $18,142 low. Besides, there was a break above a serious bearish development line with resistance close to $19,150 on the hourly chart of the BTC/USD pair.
The value is now buying and selling beneath above $19,500 and the 100 hourly simple moving average. It is buying and selling close to the 76.4% Fib retracement degree of the downward transfer from the $20,443 swing excessive to $18,142 low.
Source: BTCUSD on TradingView.com
On the upside, a direct resistance is close to the $20,000 degree. A transparent transfer above the $20,000 resistance may pump the value additional greater. The subsequent main resistance is close to the $20,450 degree. Any extra features may begin a gentle enhance in the direction of the $21,200 resistance zone.
Dips Supported in BTC?
If bitcoin fails to rise above the $20,000 resistance zone, it may begin a draw back correction. An quick assist on the draw back is close to the $19,500 zone.
The subsequent main assist is close to the $19,200 zone and the 100 hourly SMA. A draw back break beneath the $19,200 assist zone may enhance promoting stress. In the said case, the value may decline in the direction of the $18,500 assist 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 within the overbought zone.
Major Support Levels – $19,500, adopted by $19,200.
Major Resistance Levels – $20,000, $20,450 and $21,200.
