Bitcoin value is slowly transferring larger above $19,500 in opposition to the US Dollar. BTC might acquire bullish momentum as soon as it clears the $20,000 resistance zone.
- Bitcoin remained properly bid and began a good improve above $19,500.
- The value is buying and selling above $19,400 and the 100 hourly easy transferring common.
- There was a break above a key bearish pattern line with resistance close to $19,240 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a robust improve if there’s a shut above the $20,000 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price formed a base above the $19,000 resistance zone. BTC remained steady and began a sluggish and regular improve above the $19,200 stage.
There was a break above a key bearish pattern line with resistance close to $19,240 on the hourly chart of the BTC/USD pair. The pair was capable of clear the 50% Fib retracement stage of the downward transfer from the $19,939 swing excessive to $19,000 low.
Bitcoin value is now buying and selling above $19,400 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $19,600 stage. It is near the 61.8% Fib retracement stage of the downward transfer from the $19,939 swing excessive to $19,000 low.
Source: BTCUSD on TradingView.com
The first main resistance sits close to the $20,000 stage. A clear transfer above the $20,000 resistance may pump the value within the close to time period. In the acknowledged case, the value could maybe check the $21,200 resistance. Any extra positive factors may begin a gentle improve in the direction of the $22,000 resistance zone.
Dips Supported in BTC?
If bitcoin fails to rise above the $20,000 resistance zone, it might begin a draw back correction. An fast help on the draw back is close to the $19,200 zone and the 100 hourly easy transferring common.
The subsequent main help is close to the $19,000 zone. A draw back break and shut under the $19,000 help zone may improve promoting stress. In the acknowledged case, the value might decline in the direction of the $18,500 help zone. Any extra losses may ship the value in the direction of the $18,250 stage.
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 stage.
Major Support Levels – $19,200, adopted by $19,000.
Major Resistance Levels – $19,600, $20,000 and $21,200.
