Bitcoin worth is shifting larger above $19,250 towards the US Dollar. BTC might eye a vital upside break above the $19,500 and $19,650 resistance ranges.
- Bitcoin began a recent enhance above the $19,200 and $19,250 ranges.
- The worth is buying and selling above $19,200 and the 100 hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance close to $19,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a powerful enhance if there’s a clear transfer above the $19,650 resistance.
Bitcoin Price Gains Momentum
Bitcoin price remained well bid above the $18,800 degree. BTC fashioned a base above the $19,000 degree and began a recent enhance. There was a transparent transfer above the $19,200 and $19,250 resistance ranges.
There was additionally a break above a key bearish pattern line with resistance close to $19,200 on the hourly chart of the BTC/USD pair. The pair gained tempo above the $19,400 degree and the 100 hourly simple moving average. It even broke the $19,500 resistance.
However, bitcoin worth failed to achieve momentum above the $19,600 zone. A excessive was fashioned close to $19,679 and there was a minor draw back correction.
The worth is now buying and selling beneath the 23.6% Fib retracement degree of the upward transfer from the $18,865 swing low to $19,679 excessive. On the upside, an instantaneous resistance is close to the $19,600 degree. The first main resistance sits close to the $19,650 degree and the current excessive.
Source: BTCUSD on TradingView.com
The subsequent main resistance is perhaps $20,000. A clear transfer above the $20,000 resistance would possibly ship the worth in direction of the $20,500 resistance. Any extra positive aspects would possibly open the doorways for a transfer in direction of the $21,200 resistance zone.
Dips Supported in BTC?
If bitcoin fails to rise above the $19,600 resistance zone, it might proceed to maneuver down. An fast help on the draw back is close to the $19,300 zone.
The subsequent main help is close to the $19,250 zone. It is near the 50% Fib retracement degree of the upward transfer from the $18,865 swing low to $19,679 excessive. A draw back break and shut beneath $19,250 would possibly enhance promoting stress and the worth would possibly revisit $18,800.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $19,300, adopted by $19,250.
Major Resistance Levels – $19,500, $19,600 and $20,000.
