Why Bitcoin Price Looks Ready For Another Leg Over $19,500

Why Bitcoin Price Looks Ready For Another Leg Over $19,500

Bitcoin price started a steady upward move from the $17,500 support zone against the US Dollar. BTC is currently attempting an upside break and it could rally above $19,000.

  • Bitcoin is trading in a positive zone above the $18,500 and $18,200 support levels.
  • The price is now facing hurdles near the $19,000 level, but it is above the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $18,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong rally if there is a close above $18,900 and $19,000.

Bitcoin Price is Attempting Upside Break

After a consistent decay, bitcoin value discovered help close the $17,500 zone against the US Dollar. The BTC/USD pair exchanged as low as $17,572 before it began a consistent upward move and a recuperation wave.

The bulls picked up strength after the cost broke the $18,000 opposition level. There was likewise a break over the half Fib retracement level of the descending move from the $19,445 swing high to $17,572 swing low. The cost even broke the $18,500 obstruction level.

Bitcoin is presently confronting obstacles close the $19,000 level, yet it is over the 100 basic moving normal (4-hours). There is likewise a key contracting triangle shaping with obstruction close $18,900 on the 4-hours diagram of the BTC/USD pair.

Bitcoin PriceSource: BTCUSD on TradingView.com

If there is an upside break above the triangle resistance and $19,000, the price could rally sharply. The next major resistance is near the $19,500 level, above which the bulls might attempt an upside break above the $19,800 and $19,850 levels. The next major resistance sits near the $20,000 level.

Another Failure in BTC?

If bitcoin fails to clear the $18,900 and $19,000 resistance levels, it could start a fresh decline. An initial support is near the $18,500 level and the 100 simple moving average (4-hours).

The first major support below the 100 simple moving average (4-hours) is near the triangle lower trend line at $18,000. A close below the triangle support zone could open the doors for a fresh slide towards the $17,500 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $18,500

Major Resistance Level – $19,000

Credit: NewsBTC

Leave A Comment

Your email address will not be published. Required fields are marked *