Bitcoin value is holding features above the $19,000 degree in opposition to the US Dollar. BTC might rally if there’s a clear transfer above the $19,660 resistance zone.
- Bitcoin remained secure and consolidated above the $19,000 assist zone.
- The value is buying and selling above $19,100 and the 100 hourly easy transferring common.
- There is a key bullish development line forming with assist close to $19,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a contemporary surge if there’s a clear transfer above the $19,660 resistance zone.
Bitcoin Price Consolidates
Bitcoin value began a restoration wave from the $18,500 assist zone. BTC bulls remained lively above the $18,500 degree and managed to push the value above the $19,000 resistance zone.
There was a transparent transfer above the 50% Fib retracement degree of the important thing decline from the $20,382 swing excessive to $18,486 low. The value even climbed above the $19,500 resistance zone, however the bears have been lively close to the $19,650 and $19,660 ranges.
Bitcoin value is now consolidating above $19,100 and the 100 hourly easy transferring common. There can be a key bullish development line forming with assist close to $19,220 on the hourly chart of the BTC/USD pair.
On the upside, a direct resistance is close to the $19,500 degree. The subsequent main resistance sits close to the $19,660 zone. It is near the 61.8% Fib retracement degree of the important thing decline from the $20,382 swing excessive to $18,486 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the $19,660 resistance would possibly begin a contemporary enhance. In the acknowledged case, the value might even surpass the $20,000 resistance zone. The subsequent main resistance is close to the $20,500 zone, above which the value might maybe revisit the $21,000 zone.
Another Drop in BTC?
If bitcoin fails to rise above the $19,660 resistance zone, it might begin a contemporary decline. An rapid assist on the draw back is close to the $19,350 zone and the 100 hourly SMA.
The subsequent main assist is close to the $19,220 zone and the bullish development line. The predominant assist is close to $19,000. Any extra losses would possibly name for a drop in direction of the $18,500 assist zone within the coming classes.
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 – $19,220, adopted by $19,000.
Major Resistance Levels – $19,660, $20,000 and $20,500.
