Bitcoin continues to consolidate above $19500 in support of the US Dollar. BTC may see a significant increase in value due to the recent surge of ether.
- Bitcoin trading is currently in the range between the $20,000 and $20,500 zones.
- The current price of the stock is trading at below $20,000 and below the simple 100-hour moving average.
- A key bullish trend line is emerging with support at $19,700 (data feed Kraken).
- A clear move above $19,600 or $19,500 could cause a substantial increase in the price of the pair.
Bitcoin Prices Seek a Fresh Increase
Bitcoin prices remained below the $20.500 and 20.550 resistance levels. BTC has recently established a support level above $19600, and begun an uptrend.
The price moved above $19,800 and the 100-hourly simple moving average. Bulls managed to lift the price to the 50 percent Fib level, which was the retracement of the decline from $20,398 swing high, to $19,600 lower.
The spike reached $20,000 and was finally broken. But, bears were very active around the $20,000.00 zone. Bitcoin’s price did not cross the 61.8% Fib level of the downmove from the $19,600 high to the swing low at $20,398.
It currently trades below the $20,000 mark and the 100-hourly simple moving mean. On the hourly chart for the BTC/USD pair, there is a bullish trend line that forms with support at $19 700.
Source: BTCUSD at TradingView.com
The $19,900 and 100 hourly simple moving average levels are the immediate resistances. Next is near the $20,000. However, the main resistance lies between $20,400-$20,500. If the price moves clear above the $20,000.500 resistance, it could push the price to $21,200. The price could move towards $22,000 if there are more gains.
BTC Downside Break
It could fall further if bitcoin does not clear the $20,000.400 resistance area. Support for the downside lies near the $19 700 zone and trend line.
Next is $19,600. Near the $19,500 support is the main support. If the price drops below $19,500, it could signal a significant decline. The price could test $18,500 in the above scenario.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $19,700, followed by $19,500.
Major Resistance Levels – $20,000, $20,400 and $20,500.
