Bitcoin is moving at a faster pace than the $19,500 resistance level against the US Dollar. If it holds above $19,000, BTC will likely rise to $20,000 more.
- Bitcoin experienced a steady increase, and it was able clear the $19,000.500 resistance zone.
- The price trades above $19,000 as well as the 100-hourly simple moving median.
- On the hourly chart for the BTC/USD pair, there was a break of the connecting bearish line. Resistance is near $19 2,220. (Data feed from Kraken).
- A strong rise could be possible if the pair can clear $20,000 of resistance.
Bitcoin Price Breaks Hurdle
The $19,000 support area was well above bitcoin’s price. BTC rose above $19,200 resistance zone and the crypto market recovered.
The hourly BTC/USD chart showed a strong move over a connected bearish trend line, with resistance close to $19,000. For a move towards a positive zone the pair reached a high point above a resistance area at $19,500.
Bitcoin is currently trading over $19,000 as well as the 100 hourly simple moving mean. Bitcoin traded at $19863, consolidating gains, and reached a high of $19,863.
The Fib Retracement Level of 23.6% for the increase in price from $18,645 low to $19.863 high is well-recognized. Surprisingly, a resistance level is located near $19850. Near the $20,000 level is the next significant resistance.
Source: BTCUSD from TradingView.com
If the price closes at or above $20,000, it could push the market further into a bullish area. If this is the case, then the price might rise to around $20,500. Price gains could push the price towards $21,000 resistance.
BTC Dips
It could drop if bitcoin does not rise above $20,000 resistance. The $19,550 area is a support zone for the downside.
It is located near $19 250 zone. This is close to the 50% Fib level of the increase in price from the $18,645 swing high to $19,863 low. It is near $19,000 where the main support lies. Below that, the price could move into a bearish area.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,550, followed by $19,000.
Major Resistance Levels – $19,850, $20,000 and $20,500.
