Bitcoin prices are holding above $19,000 against the US Dollar. BTC might rally if the price moves higher than $19660 resistance.
- Bitcoin has remained steady and consolidated above $19,000 support.
- The 100-hourly simple moving average is at $19,100.
- A key bullish trend line is emerging with support at $19,220 (data feed Kraken).
- A clear move above the $19660 resistance zone could spark a new wave of trading.
Bitcoin Price Consolidates
Bitcoin’s price began a rebound wave after it reached the $18,500 resistance zone. BTC bulls continued to be active above $18,500 and were able to propel the price past the $19,000 resistance area.
The Fib retracement level at 50% of the major decline, from the $20.382 swing high and low to $18,486 low was clearly above. Although the price climbed to $19 500 resistance, bears were still active at $19 65 and $19 666 levels.
The Bitcoin price has been consolidating at $19,100. This is in addition to the 100-hourly simple moving average. A key bullish trendline is also visible on the hourly BTC/USD chart with support close to $19,220.
Surprisingly, a resistance level is located near $19 500. Next is $19,660. The Fib Retracement Level of the Key Decline from $20,382 high to $18,486 low is at 61.8%.
Source: BTCUSD from TradingView.com
Clear movement above the $19660 resistance could trigger a new rise. If the case is true, then the price might even reach the $20,000 barrier. Next is the $20,000.500 resistance zone. Above that, the price might revisit the $21,000 area.
A Drop in BTC
It could plunge further if bitcoin does not rise above the $19660 resistance level. The $19,350 and 100 hourly SMA provide immediate support for the downside.
Next is $19 220 and the bullish trends line. Near $19,000 is the main support. In the next sessions, any further losses could lead to a fall towards $18,500.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,220, followed by $19,000.
Major Resistance Levels – $19,660, $20,000 and $20,500.
