Bitcoin is steadily rising above $19,000. It has been compared to the US Dollar. BTC might see a steady rise if the price closes above $19600 or $22,000
- Bitcoin was well-bought above the $19 200 and $19,000 support levels.
- The 100 hourly moving average and price are trading at or above $19,000.
- A key bullish trend line is emerging with support at $19,450 (data feed Kraken).
- If the pair moves above $19,700, it could begin a steady rise.
Bitcoin price sees steady increase
Bitcoin prices remained stable above $19,000. BTC was trading as low as $18,937 before it began a steady rise. BTC moved above $19,150 levels and $19200.
Price was able clear 50% Fib Retracement levels of the downmove from $20,177 swing high and $18,937 low. A move higher than the $19 500 resistance zone was also possible to make the price move in a positive direction for a brief period.
Bitcoin prices are trading at $19,400 above the simple moving average of 100 hours. A key bullish trendline is also in place with support close to $19,450 as shown on the hourly BTC/USD chart.
Surprisingly, a resistance level is located near $19,700. This is close to the 61.8% Fib Retracement level for the downmove from the $18,937 high to the $20,177 low. It is located near the $20,000 area.
Source: BTCUSD from TradingView.com
An obvious move above the $20,000.00 resistance could signal a new increase. If the case is true, then the price might even go above the $20,000.00 resistance. Next is the $20,000.500 resistance zone.
BTC – Another decline
It could plunge further if bitcoin does not rise above the $19 700 resistance zone. The $19,400 area is a support zone for the downside.
Next is $19,000, which will be the major support. Near $18,500 is the main support, and below that there might be a substantial decline. The price could fall towards $17,500 in the above scenario.
Technical indicators
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 – $19,400, followed by $19,200.
Major Resistance Levels – $19,700, $20,000 and $20,500.
