Bitcoin is steadily rising above $19500 against the US Dollar. BTC may gain bullish momentum once the resistance zone of $20,000 is cleared.
- Bitcoin was well-bought and saw a steady increase of $19,500.
- The price traded above $19 400 and the simple 100 hour moving average.
- The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $19,240 (data feed Kraken).
- A close to the $20,000 resistance zone could trigger a sharp increase in the pair.
Bitcoin price has more upsides
BTC price reached a level above $19,000 resistance. BTC was stable, and it began a steady and slow increase over the $19,000.
On the hourly chart for the BTC/USD pair, there was a breakout above the key bearish trendline with resistance at $19,240. It was possible to surpass the 50% Fib level of the downmove from $19,939 swing high and $19,000 low.
Bitcoin prices are trading at $19,400 above the simple moving average of 100 hours. The $19,600 mark is the immediate resistance. This is near the 61.8% Fib Retracement level for the downmove from $19,939 high to $19,000 low.
Source: BTCUSD from TradingView.com
Near the $20,000 mark is the first major resistance. The price could rise if it moves above the $20,000 level. The price could test the $21,200 barrier in the above scenario. If the gains continue, there could be a gradual increase to $22,000.
BTC Supported Dips
It could cause a correction if bitcoin falls below the $20,000 resistance level. Support for the downside lies near the $19 200 zone and 100 hourly simple moving Average.
Near the $19,000 support zone is the next important support. The selling pressure might be increased if the price falls below the $19,000 level. If this happens, then the price might fall to the $18,500 level. A further loss could push the price to the $18,250 mark.
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 – $19,200, followed by $19,000.
Major Resistance Levels – $19,600, $20,000 and $21,200.
