Bitcoin’s price has risen above $19250 against the US Dollar. BTC might see an important upside breakout of the $19500 and $19650 resistance levels.
- Bitcoin saw a new increase in value above $19 200 and $19 250 levels.
- The 100-hourly simple moving average is at $19,200.
- On the hourly chart for the BTC/USD pair, there was a break above a crucial bearish trend line. Resistance is near $19,000. (Data feed from Kraken).
- If the pair moves above $19,650, it could begin a significant increase.
The Bitcoin price gains momentum
Bitcoin prices remained at or above the $18,800 mark. BTC took a firm base over the $19,000 mark and then began an increase. It was clear that the BTC moved above the $19,000.250 and $19,000.250 resistance levels.
On the hourly chart for the BTC/USD pair, there was also an upward movement above a bearish trend line. Resistance near $19,000. It gained momentum above $19,400 and the 100-hourly simple moving average. The $19,500 resistance was even broken.
The $19,600 mark was the highest bitcoin price, but it failed to grow. The high of $19,679 was reached and there was minor correction.
The price currently trades below the 23.6% Fib level of the upmove from the $18,865 swing high to $19,679 low. The $19,600 mark is the immediate resistance. It is located near $19,650 and the high.
Source: BTCUSD at TradingView.com
20,000. This could be the next significant resistance. Clear moves above the $20,000 resistance could push the price to the $20,000. Gains above the $20,000 resistance could open up the possibility of a movement towards the $21,200 zone.
BTC Supported Dips
Bitcoin could fall further if it fails to climb above $19,600 resistance. The $19,300 area is a support zone for the downside.
It is located near $19 250. It’s close to the Fib retracement of 50% the upward movement from the $18,865 swing high to $19 679 low. Selling pressure could be increased by a downside break or close to $19,250. The price may revisit $18,800.
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 – $19,300, followed by $19,250.
Major Resistance Levels – $19,500, $19,600 and $20,000.
