Bitcoin has shown some positive signals above $19,000 relative to the US Dollar. BTC can gain positive momentum by clearing the $19,000.400 resistance.
- Bitcoin began an upward correction, and it climbed to $19,000
- The current price test is in the $19,400 area and 100-hourly simple moving average.
- The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $19,200 (data feed Kraken).
- If the pair moves above $19,500 resistance, it could start an increase.
Bitcoin Price Trys to Go Upside-Off
Bitcoin prices found support in the $18,550 area and have been on an uptrend since then. The $19,000 resistance level was seen as a constant recovery zone.
The hourly BTC/USD currency pair chart showed a break above a crucial bearish trend line. Resistance was near $19,000. The price was able to rise above 23.6% Fib resistance level, which is the lowest point of the downtrend from the $18,550 high and $20,172 swing high.
Bitcoin prices are currently testing the $19400 area and 100 hourly simple moving Average. Also, the price trades near the 50% Fib Retracement level for the downmove from the $18,550 high to the $20,172 swing low.
Source: BTCUSD at TradingView.com
The $19,400 and 100 hourly simple moving average levels are the immediate barriers. Near the $19,500 resistance is the next significant resistance. If the price closes above $19,500 it could trigger a gradual increase in value to $20,000. If the gains continue, the price might reach the $20,000.500 resistance.
BTC – A New Decline
It could experience a further decline if bitcoin does not gain momentum above the $19,000.500 mark. Support for the downside lies near the $19 200 zone.
Near the $19,070 support level is currently the first significant support. The $18,550 support might be reached if the price breaks below the $19,000. The bulls could be under pressure if they lose more than $18,550. If this is the case, then the price might drop below $18,000 to the support.
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 – $19,070, followed by $18,550.
Major Resistance Levels – $19,400, $19,500 and $20,000.