Bitcoin began an upward correction starting at $18,150 against the US Dollar. BTC has risen above $19,000. A break of $19,500 may spark another rally.
- Bitcoin has shown some positive signs beyond the $19,000 mark.
- The price trades above $19,000 as well as the 100-hourly simple moving median.
- A key contracting triangle is emerging with support at $19,200 (data feed Kraken).
- A clear move over the $19,000.500 resistance area could lead to a new rally.
The Bitcoin price recovers
Bitcoin prices remained at or near the $18,150 mark. BTC was trading as low as $18,138 before it started to recover. BTC was able recover from the $18,800 to $19,000 resistance levels.
The price moved above the 50% Fib Retracement level for the downmove from $19,888 swing high and $18,138 low. Even higher, the bulls pushed it above $19,000. Now, it trades above $19,000 as well as the simple 100 hour moving average.
On the hourly chart for the BTC/USD pair, there is a contracting triangle that has support at $19,000. Bitcoin prices are showing some positive signals above $19,000
The $19 475 level provides immediate support. The 76.4% Fib level of the decline from the $19888 swing high, to $18,138 lower is at its closest. Next is $19 680.
Source: BTCUSD from TradingView.com
The $196,000 level could be a trigger for a surge up to $22,000. Additional gains could push the price to the $20,000.500 resistance level.
BTC’s Latest Decline
Bitcoin could begin a new decline if it fails to rebound above $19,680. The $19,200 area and the lower triangle trend line are immediate supports for the downside.
Next major support will be near the $19,000 and the 100 hourly SMA. Clear moves below the $19,000 level could lead to a further decline. If the case is true, then the price might even cross the $18,500 threshold.
Technical indicators
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 – $19,500, $19,680 and $20,000.