Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally

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.

Bitcoin Price

Source: BTCUSD from

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.

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