Bitcoin is exhibiting a number of constructive indicators above $19,000 towards the US Dollar. BTC might achieve bullish momentum if it clears the $19,400 resistance zone.
- Bitcoin began an upside correction and climbed above $19,000.
- The worth is now testing the $19,400 zone and the 100 hourly easy transferring common.
- There was a break above a key bearish development line with resistance close to $19,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair would possibly begin an honest enhance if there’s a clear transfer above the $19,500 resistance.
Bitcoin Price Attempts Upside Break
Bitcoin worth discovered help close to the $18,550 zone and just lately began an upside correction. There was a gentle restoration wave above the $19,000 resistance zone.
There was a break above a key bearish development line with resistance close to $19,200 on the hourly chart of the BTC/USD pair. The bulls have been in a position to push the value above the 23.6% Fib retracement stage of the downward transfer from the $20,172 swing excessive to $18,550 low.
Bitcoin worth is now testing the $19,400 zone and the 100 hourly easy transferring common. The worth can be buying and selling close to the 50% Fib retracement stage of the downward transfer from the $20,172 swing excessive to $18,550 low.
Source: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $19,400 stage and the 100 hourly easy transferring common. The subsequent main resistance sits close to the $19,500 stage. A correct shut above the $19,500 resistance would possibly begin a gentle enhance to $20,000. Any extra beneficial properties would possibly ship the value in the direction of the $20,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to achieve tempo above the $19,500 zone, it might begin one other decline. An instant help on the draw back is close to the $19,200 zone.
The first main help is now forming close to the $19,070 stage. A draw back break beneath the $19,070 stage would possibly ship the value in the direction of the $18,550 help. Any extra losses beneath $18,550 would possibly put lots of stress on the bulls. In the said case, the value might drop in the direction of the $18,000 help within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $19,070, adopted by $18,550.
Major Resistance Levels – $19,400, $19,500 and $20,000.
https://www.newsbtc.com/evaluation/btc/ta-bitcoin-price-gearing-for-another-lift-off-to-20k-altcoins-stable/
