TA: Bitcoin Settles Above $19K, Why BTC Could Break $19.5K This Time
Bitcoin price is trading in a positive zone above the $19,000 zone against the US Dollar. BTC broke a key bullish pattern, suggesting high chances of more upsides above $19,500.
- Bitcoin is trading in a positive zone above the $18,800 and $19,000 resistance levels.
- The price is now trading well above the $19,000 level and the 100 hourly simple moving average.
- There was a break above a key contracting triangle with resistance near $19,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher above key $19,500 resistance level in the near term.
Bitcoin Price is Showing Bullish Signs
After forming a strong support base near $17,600, bitcoin price started a steady increase. BTC surpassed many key hurdles near the $18,000 and $18,500 levels to move into a bullish zone.
The recent upward move was such that the price climbed above the $19,000 resistance and the 100 hourly simple moving average. Moreover, there was a break above a key contracting triangle with resistance near $19,150 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above the 50% Fib retracement level of the recent downside correction from the $19,433 high to $18,959 low. It is showing a lot of positive signs above the $19,150 and $19,200 levels.
Source: BTCUSD on TradingView.com
An immediate resistance is near the $19,320 level or the 76.4% Fib retracement level of the recent downside correction from the $19,433 high to $18,959 low. A break above $19,320 could open the doors for more upsides above the $19,433 high.
In the stated case, there are high chances of a strong upward move above the $19,500 resistance. The next major resistance is near the $19,800 level, followed by $20K.
Downsides Supported in BTC?
If bitcoin starts a short-term downside correction, it could find support near the $19,200 level or the broken triangle trend line. The first key support is near the $19,150 level.
The main support is now forming near the $19,000 level. A proper daily close below the $19,000 level could lead the price towards the $18,500 support level in the near term.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
Major Support Levels – $19,150, followed by $19,000.
Major Resistance Levels – $19,320, $19,500 and $19,800.