Bitcoin is gaining tempo above the $19,500 resistance in opposition to the US Greenback. BTC might rise additional above $20,000 if it stays above the $19,000 assist.
- Bitcoin began an honest enhance and was capable of clear the $19,500 resistance zone.
- The value is buying and selling above $19,000 and the 100 hourly easy transferring common.
- There was a break above a connecting bearish development line with resistance close to $19,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might stage a powerful enhance if it clears the $20,000 resistance zone.
Bitcoin Value Breaks Hurdle
Bitcoin worth remained properly bid above the $19,000 assist zone. The crypto market was capable of recuperate and BTC climbed larger above the $19,200 resistance zone.
There was a transparent transfer above a connecting bearish development line with resistance close to $19,220 on the hourly chart of the BTC/USD pair. The pair even surpassed a significant resistance zone close to the $19,500 degree to maneuver right into a optimistic zone.
Bitcoin worth is now buying and selling above $19,000 and the 100 hourly easy transferring common. It traded as excessive as $19,863 and is presently consolidating beneficial properties.
It’s buying and selling properly above the 23.6% Fib retracement degree of the current enhance from the $18,645 swing low to $19,863 excessive. On the upside, a direct resistance is close to the $19,850 degree. The following main resistance sits close to the $20,000 zone.
Supply: BTCUSD on TradingView.com
An in depth above the $20,000 degree would possibly push the worth additional right into a bullish zone. Within the acknowledged case, the worth might rise in direction of $20,500. Any extra beneficial properties would possibly lead the worth larger in direction of the $21,000 resistance zone.
Dips Supported in BTC?
If bitcoin fails to rise above the $20,000 resistance zone, it might right decrease. A right away assist on the draw back is close to the $19,550 zone.
The following main assist is close to the $19,250 zone. It’s close to the 50% Fib retracement degree of the current enhance from the $18,645 swing low to $19,863 excessive. The principle assist sits close to the $19,000 degree, under which the worth would possibly transfer right into a bearish zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Help Ranges – $19,550, adopted by $19,000.
Main Resistance Ranges – $19,850, $20,000 and $20,500.
