Bitcoin Price Gearing For Another Lift-Off to $20k, Altcoins Stable


Bitcoin is showing some positive signs above $19,000 against the US Dollar. BTC could gain bullish momentum if it clears the $19,400 resistance area.

  • Bitcoin started an upward correction and rose above $19,000.
  • The price is now testing the $19,400 area and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may start a good increase if there is a clear move above the $19,500 resistance.

Bitcoin price is trying to break upward

Bitcoin price finds support near $18,550 area It recently started an upward correction. There was a steady recovery wave above the $19,000 resistance area.

There was a break above the major downtrend line with resistance near $19,200 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 23.6% Fibonacci retracement level of the downside move from the $20172 high to the $18,550 low.

Bitcoin price is now testing the $19,400 area Simple moving average per 100 hours. The price is also trading near the 50% Fibonacci retracement level of the downside move from the $20172 high to $18,550 low.

Bitcoin price

Source: BTCUSD on TradingView.com

On the upside, there is immediate resistance near the $19,400 level and the 100 hourly simple moving average. The next major resistance is near the $19,500 level. A proper close above the $19,500 resistance could start a steady increase to $20,000. Any further gains could send the price towards the $20,500 resistance area.

A new drop in bitcoin?

If Bitcoin fails to rise above the $19,500 area, it may start falling again. There is immediate support to the downside near the $19,200 region.

The first major support is now forming near the $1,070 level. A break-down below the $1,070 level could send the price towards the $18,550 support level. Any further losses below $18,550 could put significant pressure on the bulls. In the mentioned case, the price may decline towards the $18,000 support level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

The main support levels are $19,070, followed by $18.550.

The main resistance levels are $19,400, $19,500 and $20,000.



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