Bitcoin is gaining a higher pace above the $19,500 resistance against the US Dollar. BTC could rise above $20,000 if it stays above the $19,000 support.
- Bitcoin started a good rally and managed to clear the $19,500 resistance area.
- The price is trading above $19,000 and the 100 hourly simple moving average.
- There was a break above the descending trend line connected with resistance near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could see a strong increase if it clears the $20,000 resistance area.
Bitcoin price breaks barriers
Bitcoin price kept bidding well above $19,000 support zone. The cryptocurrency market managed to recover and Bitcoin rose above the $19,200 resistance area.
There was a clear move above the connecting downtrend line with resistance near $19,220 on the hourly chart of the BTC/USD pair. The pair has breached the major resistance area near the $19,500 level to move into positive territory.
Bitcoin price is now trading above $19,000 and Simple moving average per 100 hours. It traded as high as $19,863 and is currently consolidating gains.
It is trading well above the 23.6% Fib retracement level of the recent increase from the swing low of $18,645 to the high of $19,863. On the upside, there is an immediate resistance near the $19,850 level. The next major resistance is near the $20,000 region.
source: BTCUSD on TradingView.com
A close above the $20,000 level could push the price into a bullish zone. In the aforementioned case, the price could rise towards $20,500. Any further gains could send the price higher towards the $21,000 resistance area.
Supporting Bitcoin dips?
If Bitcoin fails to rise above the $20,000 resistance area, it may correct lower. There is immediate support to the downside near the $19,550 region.
The next major support is near the $19,250 area. It is close to the 50% Fib retracement level of the recent increase from the $18,645 swing low to $19,863 high. The main support is near the $19,000 level, below which the price may move into a bearish zone.
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.
Key support levels – 19,550 USD, followed by 19,000 USD.
Key resistance levels – $19,850, $20,000 and $20,500.