Bitcoin price rose to above USD 19,250. BTC may see a key upside breakout of $19,500 and $19,650 resistance.
- Bitcoin started a new rise above $19,200 and $19,250.
- priced above the $19,200 and the 100-hour simple moving average.
- breaks through the key bearish trend line on the hourly chart of the BTC/USD pair with resistance near $19,200 (data from Kraken).
- If the USD 19,650 resistance is clearly broken, the pair may start to rise strongly.
Bitcoin price upward momentum
Bitcoin price is still much higher than the $18,800 level. BTC formed a foundation above $19,000 and started a new rise. There is a clear move above the resistance levels of $19,200 and $19,250.
also broke through the key bearish trend line on the hourly chart of the BTC/USD pair with resistance around $19,200. The pair rose above the $19,400 and 100-hour simple moving average. It even broke through the $19,500 resistance level.
However, the Bitcoin price failed to gain momentum above the $19,600 area. A high was formed around $19,679 and a slight downward correction was seen.
price is now below the 23.6% Fibonacci retracement level from the $18,865 swing low to the $19,679 high. On the plus side, direct resistance is around $19,600. The first major resistance is near the $19,650 and the recent high.
Source: BTCUSD
on TradingView.com The next major resistance level may be $20,000. A clear breakout of the $20,000 resistance could push the price toward the $20,500 resistance. Any more gains could open the door to the $21,200 resistance level. Does
BTC support a decline?
If Bitcoin fails to break through the $19,600 resistance level, it may continue to decline. The direct support for the downside is around $19,300.
The next major support is around $19,250. It approached the 50% Fibonacci retracement level moving upward from the $18,865 swing low to the $19,679 high. A downside breakout and closing below $19,250 may increase selling pressure and the price may return to $18,800.
Technical indicators:
Hour MACD – MACD is now losing pace in the bullish area.
Hour RSI (relative strength index) – The RSI of BTC/USD is now above the 50 level.
main support level - $19,300, followed by $19,250.
main resistance levels - $19,500, $19,600 and $20,000.
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