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Bitcoin value is slowly transferring larger above $19,500 in opposition to the US Dollar. BTC might acquire bullish momentum as soon as it clears the $20,000 resistance zone.

• Bitcoin remained effectively bid and began a good improve above $19,500.
• The value is buying and selling above $19,400 and the 100 hourly easy transferring common.
• There was a break above a key bearish pattern line with resistance close to $19,240 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a robust improve if there’s a shut above the $20,000 resistance zone.

Bitcoin Price Eyes More Upsides

Bitcoin price formed a base above the $19,000 resistance zone. BTC remained secure and began a gradual and regular improve above the $19,200 degree.

There was a break above a key bearish pattern line with resistance close to $19,240 on the hourly chart of the BTC/USD pair. The pair was in a position to clear the 50% Fib retracement degree of the downward transfer from the $19,939 swing excessive to $19,000 low.

Bitcoin value is now buying and selling above $19,400 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $19,600 degree. It is near the 61.8% Fib retracement degree of the downward transfer from the $19,939 swing excessive to $19,000 low.

Source: BTCUSD on TradingView.com

The first main resistance sits close to the $20,000 degree. A clear transfer above the $20,000 resistance may pump the worth within the close to time period. In the acknowledged case, the worth might maybe take a look at the $21,200 resistance. Any extra features may begin a gradual improve in the direction of the $22,000 resistance zone.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,000 resistance zone, it might begin a draw back correction. An quick assist on the draw back is close to the $19,200 zone and the 100 hourly easy transferring common.

The subsequent main assist is close to the $19,000 zone. A draw back break and shut beneath the $19,000 assist zone may improve promoting stress. In the acknowledged case, the worth might decline in the direction of the $18,500 assist zone. Any extra losses may ship the worth in the direction of the $18,250 degree.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

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

Major Support Levels – $19,200, adopted by $19,000.

Major Resistance Levels – $19,600, $20,000 and $21,200.