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Bitcoin is gaining tempo above the $19,500 resistance in opposition to the US Dollar. BTC may rise additional above $20,000 if it stays above the $19,000 help.
- Bitcoin began an honest enhance and was in a position to clear the $19,500 resistance zone.
- The worth 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 (knowledge feed from Kraken).
- The pair may stage a robust enhance if it clears the $20,000 resistance zone.
Bitcoin Price Breaks Hurdle
Bitcoin worth remained effectively bid above the $19,000 support zone. The crypto market was in a position to recuperate and BTC climbed greater 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 serious resistance zone close to the $19,500 stage to transfer right into a constructive zone.
Bitcoin worth is now buying and selling above $19,000 and the 100 hourly simple moving average. It traded as excessive as $19,863 and is at the moment consolidating good points.
It is buying and selling effectively above the 23.6% Fib retracement stage of the latest enhance from the $18,645 swing low to $19,863 excessive. On the upside, an instantaneous resistance is close to the $19,850 stage. The subsequent main resistance sits close to the $20,000 zone.
Source: BTCUSD on TradingView.com
An in depth above the $20,000 stage would possibly push the value additional right into a bullish zone. In the acknowledged case, the value may rise in direction of $20,500. Any extra good points would possibly lead the value greater in direction of the $21,000 resistance zone.
Dips Supported in BTC?
If bitcoin fails to rise above the $20,000 resistance zone, it may appropriate decrease. An speedy help on the draw back is close to the $19,550 zone.
The subsequent main help is close to the $19,250 zone. It is close to the 50% Fib retracement stage of the latest enhance from the $18,645 swing low to $19,863 excessive. The principal help sits close to the $19,000 stage, under which the value 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 Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $19,550, adopted by $19,000.
Major Resistance Levels – $19,850, $20,000 and $20,500.
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