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Bitcoin is consolidating above the $19,500 assist in opposition to the US Dollar. BTC may begin a serious improve contemplating the current rise in ether.

• Bitcoin continues to be buying and selling in vary close to the $20,000 zone and under the $20,500 resistance.
• The worth is now buying and selling under the $20,000 stage and the 100 hourly easy shifting common.
• There is a key bullish development line forming with assist close to $19,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a good improve until there’s a clear transfer under the $19,600 and $19,500 ranges.

Bitcoin Price Eyes Fresh Increase

Bitcoin worth remained in a spread under the $20,500 and $20,550 resistance levels. Recently, BTC shaped a assist base above the $19,600 stage and began an upside correction.

There was a transfer above the $19,800 resistance stage and the 100 hourly simple moving average. The bulls had been capable of push the value above the 50% Fib retracement stage of the downward transfer from the $20,398 swing excessive to $19,600 low.

Finally, there was a spike above the $20,000 resistance. However, the bears had been lively close to the $20,100 zone. Bitcoin worth didn’t clear the 61.8% Fib retracement stage of the downward transfer from the $20,398 swing excessive to $19,600 low.

It is now buying and selling under the $20,000 stage and the 100 hourly easy shifting common. There can be a key bullish development line forming with assist close to $19,700 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $19,900 stage and the 100 hourly easy shifting common. The subsequent main resistance sits close to the $20,100 stage. The principal resistance continues to be close to the $20,400 and $20,500 ranges. A transparent transfer above the $20,500 resistance may ship the value in direction of $21,200. Any extra good points may begin push the value in direction of the $22,000 resistance zone.

Downside Break in BTC?

If bitcoin fails to clear the $20,400 resistance zone, it may begin one other decline. An quick assist on the draw back is close to the $19,700 zone and the development line.

The subsequent main assist sits close to the $19,600 stage. The principal assist sits close to the $19,500 stage. A transparent transfer under the $19,500 assist may begin a serious decline. In the said case, the value could maybe take a look at the $18,500 assist.

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 close to the 50 stage.

Major Support Levels – $19,700, adopted by $19,500.

Major Resistance Levels – $20,000, $20,400 and $20,500.