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Bitcoin began an upside correction from the $18,150 zone towards the US Dollar. BTC is again above $19,200 and a break above $19,500 may spark a contemporary rally.

• Bitcoin is exhibiting a few optimistic indicators above the $19,000 degree.
• The worth is buying and selling above $19,000 and the 100 hourly easy shifting common.
• There is a key contracting triangle forming with assist close to $19,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may stage a contemporary rally if there may be a clear transfer above the $19,500 resistance zone.

Bitcoin Price Recovers

Bitcoin worth remained properly bid above the $18,150 degree. BTC traded as little as $18,138 and began a respectable recovery wave. The worth was capable of get better above the $18,800 and $19,000 resistance ranges.

There was a transfer above the 50% Fib retracement degree of the downward transfer from the $19,888 swing excessive to $18,138 low. The bulls even pushed the worth above the $19,200 resistance zone. It is now buying and selling above $19,000 and the 100 hourly simple moving average.

There can be a key contracting triangle forming with assist close to $19,200 on the hourly chart of the BTC/USD pair. Bitcoin worth is exhibiting a few optimistic indicators above the $19,000 degree.

On the upside, a direct resistance is close to the $19,475 degree. It is close to the 76.4% Fib retracement degree of the downward transfer from the $19,888 swing excessive to $18,138 low. The subsequent main resistance sits close to the $19,680 degree.

Source: BTCUSD on TradingView.com

A detailed above the $19,680 degree may begin a contemporary surge to $20,000. Any extra positive factors may ship the worth in direction of the $20,500 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to get better above the $19,680 zone, it may begin a contemporary decline. An rapid assist on the draw back is close to the $19,200 zone and the triangle decrease pattern line.

The subsequent main assist is close to the $19,000 degree and the 100 hourly SMA. A transparent transfer under the $19,000 zone may set the tempo for a contemporary decline. In the acknowledged case, the worth might even take a look at the $18,500 degree.

Technical indicators:

Hourly MACD – The MACD is now shedding 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 – $19,500, $19,680 and $20,000.