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Bitcoin worth is slowly transferring increased above $19,500 in opposition to the US Dollar. BTC may begin a gentle enhance if there’s a shut above $19,600 and $20,000.
- Bitcoin remained nicely bid above the $19,200 and $19,000 assist ranges.
- The worth is buying and selling above $19,400 and the 100 hourly easy transferring common.
- There is a key bullish development line forming with assist close to $19,450 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a gentle enhance if there’s a clear transfer above the $19,700 stage.
Bitcoin Price Eyes Steady Increase
Bitcoin worth remained robust above the $19,000 level. BTC traded as little as $18,937 and began a gentle enhance. There was a transfer above the $19,150 and $19200 ranges.
The worth was in a position to clear the 50% Fib retracement stage of the downward transfer from the $20,177 swing excessive to $18,937 low. There was a additionally a transfer above the $19,500 resistance zone to maneuver right into a short-term optimistic zone.
Bitcoin worth is now buying and selling above $19,400 and the 100 hourly simple moving average. There can be a key bullish development line forming with assist close to $19,450 on the hourly chart of the BTC/USD pair.
On the upside, a right away resistance is close to the $19,700 stage. It is close to the 61.8% Fib retracement stage of the downward transfer from the $20,177 swing excessive to $18,937 low. The subsequent main resistance sits close to the $20,000 zone.
Source: BTCUSD on TradingView.com
A transparent transfer above the $20,0000 resistance may begin a contemporary enhance. In the acknowledged case, the value may even surpass the $20,200 resistance zone. The subsequent main resistance is close to the $20,500 zone.
Another Decline in BTC?
If bitcoin fails to rise above the $19,700 resistance zone, it may begin a contemporary decline. An rapid assist on the draw back is close to the $19,400 zone.
The subsequent main assist is close to the $19,000 zone. The fundamental assist is close to $18,500, under which there may very well be a significant decline. In the acknowledged case, the value might maybe decline in the direction of the $17,500 assist.
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 – $19,400, adopted by $19,200.
Major Resistance Levels – $19,700, $20,000 and $20,500.
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