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Bitcoin worth traded to a brand new weekly low earlier than reversing losses towards the US Dollar. BTC broke $19,500 and may rise additional in direction of $20,500.

• Bitcoin is up practically 5% and there was a transparent transfer above the $19,500 resistance zone.
• The worth is buying and selling under above $19,500 and the 100 hourly easy shifting common.
• There was a break above a significant bearish pattern line with resistance close to $19,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair is exhibiting bullish indicators and may prolong positive factors above $20,000.

Bitcoin Price Starts Fresh Rally

Bitcoin worth prolonged losses under the $19,000 assist zone. Yesterday, the US CPI information was launched, which posted a rise of 8.2%. It pushed BTC worth under the $18,500 support zone.

The bears gained energy and the worth dived to the $18,200 assist zone. However, the bears did not push the worth additional decrease. A low was shaped close to $18,142 and there was a robust bullish response. The worth gained bullish momentum and climbed above the $19,000 degree.

Bitcoin worth cleared the 50% Fib retracement degree of the downward transfer from the $20,443 swing excessive to $18,142 low. Besides, there was a break above a significant bearish pattern line with resistance close to $19,150 on the hourly chart of the BTC/USD pair.

The worth is now buying and selling under above $19,500 and the 100 hourly simple moving average. It is buying and selling close to the 76.4% Fib retracement degree of the downward transfer from the $20,443 swing excessive to $18,142 low.

Source: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $20,000 degree. A transparent transfer above the $20,000 resistance may pump the worth additional larger. The subsequent main resistance is close to the $20,450 degree. Any extra positive factors may begin a gradual improve in direction of the $21,200 resistance zone.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,000 resistance zone, it may begin a draw back correction. An instant assist on the draw back is close to the $19,500 zone.

The subsequent main assist is close to the $19,200 zone and the 100 hourly SMA. A draw back break under the $19,200 assist zone may improve promoting stress. In the said case, the worth may decline in direction of the $18,500 assist 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 within the overbought zone.

Major Support Levels – $19,500, adopted by $19,200.

Major Resistance Levels – $20,000, $20,450 and $21,200.