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Bitcoin value is transferring larger above $19,250 towards the US Dollar. BTC might eye a vital upside break above the $19,500 and $19,650 resistance ranges.

• Bitcoin began a recent improve above the $19,200 and $19,250 ranges.
• The value is buying and selling above $19,200 and the 100 hourly easy transferring common.
• There was a break above a key bearish development line with resistance close to $19,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin a robust improve if there’s a clear transfer above the $19,650 resistance.

Bitcoin Price Gains Momentum

Bitcoin price remained well bid above the $18,800 degree. BTC fashioned a base above the $19,000 degree and began a recent improve. There was a transparent transfer above the $19,200 and $19,250 resistance ranges.

There was additionally a break above a key bearish development line with resistance close to $19,200 on the hourly chart of the BTC/USD pair. The pair gained tempo above the $19,400 degree and the 100 hourly simple moving average. It even broke the $19,500 resistance.

However, bitcoin value failed to realize momentum above the $19,600 zone. A excessive was fashioned close to $19,679 and there was a minor draw back correction.

The value is now buying and selling under the 23.6% Fib retracement degree of the upward transfer from the $18,865 swing low to $19,679 excessive. On the upside, a right away resistance is close to the $19,600 degree. The first main resistance sits close to the $19,650 degree and the latest excessive.

Source: BTCUSD on TradingView.com

The subsequent main resistance is perhaps $20,000. A clear transfer above the $20,000 resistance would possibly ship the value in the direction of the $20,500 resistance. Any extra features would possibly open the doorways for a transfer in the direction of the $21,200 resistance zone.

Dips Supported in BTC?

If bitcoin fails to rise above the $19,600 resistance zone, it might proceed to maneuver down. An instant help on the draw back is close to the $19,300 zone.

The subsequent main help is close to the $19,250 zone. It is near the 50% Fib retracement degree of the upward transfer from the $18,865 swing low to $19,679 excessive. A draw back break and shut under $19,250 would possibly improve promoting stress and the value would possibly revisit $18,800.

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 – $19,300, adopted by $19,250.

Major Resistance Levels – $19,500, $19,600 and $20,000.