how-bitcoin-price-could-setup-a-strong-surge-above-$19.5k

How Bitcoin Price Could Setup A Strong Surge Above $19.5K

Bitcoin stamp started a trendy recovery from the $18,580 swing low against the US Buck. BTC is currently making an try an upside smash and it need to rally above $19,500.

  • Bitcoin is rising step by step above the $18,800 and $19,000 resistance phases.
  • The price is now trading properly above the $19,000 resistance and the 100 easy transferring moderate (4-hours).
  • There would possibly be a key contracting triangle forming with resistance scheme $19,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could well starting up a solid surge if there is a finish above $19,200 and $19,300.

Bitcoin Trace is Making an strive Upside Destroy

This previous week, bitcoin saw a few swing strikes from the $19,500 resistance against the US Buck. The BTC/USD pair even broke the $19,000 increase, nonetheless it remained well list above the 100 easy transferring moderate (4-hours).

The new swing low became fashioned scheme $18,581 earlier than the price started a relevant upward transfer. There became a smash above the $18,800 resistance stage. The price even moved above the 50% Fib retracement stage of the downward transfer from the $19,575 swing excessive to $18,581 swing low.

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Bitcoin stamp is now trading properly above the $19,000 resistance and the 100 easy transferring moderate (4-hours). It’s facing a solid resistance scheme the $19,200 stage. There would possibly be also a key contracting triangle forming with resistance scheme $19,200 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price

The triangle resistance is finish to the 61.8% Fib retracement stage of the downward transfer from the $19,575 swing excessive to $18,581 swing low.

A a success smash and finish above the triangle resistance could well starting up a solid surge above the $19,300 and $19,400 phases. The next key resistance is scheme $19,500, above which the bulls could well purpose $20,000.

One other Fall in BTC?

If bitcoin fails to obvious the $19,200 and $19,300 resistance phases, it need to starting up a new decline. An preliminary increase is scheme the $19,000 stage.

The first key increase is scheme the triangle lower pattern line at $18,800. The next predominant increase is scheme the $18,500 stage and the 100 easy transferring moderate (4-hours), beneath which there’ll almost definitely be a involving decline.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 stage.

Indispensable Pork up Level – $18,800

Indispensable Resistance Level – $19,200

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