why-bitcoin-price-looks-ready-for-another-leg-over-$19,500

Why Bitcoin Price Looks Ready For Another Leg Over $19,500

Bitcoin designate began a accepted upward switch from the $17,500 toughen zone against the US Buck. BTC is on the 2d attempting an upside rupture and it would possibly maybe probably rally above $19,000.

  • Bitcoin is trading in a obvious zone above the $18,500 and $18,200 toughen phases.
  • The value is now going through hurdles come the $19,000 stage, however it without a doubt is above the 100 straightforward transferring average (4-hours).
  • There would possibly maybe be a key contracting triangle forming with resistance come $18,900 on the 4-hours chart of the BTC/USD pair (files feed from Kraken).
  • The pair would possibly maybe originate up a solid rally if there would possibly maybe be a shut above $18,900 and $19,000.

Bitcoin Impress is Making an try Upside Destroy

After a accepted decline, bitcoin designate stumbled on toughen come the $17,500 zone against the US Buck. The BTC/USD pair traded as low as $17,572 sooner than it began a accepted upward switch and a recovery wave.

The bulls obtained strength after the value broke the $18,000 resistance stage. There used to be furthermore a rupture above the 50% Fib retracement stage of the downward switch from the $19,445 swing high to $17,572 swing low. The value even broke the $18,500 resistance stage.

adPlace

Bitcoin is now going through hurdles come the $19,000 stage, however it without a doubt is above the 100 straightforward transferring average (4-hours). There would possibly maybe be furthermore a key contracting triangle forming with resistance come $18,900 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price

Provide: BTCUSD on TradingView.com

If there would possibly maybe be an upside rupture above the triangle resistance and $19,000, the value would possibly maybe rally sharply. The following predominant resistance is come the $19,500 stage, above which the bulls would possibly maybe strive an upside rupture above the $19,800 and $19,850 phases. The following predominant resistance sits come the $20,000 stage.

One other Failure in BTC?

If bitcoin fails to particular the $18,900 and $19,000 resistance phases, it would possibly maybe probably originate up a fresh decline. An preliminary toughen is come the $18,500 stage and the 100 straightforward transferring average (4-hours).

The first predominant toughen below the 100 straightforward transferring average (4-hours) is come the triangle decrease trend line at $18,000. A shut below the triangle toughen zone would possibly maybe birth the doorways for a fresh walk towards the $17,500 toughen zone in the come duration of time.

Technical indicators

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

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

Predominant Enhance Degree – $18,500

Predominant Resistance Degree – $19,000

Leave a comment