19:43
How Bitcoin Price Could Setup A Strong Surge Above $19.5K

Bitcoin price started a steady recovery from the $18,580 swing low against the US Dollar. BTC is currently attempting an upside break and it could rally above $19,500.

Bitcoin is rising steadily above the $18,800 and $19,000 resistance levels.
The price is now trading nicely above the $19,000 resistance and the 100 simple moving average (4-hours).
There is a key contracting triangle forming with resistance near $19,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong surge if there is a close above $19,200 and $19,300.

Bitcoin Price is Attempting Upside Break

This past week, bitcoin saw a couple of swing moves from the $19,500 resistance against the US Dollar. The BTC/USD pair even broke the $19,000 support, but it remained well bid above the 100 simple moving average (4-hours).

The recent swing low was formed near $18,581 before the price started a decent upward move. There was a break above the $18,800 resistance level. The price even moved above the 50% Fib retracement level of the downward move from the $19,575 swing high to $18,581 swing low.

Bitcoin price is now trading nicely above the $19,000 resistance and the 100 simple moving average (4-hours). It is facing a strong resistance near the $19,200 level. There is also a key contracting triangle forming with resistance near $19,200 on the 4-hours chart of the BTC/USD pair.

The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $19,575 swing high to $18,581 swing low.

A successful break and close above the triangle resistance could start a strong surge above the $19,300 and $19,400 levels. The next key resistance is near $19,500, above which the bulls might aim $20,000.

Another Drop in BTC?

If bitcoin fails to clear the $19,200 and $19,300 resistance levels, it could start a fresh decline. An initial support is near the $19,000 level.

The first key support is near the triangle lower trend line at $18,800. The next major support is near the $18,500 level and the 100 simple moving average (4-hours), below which there could be a sharp 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 level.

Major Support Level – $18,800

Major Resistance Level – $19,200

Sourse: newsbtc.com

BACK TO NEWS LIST

Start mining bitcoin now

Start trading bitcoin now

Category: Analytics | Views: 63 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoin markets #btc news | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
[26.01.2021][News]
Philippines' central bank to license crypto trading and custody firms (0)
[26.01.2021][News]
Bitcoin made up 97% of total crypto inflows in 2021 (0)
[26.01.2021][News]
Overstock spins its blockchain subsidiary into crypto investment fund (0)
[26.01.2021][News]
With Yellen confirmed, Treasury moves forward with stalled crypto monitoring rule (0)
[26.01.2021][News]
Report Claims Harvard, Yale, and Brown University Endowments Have Been Discreetly Buying Bitcoin (0)
[26.01.2021][News]
Marathon Patent Group Buys $150 Million Worth of Bitcoin as a Reserve Asset (0)
[26.01.2021][Analytics]
While BTC's Hashrate Remains High, It's More Difficult Than Ever Before to Mine Bitcoin (0)
[26.01.2021][News]
New Hawaii bill seeks to create state-led blockchain working group (0)
[26.01.2021][News]
Bitcoin Bull Chamath Palihapitiya Running for California Governor (0)
[26.01.2021][News]
Enjin enters the fashion world with augmented reality NFTs (0)

BACK TO NEWS LIST