Bitcoin Price Is Rising, Here’s What Could Trigger A Sharp Increase

Bitcoin value is slowly shifting larger above $19,500 towards the US Greenback. BTC may acquire bullish momentum as soon as it clears the $20,000 resistance zone.

• Bitcoin remained effectively bid and began an honest enhance above $19,500.
• The worth is buying and selling above $19,400 and the 100 hourly easy shifting common.
• There was a break above a key bearish pattern line with resistance close to $19,240 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a powerful enhance if there’s a shut above the $20,000 resistance zone.

Bitcoin Value Eyes Extra Upsides

Bitcoin price formed a base above the $19,000 resistance zone. BTC remained secure and began a gradual and regular enhance above the $19,200 degree.

There was a break above a key bearish pattern line with resistance close to $19,240 on the hourly chart of the BTC/USD pair. The pair was in a position to clear the 50% Fib retracement degree of the downward transfer from the $19,939 swing excessive to $19,000 low.

Bitcoin value is now buying and selling above $19,400 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $19,600 degree. It’s near the 61.8% Fib retracement degree of the downward transfer from the $19,939 swing excessive to $19,000 low.

Supply: BTCUSD on TradingView.com

The primary main resistance sits close to the $20,000 degree. A transparent transfer above the $20,000 resistance may pump the value within the close to time period. Within the acknowledged case, the value could maybe check the $21,200 resistance. Any extra positive factors may begin a gentle enhance in direction of the $22,000 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 instantaneous assist on the draw back is close to the $19,200 zone and the 100 hourly easy shifting common.

The following main assist is close to the $19,000 zone. A draw back break and shut under the $19,000 assist zone may enhance promoting stress. Within the acknowledged case, the value may decline in direction of the $18,500 assist zone. Any extra losses may ship the value in direction of the $18,250 degree.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

Main Assist Ranges – $19,200, adopted by $19,000.

Main Resistance Ranges – $19,600, $20,000 and $21,200.