- Bitcoin price started a fresh increase above the $19,500 zone against the US Dollar.
- The price is now trading above $19,500 and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $19,290 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if there is a clear move above $20,500 level.
Bitcoin price is rising above $20,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $20,500 zone.
Bitcoin Price Analysis
Bitcoin price started a decent increase from the $18,500 support zone. There was a steady increase above the $19,500 and $19,200 resistance levels.
The upward move gained strength above the $19,500 level. There was also a break above a major contracting triangle with resistance near $19,290 on the 4-hours chart of the BTC/USD pair. The pair broke the $20,000 barrier and settled above the 55 simple moving average (4-hours).
A high is formed near $20,479 and the price is now consolidating gains. An immediate resistance on the upside is near the $20,500 level. The first major resistance is near the $20,800 level.
The next major resistance on the upside is near the $21,250 level, above which the price could rise towards the $22,000 zone. Any more gains might send the price towards the $23,200 zone. If there is no upside break, the price might start a downside correction below $20,000 or the 23.6% Fib retracement level of the upward move from the $18,923 swing low to $20,479 high.
The next key support is near the $19,700 level. It is close to the 50% Fib retracement level of the upward move from the $18,923 swing low to $20,479 high.
Any more losses might call for a move towards the $19,500 support zone or the 55 simple moving average (4-hours). The main support sits near the $19,000 level.
Looking at the chart, bitcoin price is clearly trading above $19,500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $20,500 level in the near term.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $19,700 and $19,000.
Key Resistance Levels – $20,500, $21,200 and $22,000.