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Bitcoin Price Analysis: BTC Eyeing Upside Break above $19.8K

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  • Bitcoin price started a major upward move from the $17,500 support zone against the US Dollar.
  • The price is now trading well above $19,000 and the 55 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $19,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher if it clears the $19,570 and $19,800 resistance levels.

Bitcoin price is currently showing bullish signs above $19,000 against the US Dollar. BTC could rally if it manages to settle above $19,570 in the near term.

Bitcoin Price Analysis

In the past few days, bitcoin price started a steady increase from the $17,500 support zone against the US Dollar. BTC broke the $18,500 and $18,750 levels to move into a positive zone.

The price even climbed above the $19,000 resistance and the 55 simple moving average (4-hours). Moreover, there was a break above a crucial bearish trend line with resistance near $19,050 on the 4-hours chart of the BTC/USD pair.

The pair even spiked above the $19,500 level, but it seems to be facing a strong resistance near the $19,570 level. A high is formed near $19,571 and the price is currently consolidating gains. An initial support on the downside is near the $19,100 level.

The 23.6% Fib retracement level of the recent upward move from the $17,579 swing low to $19,571 high is also near the $19,100 level. The next major support for the bulls is near the $18,750 level or the 55 simple moving average (4-hours).

The main support is near the $18,575 level. It represents the 50% Fib retracement level of the recent upward move from the $17,579 swing low to $19,571 high.

On the upside, the $19,500 and $19,570 levels are crucial hurdles. A successful close above the $19,570 level may perhaps start a strong increase in the coming sessions. The next stop for the bulls could be $19,800, followed by $20,000.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly approaching a key hurdle near the $19,570 and $19,800 levels. Overall, the price is likely to continue higher if it clears the $19,570 and $19,800 resistance levels.

Technical indicators

4 hours MACD – The MACD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Key Support Levels – $19,100 and $18,750.

Key Resistance Levels – $19,570, $19,800 and $20,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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