Bitcoin price steadily rebounded from the $ 18,580 low against the US dollar. BTC is currently trying an upside break and it could go above $ 19,500.
- Bitcoin is steadily rising above the $ 18,800 and $ 19,000 resistance levels.
- The price is now trading well above the USD 19,000 resistance and the simple moving average of 100 (4 hours).
- A major contraction triangle is forming on the 4-hour chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 19,200.
- The pair could see a sharp rise if there was a close above $ 19,200 and $ 19,300.
Bitcoin price tries to break up
Over the past week, Bitcoin has seen some swings against the $ 19,500 resistance against the US dollar. The BTC / USD pair even broke the USD 19,000 support but remained well above the 100 (4 hours) simple moving average.
The recent swing low was formed near $ 18,581 before the price started a decent upward move. There was a pause above the $ 18,800 resistance level. The price even moved above the 50% Fib retracement level of the downward move from $ 19,575 swing high to $ 18,581 swing low.
Bitcoin price is now trading well above the $ 19,000 resistance and the simple moving average of 100 (4 hours). It faces strong resistance near the $ 19,200 level. A major contraction triangle is also forming on the 4-hour chart of the BTC / USD pair with resistance near USD 19,200.
The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $ 19,575 swing high to the $ 18,581 swing low.
A successful breakout and close above the triangle resistance could trigger a sharp surge above the $ 19,300 and $ 19,400 levels. The next major resistance is at $ 19,500, above which the bulls could aim for $ 20,000.
Another drop in BTC?
If Bitcoin fails to hit the $ 19,200 and $ 19,300 resistance levels, it could see another decline. Initial support is near the USD 19,000 level.
The first major support is near the lower trendline of the triangle at $ 18,800. The next big support is near the $ 18,500 level and the simple moving average of 100 (4 hours) below which there could be a sharp decline.
4 hours MACD – The MACD for BTC / USD is slowly gaining momentum in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is rising and is above the 50 level.
Main Support Tier – $ 18,800
Main Resistance Level – $ 19,200