Bitcoin (BTC) Price Is still Range bound, Why There’s Hope of a Fresh Rally

1 min


  •  (BTC) is showing several  signs over the $19,000 level.
  • The price is over $19,000 and the 100 hourly simple moving average.
  • There is a key contracting triangle with near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could stage a fresh rally if there is a clear move over the $19,500 zone.

Bitcoin (BTC) Price Recovers

Bitcoin (BTC) price remained well bid over the $18,150 level. Bitcoin as low as $18,138 and started a decent recovery wave. The price was able to recover over the $18,800 and $19,000 resistance levels.

There was a move over the 50 percent Fib level of the downward move from the $19,888 swing high to $18,138 low. The bulls even pushed the price over the $19,200 resistance zone. It is now trading over $19,000 and the 100 hourly simple moving average.

There is likewise a key contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair. Bitcoin (BTC) price is showing several  positive signs over the $19,000 level.

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On the upside, an immediate resistance is near the $19,475 level. It is near the 76.4 percent Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The upcoming major resistance sits near the $19,680 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close over the $19,680 level might start a fresh surge to $20,000. Any more gains might send the price towards the $20,500 resistance zone.

Fresh Decline in BTC?

If Bitcoin (BTC) fails to recover over the $19,680 zone, it could start a fresh decline. An immediate support on the downside is near the $19,200 zone and the triangle lower trend line.

The upcoming major support is near the $19,000 level and the 100 hourly SMA. A clear move below the $19,000 zone could set the pace for a fresh decline. In the stated case, the price may even test the $18,500 level.

Technical :

Hourly MACD – The MACD is now pace in the positive trend zone.

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Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now over the 50 level.

Major Support Levels – $19,200, followed by $19,000.

Major Resistance Levels – $19,500, $19,680 and $20,000.

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