- 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.
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.
