Crypto News

Why Bitcoin Price Looks Ready For Another Leg Over $19,500

Bitcoin price started a steady upward move from the $17,500 support zone against the US Dollar. BTC is currently attempting an upside break and it could rally above $19,000.

  • Bitcoin is trading in a positive zone above the $18,500 and $18,200 support levels.
  • The price is now facing hurdles near the $19,000 level, but it is above the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $18,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong rally if there is a close above $18,900 and $19,000.

Bitcoin Price is Attempting Upside Break

After a steady decline, bitcoin price found support near the $17,500 zone against the US Dollar. The BTC/USD pair traded as low as $17,572 before it started a steady upward move and a recovery wave.

The bulls gained strength after the price broke the $18,000 resistance level. There was also a break above the 50% Fib retracement level of the downward move from the $19,445 swing high to $17,572 swing low. The price even broke the $18,500 resistance level.

Bitcoin is now facing hurdles near the $19,000 level, but it is above the 100 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $18,900 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is an upside break above the triangle resistance and $19,000, the price could rally sharply. The next major resistance is near the $19,500 level, above which the bulls might attempt an upside break above the $19,800 and $19,850 levels. The next major resistance sits near the $20,000 level.

Another Failure in BTC?

If bitcoin fails to clear the $18,900 and $19,000 resistance levels, it could start a fresh decline. An initial support is near the $18,500 level and the 100 simple moving average (4-hours).

The first major support below the 100 simple moving average (4-hours) is near the triangle lower trend line at $18,000. A close below the triangle support zone could open the doors for a fresh slide towards the $17,500 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $18,500

Major Resistance Level – $19,000

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Cardano To Update Mary Protocol On March 1
Cardano’s core development team announced that the Mary protocol update will go live on March 1. Input Output also...
FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...

Featured Crypto News

Cardano To Update Mary Protocol On March 1
Cardano’s core development team announced that the Mary protocol update will go live on March 1. Input Output also...
FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...