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Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally
Bitcoin started an upside correction from the $18,150 zone against the US Dollar. BTC is back above $19,200 and a break above $19,500 could spark a fresh rally.
Bitcoin is showing a few positive signs above the $19,000 level.
The price is trading above $19,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with support 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 above the $19,500 resistance zone.
Bitcoin Price Recovers
Bitcoin price remained well bid above the $18,150 level. BTC traded as low as $18,138 and started a decent recovery wave. The price was able to recover above the $18,800 and $19,000 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The bulls even pushed the price above the $19,200 resistance zone. It is now trading above $19,000 and the 100 hourly simple moving average.
There is also a key contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair. Bitcoin price is showing a few positive signs above the $19,000 level.
On the upside, an immediate resistance is near the $19,475 level. It is near the 76.4% Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The next major resistance sits near the $19,680 level.
Source: BTCUSD on TradingView.com
A close above 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 fails to recover above 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 next 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.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above 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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