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Bitcoin (BTC) Price Watch: Fresh 2019 High On The Cards?

Avatar Aayush Jindal 12 months ago
  • Bitcoin price stayed above the key $9,000 support and traded higher recently against the US Dollar.
  • The price traded above the $9,300 resistance and it recently tested the $9,400 resistance area.
  • There was a break above a major contracting triangle with resistance near $9,130 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to climb sharply higher once it clears the $9,390 and $9,400 resistance levels.

Bitcoin price is trading with a bullish tone above $9,300 against the US Dollar. BTC is likely to trade to a new 2019 high this week as long as it is above $9,050.

Bitcoin Price Analysis

After forming a support base near $9,000, bitcoin price started a fresh increase against the US Dollar. The BTC/USD pair traded higher above the $9,100 and $9,120 resistance levels. A swing low was formed at $9,052 and the price recently settled above $9,200. It even traded above the $9,300 level and is currently trading well above the 100 hourly simple moving average.

Moreover, there was a break above a major contracting triangle with resistance near $9,130 on the hourly chart of the BTC/USD pair. On the upside, the $9,400 area seems to be acting as a crucial barrier. The recent high was formed at $9,371 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the upward move from the $9,052 low to $9,371 high.

On the downside, there are a few key supports visible near the $9,200 and $9,175 levels.  Moreover, an immediate support is $9,210 and the 50% Fib retracement level of the upward move from the $9,052 low to $9,371 high. If there are more losses, the price might test the $9,175 support and the 100 hourly simple moving average.

Besides, the 61.8% Fib retracement level of the upward move from the $9,052 low to $9,371 high is also near $9,175. Therefore, as long as the price is above $9,175, it could make another attempt to surpass the $9,375 and $9,400 levels. If it succeeds, there could be a new 2019 high above the $9,450 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be trading in a broad range below the $9,400 resistance. The main range supports are near $9,050 and $9,000. If there is a daily close below the $9,000 level, the price could start an extended downside correction towards $8,750 in the near term.

Technical indicators:

Hourly MACD – The MACD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 60 level.

Major Support Levels – $9,210 followed by $9,175.

Major Resistance Levels – $9,375, $9,400 and $9,450.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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