How Bitcoin Price Could Setup A Strong Surge Above $19.5K

Aayush Jindal

Last Updated: June 11, 2024 2:09 pm

2 mins read

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Bitcoin price started a steady recovery from the $18,580 swing low against the US Dollar. BTC is currently attempting an upside break and it could rally above $19,500.

Bitcoin is rising steadily above the $18,800 and $19,000 resistance levels.
The price is now trading nicely above the $19,000 resistance and the 100 simple moving average (4-hours).
There is a key contracting triangle forming with resistance near $19,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong surge if there is a close above $19,200 and $19,300.

Bitcoin Price is Attempting Upside Break

This past week, bitcoin saw a couple of swing moves from the $19,500 resistance against the US Dollar. The BTC/USD pair even broke the $19,000 support, but it remained well bid above the 100 simple moving average (4-hours).

The recent swing low was formed near $18,581 before the price started a decent upward move. There was a break above the $18,800 resistance level. The price even moved above the 50% Fib retracement level of the downward move from the $19,575 swing high to $18,581 swing low.

Bitcoin price is now trading nicely above the $19,000 resistance and the 100 simple moving average (4-hours). It is facing a strong resistance near the $19,200 level. There is also a key contracting triangle forming with resistance near $19,200 on the 4-hours chart of the BTC/USD pair.

The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $19,575 swing high to $18,581 swing low.

A successful break and close above the triangle resistance could start a strong surge above the $19,300 and $19,400 levels. The next key resistance is near $19,500, above which the bulls might aim $20,000.

Another Drop in BTC?

If bitcoin fails to clear the $19,200 and $19,300 resistance levels, it could start a fresh decline. An initial support is near the $19,000 level.

The first key support is near the triangle lower trend line at $18,800. The next major support is near the $18,500 level and the 100 simple moving average (4-hours), below which there could be a sharp decline.

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 – $18,800

Major Resistance Level – $19,200

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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