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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

TA: Bitcoin Price Gearing For Another Lift-Off to $21K, Recent Breakout Suggests

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin is gaining pace above the $19,500 resistance against the US Dollar. BTC could rise further above $20,000 if it stays above the $19,000 support.

  • Bitcoin started a decent increase and was able to clear the $19,500 resistance zone.
  • The price is trading above $19,000 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could stage a strong increase if it clears the $20,000 resistance zone.

Bitcoin Price Breaks Hurdle

Bitcoin price remained well bid above the $19,000 support zone. The crypto market was able to recover and BTC climbed higher above the $19,200 resistance zone.

There was a clear move above a connecting bearish trend line with resistance near $19,220 on the hourly chart of the BTC/USD pair. The pair even surpassed a major resistance zone near the $19,500 level to move into a positive zone.

Bitcoin price is now trading above $19,000 and the 100 hourly simple moving average. It traded as high as $19,863 and is currently consolidating gains.

It is trading well above the 23.6% Fib retracement level of the recent increase from the $18,645 swing low to $19,863 high. On the upside, an immediate resistance is near the $19,850 level. The next major resistance sits near the $20,000 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $20,000 level might push the price further into a bullish zone. In the stated case, the price could rise towards $20,500. Any more gains might lead the price higher towards the $21,000 resistance zone.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,000 resistance zone, it could correct lower. An immediate support on the downside is near the $19,550 zone.

The next major support is near the $19,250 zone. It is near the 50% Fib retracement level of the recent increase from the $18,645 swing low to $19,863 high. The main support sits near the $19,000 level, below which the price might move into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $19,550, followed by $19,000.

Major Resistance Levels – $19,850, $20,000 and $20,500.

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Aayush Jindal
Aayush Jindal

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.

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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.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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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