Bitcoin price remained in a bullish zone and it made another attempt to gain pace above $19,500 against the US Dollar. BTC is clearing struggling to stay above $19,500, which is a major breakout zone.
- Bitcoin is slowly moving higher towards the $19,500 and $19,550 resistance levels.
- The price is currently well above the $19,200 level and the 100 hourly simple moving average.
- There is a key rising channel forming with support near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower if it continues to struggle near $19,500 and $19,550.
Bitcoin Price is Facing a Major Hurdle
After forming a support base near $19,200, bitcoin price started a fresh increase. BTC broke the $19,400 resistance and it settled nicely above the 100 hourly simple moving average.
The price even spiked above $19,500 once again, but it failed to hold gains. A high is formed near $19,555 and the price is currently correcting lower. There was a drop below the $19,400 level, and the price traded close to the 50% Fib retracement level of the recent wave from the $19,083 swing low to $19,555 high.
On the downside, there is a decent support forming near the $19,200 level. There is also a key rising channel forming with support near $19,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The channel support is close to the 76.4% Fib retracement level of the recent wave from the $19,083 swing low to $19,555 high. On the upside, the price is clearly facing a strong resistance near $19,500 and $19,550. Bitcoin price must settle above the $19,500 level and gain pace above $19,550 to rise towards the $19,800 and $20,000 resistance levels.
Downsides Supported in BTC?
If bitcoin starts another downside correction, it could find support near the $19,260 level. The first key support is near the channel lower trend line or $19,200.
A downside break below the channel support might lead the price towards the $19,000 support or the 100 hourly simple moving average. Any more losses may possibly spark a larger decline towards $18,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently dipping towards the 50 level.
Major Support Levels – $19,260, followed by $19,200.
Major Resistance Levels – $19,500, $19,550 and $20,000.