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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Is Forming A Key Trend and Swift Rally Could Occur

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price is moving higher above $19,250 against the US Dollar. BTC could eye a crucial upside break above the $19,500 and $19,650 resistance levels.

  • Bitcoin started a fresh increase above the $19,200 and $19,250 levels.
  • The price is trading above $19,200 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase if there is a clear move above the $19,650 resistance.

Bitcoin Price Gains Momentum

Bitcoin price remained well bid above the $18,800 level. BTC formed a base above the $19,000 level and started a fresh increase. There was a clear move above the $19,200 and $19,250 resistance levels.

There was also a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair. The pair gained pace above the $19,400 level and the 100 hourly simple moving average. It even broke the $19,500 resistance.

However, bitcoin price failed to gain momentum above the $19,600 zone. A high was formed near $19,679 and there was a minor downside correction.

The price is now trading below the 23.6% Fib retracement level of the upward move from the $18,865 swing low to $19,679 high. On the upside, an immediate resistance is near the $19,600 level. The first major resistance sits near the $19,650 level and the recent high.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance might be $20,000. A clear move above the $20,000 resistance might send the price towards the $20,500 resistance. Any more gains might open the doors for a move towards the $21,200 resistance zone.

Dips Supported in BTC?

If bitcoin fails to rise above the $19,600 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,300 zone.

The next major support is near the $19,250 zone. It is close to the 50% Fib retracement level of the upward move from the $18,865 swing low to $19,679 high. A downside break and close below $19,250 might increase selling pressure and the price might revisit $18,800.

Technical indicators:

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 – $19,300, followed by $19,250.

Major Resistance Levels – $19,500, $19,600 and $20,000.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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