Bitcoin (BTC) to Break $ 19,500 Level, According to Professional Analyst

 Bitcoin price is trading in a positive zone above the $ 19,000 zone against the US Dollar. BTC broke through a key bullish pattern suggesting a high probability of further bullish above $ 19,500.


Bitcoin is trading in a positive zone above the $ 18,800 and $ 19,000 resistance levels. The price is currently trading well above the $ 19,000 level and the 100 hourly simple moving average. There was a break above a key triangle with resistance near $ 19,150 on the hourly chart of the BTC / USD pair. The pair is likely to continue to rise above the $ 19,500 resistance level in the near term.






Bitcoin Price Shows Bullish Signs

After building a strong support base around $ 17,600, the bitcoin price started to rise steadily. BTC overcame several key hurdles near the $ 18,000 and $ 18,500 levels to move into the bullish zone.

The recent upward move caused the price to break above the $ 19,000 resistance and the 100 hourly simple moving average. Moreover, there was a break above a key contract triangle with resistance near $ 19,150 on the hourly chart of the BTC / USD pair. BTC is showing many positive signs towards the $ 19,150 and $ 19,200 levels. Resistance is near the $ 19,320 level or the 76.4% Fib retracement level of the last downside correction. A break above $ 19,320 could open the doors for more bullish above $ 19,433.


In the state stated, there is a good chance of a strong upward move above the $ 19,500 resistance. The next major resistance is near the $ 19,800 level, followed by $ 20,000.


Negative Aspects Supported in BTC

If Bitcoin starts a short-term downside correction, it could find support near the $ 19,200 level or the broken triangle trend line. Initial key support is near the $ 19,150 level.


The main support is currently forming near the $ 19,000 level. A favorable daily close below the $ 19,000 level could steer the price towards the $ 18,500 support level in the near term.


Technical Indicators

Hourly MACD: The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 level.

Major Support Levels: $ 19,150 followed by $ 19,000.

Major Resistance Levels - $ 19,320, $ 19,500 and $ 19,800.

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