Bitcoin price still range bound, why is there hope for a new high

Bitcoin price still range bound, why is there hope for a new high


Bitcoin started an upward correction from the $18,150 area against the US Dollar. BTC is back above $19,200 and a break above $19,500 could trigger a new rally.

  • Bitcoin is showing some positive signs above the $19,000 level.
  • The price is trading above $19,000 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could witness a new rally if there is a clear move above the $19,500 resistance area.

Bitcoin price recovering

Bitcoin price kept bidding well above the $18,150 level. Bitcoin traded as low as $18,138 and a good rally started. The price managed to recover above the $18,800 and $19,000 resistance levels.

There was a move above the 50% Fib retracement level of the downside move from the high-swinging $19,888 to the $18,138 low. The bulls pushed the price above the $19,200 resistance area. It is now trading above $19,000 and the 100 hourly simple moving average.

There is also a major contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair. Bitcoin price is showing some positive signs above the $19,000 level.

On the upside, there is an immediate resistance near the $19,475 level. It is near the 76.4% Fibonacci retracement level of the downside move from the $19,888 swing high to the $18,138 low. The next major resistance is near the $19,680 level.

Bitcoin price

Source: BTCUSD on TradingView.com

A close above the $19,680 level could lead to a new high to $20,000. Any further gains could send the price towards the $20,500 resistance area.

A new drop in bitcoin?

If Bitcoin fails to recover above $1,680, it may start a new decline. There is immediate support on the downside near the $19,200 area and the triangle’s lower trendline.

The next major support is near the $19,000 level and the hourly 100 SMA. A clear move below the $19,000 region could set the pace for a new decline. In the mentioned case, the price may test the $18,500 level.

Technical indicators:

Hourly MACD The MACD is now losing momentum in the bullish zone.

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

Key support levels – $19,200, followed by $19,000.

The main resistance levels are $19,500, $19,880, and $20,000.



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