Bitcoin price rose higher above $18,500. BTC tested the $19,000 resistance zone and is now consolidating gains.
- Bitcoin rose higher above the $18,000 and $18,500 resistance levels.
- The price is trading above $18,200 and the hourly moving average is 100.
- There is a bullish trend line connecting with support near $18,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower towards the $18,500 and $18,350 support levels.
Bitcoin price test $19K
Bitcoin price is holding well above the $18,000 zone. BTC formed another bullish breakout and could rise above the $18,500 resistance zone, unlike ethereum.
The price cleared the $18,800 resistance zone and even rose above the $19,000 level. A high formed near $19,098 and the price is now consolidating gains. There was a small decline below the $18,900 level. The price declined below the 23.6% Fib retracement level of the upward move from the $17,927 swing to the $19,098 high.
Bitcoin price is trading above $18,200 and the hourly simple moving average is 100. There is also a bullish trend line connecting with support near $18,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, immediate resistance is near the $19,000 level. The next major resistance is close to the $19,200 zone, above which the price can increase again. In that case, the price may rise to the $19,500 level. Another gain could send the btc price to the $20,000 level.
Downside Correction in BTC?
If the price of bitcoin fails to clear the $19,000 resistance, it can start a downward correction. Immediate support on the downside is near the $18,650 level.
The next major support is near the $18,500 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $17,927 swing low to the $19,098 high. The main support is now near the $17,800 level, below which the price may retest $17,000.
Technical indicators:
Hourly MACD – MACD is currently losing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key Support Level – $18,650, followed by $18,500.
Key Resistance Levels – $19,000, $19,200 and $20,000.