Bitcoin Price Stuck In Key Range, Why The Bulls Are Comfortable

Bitcoin value corrected decrease under the $19,500 stage in opposition to the US Greenback. BTC stays in a key vary and buying and selling above the $19,000 help zone.

• Bitcoin failed to realize power above $19,600 and corrected positive aspects.
• The worth is buying and selling close to $19,250 and the 100 hourly easy shifting common.
• There was a break under a key bullish pattern line with help close to $19,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may try a contemporary improve except there’s a clear transfer under the $19,000 help.

Bitcoin Worth Stays Supported

Bitcoin value made an try to realize tempo above the $19,500 resistance zone. BTC even spiked above the $19,600 stage, however there was no comply with by transfer.

The worth shaped a excessive close to $19,696 and began a draw back correction. There was a transfer under the $19,500 and $19,400 ranges. Apart from, there was a break under a key bullish pattern line with help close to $19,400 on the hourly chart of the BTC/USD pair.

Bitcoin value traded as little as $19,110 and is at the moment buying and selling in a variety. It’s buying and selling close to $19,250 and the 100 hourly easy shifting common. There was a break above the 23.6% Fib retracement stage of the latest decline from the $19,696 swing excessive to $19,110 low.

On the upside, an instantaneous resistance is close to the $19,400 stage. It’s near the 50% Fib retracement stage of the latest decline from the $19,696 swing excessive to $19,110 low.

Supply: BTCUSD on TradingView.com

The primary main resistance sits close to the $19,680 stage. A transparent transfer above the $19,680 resistance may begin an honest improve. Within the acknowledged case, the worth might maybe take a look at the $20,000 resistance. Any extra positive aspects may begin a gentle improve in direction of the $21,200 resistance zone.

Draw back Break in BTC?

If bitcoin fails to rise above the $19,400 resistance zone, it may proceed to maneuver down. A direct help on the draw back is close to the $19,100 zone.

The following main help is close to the $19,000 zone. A draw back break and shut under the $19,000 help zone may begin a significant decline. Within the acknowledged case, the worth may decline in direction of the $18,500 help zone.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 stage.

Main Assist Ranges – $19,100, adopted by $19,000.

Main Resistance Ranges – $19,400, $19,680 and $20,000.