Bitcoin Price Gearing For Another Lift-Off to $21K, Recent Breakout Suggests

Bitcoin is gaining tempo above the $19,500 resistance towards the US Greenback. BTC may rise additional above $20,000 if it stays above the $19,000 assist.

• Bitcoin began an honest enhance and was in a position to clear the $19,500 resistance zone.
• The worth is buying and selling above $19,000 and the 100 hourly easy shifting common.
• There was a break above a connecting bearish development line with resistance close to $19,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may stage a robust enhance if it clears the $20,000 resistance zone.

Bitcoin Worth Breaks Hurdle

Bitcoin value remained effectively bid above the $19,000 assist zone. The crypto market was in a position to recuperate and BTC climbed increased above the $19,200 resistance zone.

There was a transparent transfer above a connecting bearish development line with resistance close to $19,220 on the hourly chart of the BTC/USD pair. The pair even surpassed a significant resistance zone close to the $19,500 stage to maneuver right into a constructive zone.

Bitcoin value is now buying and selling above $19,000 and the 100 hourly easy shifting common. It traded as excessive as $19,863 and is presently consolidating beneficial properties.

It’s buying and selling effectively above the 23.6% Fib retracement stage of the latest enhance from the $18,645 swing low to $19,863 excessive. On the upside, a direct resistance is close to the $19,850 stage. The subsequent main resistance sits close to the $20,000 zone.

Supply: BTCUSD on TradingView.com

A detailed above the $20,000 stage would possibly push the value additional right into a bullish zone. Within the acknowledged case, the value may rise in direction of $20,500. Any extra beneficial properties would possibly lead the value increased in direction of the $21,000 resistance zone.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,000 resistance zone, it may right decrease. A right away assist on the draw back is close to the $19,550 zone.

The subsequent main assist is close to the $19,250 zone. It’s close to the 50% Fib retracement stage of the latest enhance from the $18,645 swing low to $19,863 excessive. The primary assist sits close to the $19,000 stage, beneath which the value would possibly transfer right into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

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

Main Help Ranges – $19,550, adopted by $19,000.

Main Resistance Ranges – $19,850, $20,000 and $20,500.