Bitcoin started an upward retracement against the US Dollar at $18,150. BTC is back above $19,200 and a break above $19,500 could trigger a fresh surge. Bitcoin showing some signs of life above the $19,000 mark. The price is currently trading above $19,000 and the 100 hourly simple moving average.
There is a major contraction triangle building with support near $19,200 on the hourly timeframe of the BTC/USD pair. If there is a convincing move above the $19,500 resistance zone, the pair could trigger a fresh rise.
Bitcoin is on an uptrend
Bitcoin price held well above the $18,150 level. BTC fell as low as $18,138 before starting a good comeback wave. The price managed to rally above the $18,800 and $19,000 barriers.
There was a bounce above the 50% Fib retracement line of the negative move from the $19,888 swing high to the $18,138 low. The bulls even managed to propel the price above the $19,200 resistance level. It is currently trading above the $19,000 level as well as the 100 hourly simple moving average.
There is a major contraction triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair. Bitcoin price is starting to surpass $19,000 mark.
On the upside, the $19,475 level represents an immediate barrier. It is close to the 76.4% Fib retracement level of the pullback from the $19,888 high to the $18,138 low. The next significant resistance level is at $19,680.
A close above $19,680 could trigger a fresh run to $20,000. Further advance could push the price to the $20,500 resistance level.
What if bitcoin price falls?
If BTC/USD fails to recover above $19,680, it could start a fresh decline. The triangular trend line below and the $19,200 zone provide immediate downside support.
The next significant support is approaching $19,000 and the 100 hourly SMA. A decisive drop below $19,000 could set the stage for a fresh dip. In the above case, the price can potentially reach $18,500.
Source: Crypto News Deutsch