Bitcoin breaks the $19,500 resistance level against the US Dollar. BTC could surge above $20,000 if it stays just above the $19,000 support level. Bitcoin started rising steadily and was able to break the $19,500 level. The price is currently trading above $19,000 and the 100 hourly simple moving average.
On the hourly timeframe of the BTC/USD pair, there was a break above a connecting negative trendline with a Resistance from about $19,220. If the pair breaks the $20,000 barrier, it could see a significant increase.
Bitcoin Price Overcomes Obstacle
Bitcoin price has held well above the $19,000 support level. The cryptocurrency market recovered as BTC surged above the $19,200 resistance zone. There was a clear rise above a connecting negative trend line with resistance around $19,220 on the hourly chart of the BTC/USD pair.
The pair even broke a major resistance zone near $19,500 to enter the positive zone. Bitcoin price is currently trading above $19,000 and above the 100 hourly simple moving average. It peaked at $19,863 and is now consolidating gains.
It is trading well above the 23.6% Fib retracement level of the recent rally from the $18,645 swing low to the $19,863 high. On the upswing, an immediate resistance level is near $19,850. The next major barrier is near $20,000.
Bitcoin (BTC/USD) technical outlook.
A close above $20,000 could propel the price even further into positive territory. In the above scenario, the price can climb to $20,500. Further advance could push the price to the $21,000 resistance level.
If bitcoin fails to break the $20,000 barrier, it could correct lower. On the upside, there is immediate support near $19,550.
The next significant support level is around $19,250. It is close to the 50% Fib retracement level of the recent rally from the $18,645 swing low to the $19,863 high. The key support is $19,000, below which the price might enter a bearish zone.
Source: Crypto News Deutsch