Mathisen Marketing

Your Marketing Blog

TA: Bitcoin Price Resilience Suggests A Fresh Rally is Imminent: Here’s Why

Bitcoin

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Bitcoin had strong buying interest near $18,500 against the US dollar. BTC is recovering and another rally may be above the $20,000 resistance.

  • Bitcoin remained stable and the bulls once again protected the $18,500 support zone.
  • The price is trading above $19,000 and the 100-hour simple moving average.
  • A short-term channel is forming on the BTC/USD hourly chart (data feed from Kraken) with support near $19,280.
  • The pair can start a new rally if a clear move crosses the $19,650 resistance area.

Bitcoin price has a key support

Bitcoin price fell sharply above the $20,000 pivot level. BTC fell below the $19,000 level, but bulls were active near the $18,500 support area.

It looks like the price is supported very close to the $18,500 zone and there are several rejections in the same area. The price is now on the rise and there was a move above the $19,000 resistance area. The bulls pushed the price above the 50% Fib retracement level with a decline from the $20,383 swing high to $18,487.

Bitcoin is now above $19,000 and the 100-hour simple moving average. A short-term channel is also forming on the BTC/USD hourly chart with support near $19,280.

On the upside, immediate resistance is near the $19,600 level. The next major resistance is near the $19,650 zone. It is near the 61.8% Fib retracement level on the decline from the swing high of $20,383 to $18,487.

Source: BTCUSD on TradingView.com

Above the near $19,650 level may start another uptrend. In the mentioned case, the price can go up to $20,000. Any further gains could push the price towards the $20,500 resistance area.

Another BTC decline?

If Bitcoin fails to recover above the $19,650 resistance area, it could start another decline. Immediate support below is near the $19,280 zone and the trend line of the channel.

The next major support is near the $19,200 zone and the 100-hour SMA. The main grant is almost $19,000. Possible further losses may require a drop towards the $18,500 support area in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now declining in an uptrend zone.

Hourly RSI (Relative Strength Index) – The BTC/USD RSI is now above the 50 level.

Major support levels – $19,200 followed by $19,000.

Key resistance levels – $19,650, $20,000 and $20,500.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • Why FX Algo Execution is The Future – Cryptospacey

    Why FX Algo Execution is The Future – Cryptospacey

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Algorithmic buying and selling isdeveloped in its progressiveness from the beginning. For example, orderslicing methods (splitting a large order into several orders, identifiedas “baby orders”) have progressed from very simple approaches (time-based mostly orlots of divisions) to highly sophisticated approaches […]

    Read More

  • Dogecoin Rallies On The Back Of Elon Musk’s Twitter 2.0 Plans

    Dogecoin Rallies On The Back Of Elon Musk’s Twitter 2.0 Plans

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Everyone’s favorite dog-themed meme coin, Dogecoin, has surged in price over the past week on the back of a tweet from new Twitter owner Elon Musk. Musk’s tweet had the tails of the Doge army wagging as it outlined his […]

    Read More