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

Bitcoin is gaining pace above the $19,500 resistance against the US Dollar. BTC could rise further above $20,000 if it stays above the $19,000 support.

• Bitcoin started a decent increase and was able to clear the $19,500 resistance zone.
• The price is trading above $19,000 and the 100 hourly simple moving average.
• There was a break above a connecting bearish trend line with resistance near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could stage a strong increase if it clears the $20,000 resistance zone.

Bitcoin Price Breaks Hurdle

Bitcoin price remained well bid above the $19,000 support zone. The crypto market was able to recover and BTC climbed higher above the $19,200 resistance zone.

There was a clear move above a connecting bearish trend line with resistance near $19,220 on the hourly chart of the BTC/USD pair. The pair even surpassed a major resistance zone near the $19,500 level to move into a positive zone.

Bitcoin price is now trading above $19,000 and the 100 hourly simple moving average. It traded as high as $19,863 and is currently consolidating gains.

It is trading well above the 23.6% Fib retracement level of the recent increase from the $18,645 swing low to $19,863 high. On the upside, an immediate resistance is near the $19,850 level. The next major resistance sits near the $20,000 zone.

Source: BTCUSD on TradingView.com

A close above the $20,000 level might push the price further into a bullish zone. In the stated case, the price could rise towards $20,500. Any more gains might lead the price higher towards the $21,000 resistance zone.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,000 resistance zone, it could correct lower. An immediate support on the downside is near the $19,550 zone.

The next major support is near the $19,250 zone. It is near the 50% Fib retracement level of the recent increase from the $18,645 swing low to $19,863 high. The main support sits near the $19,000 level, below which the price might move into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $19,550, followed by $19,000.

Major Resistance Levels – $19,850, $20,000 and $20,500.

Source