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TA: Bitcoin price resilience suggests new rally is imminent: here’s why

Bitcoin showed strong buying interest near $18,500 against the US dollar. BTC is recovering and could see a fresh rally above the $20,000 resistance.

  • Bitcoin remains stable as the bulls defend the $18,500 support zone once again.
  • The price is trading above $19,000 and the 100 hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a short-term channel forming support near $19,280.
  • A clear move above the $19,650 resistance zone could start a new rally for the pair.

Bitcoin Price Holds Critical Support

Bitcoin’s price has fallen significantly well past the $20,000 pivot level. BTC has broken below his $19,000 level while the bulls have moved briskly around his $18,500 support zone.

The price seems to have good support around the $18,500 zone, with multiple denials in the same area. The price is now rising and has crossed the $19,000 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the swing high of $20,383 to the low of $18,487.

Bitcoin’s price is currently trading above $19,000 with an hourly simple moving average above 100. Also, the BTC/USD pair’s hourly chart has formed a short-term channel supporting close to $19,280.

On the upside, the immediate resistance is near $19,600. The next major resistance is near the $19,650 zone. This is approaching the 61.8% Fib retracement level of the down move from the high of $20,383 to the low of $18,487.

Source: BTCUSD on TradingView.com

A close above $19,650 may start a new rally. In the case above, the price could go up to $20,000. Any further gains could push the price towards his $20,500 resistance zone.

Another drop in BTC?

If Bitcoin fails to recover above the $19,650 resistance zone, a new downtrend is likely.

The next major support is near the $19,200 zone and the 100 hour SMA. Main support is close to $19,000. Further losses could lead to a drop towards the $18,500 support zone in the upcoming sessions.

Technical indicators:

Hourly MACD – MACD is currently slowing pace in the bullish zone.

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

Major Support Level – $19,200, followed by $19,000.

Main resistance levels – $19,650, $20,000, $20,500.

TA: Bitcoin price resilience suggests new rally is imminent: here’s why

Source link TA: Bitcoin price resilience suggests new rally is imminent: here’s why

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