Where Does The Bitcoin Price Go From Here? Here Are The Key Levels
coinputin.com – Bitcoin’s price started a steady recovery against the US dollar from a low of $ 18,580. According to renowned analyst Aayush Jindal, the price of Bitcoin is currently attempting an upward break and could rise above $ 19,500.
The price of Bitcoin is steadily rising above resistance levels of $ 18,800 and $ 19,000.
The price is currently trading above its $ 19,000 resistance and 100 simple moving averages (4 hours).
In the 4-hour chart of the BTC/USD pair, there is a significant contract triangle with resistance close to $ 19,200 (data flow from the Kraken).
The pair could start a strong rise if they close at $ 19,200 and above $ 19,300, according to the analyst.
Celebrity analyst: Bitcoin price attempts an upward break
Recently, the price of Bitcoin has seen a few swing moves from the $ 19,500 resistance against the US dollar. The BTC / USD pair even broke the $ 19,000 support, but continued to bid well above the 100 Simple Moving Average (4 hours). The last Low was around $ 18,581 before the price started a good upward movement. Then there was a break above the resistance level of $ 18,800.
The price has even risen above the 50% Fib retreat level of downward movement. The Bitcoin price is currently trading above the $ 19,000 resistance and 100 simple moving averages (4 hours). BTC faces strong resistance near the $ 19,200 level. There is also an important contract triangle with resistance close to $ 19,200 on the 4-hour chart of the BTC/USD pair.
Here are the key levels bitcoin could see in the short term
Triangle resistance is close to 61.8% Fib retreat, down from $ 19,575 to $ 18,581. A successful break and close above the triangle resistance could set off a strong rise above the $ 19,300 and $ 19,400 levels, according to the analyst. The next key resistance is close to $ 19,500, where the Bulls could target $ 20,000, according to the analyst.
If Bitcoin fails to pass resistance levels of $ 19,200 and $ 19,300, it could start a new decline, according to the analyst. Initial support is close to $ 19,000, according to the analyst. Initial underlying support is close to the $ 18,800 triangle bottom trendline, according to the analyst. The next big boost is near the $ 18,500 level and the 100 Simple Moving Average (4 hours), according to the analyst. If below those levels, there could be a sharp drop, according to the analyst.
Current view of Bitcoin price with technical indicators;
- 4-hour MACD: the MACD for BTC / USD parity is gradually gaining momentum in the bullish zone.
- 4 hour RSI( relative strength index): the RSI for BTC / USD parity is rising and above the 50 level.
- Main support level: US $ 18,800.
- Main resistance level: 19,200 USD.