Bitcoin price is holding the main $19,000 support. BTC/USD could start a fresh increase if it clears the $19,550 resistance zone.
Bitcoin Price Remains Elevated
This past week, bitcoin price saw a couple of swing moves after the US CPI data was released. The BTC/USD pair dived below the $18,500 support before the bulls appeared near the $18,150 zone.
The price traded as low as $18,161 before there was a fresh upward move. Altcoins such as ethereum and ripple also jumped higher. There was a strong upward move in BTC above the $19,000 and $19,200 levels. The bulls pumped the price towards the $20,000 resistance and above the 50 simple moving average (4-hours, blue).
Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com
The price traded as high as $19,944 before the price corrected lower. There was a move below the $19,500 levels. The bears pushed it below the 23.6% Fib retracement level of the upward move from the $18,161 swing low to $19,944 high.
However, it is now finding strong bids near the $19,000 zone. It is close to the 50% Fib retracement level of the upward move from the $18,161 swing low to $19,944 high.
On the upside, an immediate resistance is near the $19,400 level. The first major resistance is near the $19,550 level and a key bearish trend line at $19,550 on the 4-hours chart. A clear move above the $19,550 level might resend bitcoin price towards the $20,000 resistance zone.
Any more gains could set the pace for a test of the $21,000 resistance. The next major resistance sits near the $22,200 level.
If there is no upside break above $19,550, the bears might attempt to push the price below the $19,000 support zone. The next substantial and breakdown support sits near the $18,500 level. A clear move below the $18,500 support could spark another sharp decline. In the stated case, the price may perhaps decline towards the $17,500 zone.
Overall, bitcoin price is still facing strong hurdles near $19,500 and $20,000. A clear move above $20,000 might start a steady increase. Conversely, the price might start a fresh decline below the $18,500 support zone in the near term.
The post Bitcoin (BTC) Price Holds Strong: Here’s A Strengthening Case for Upside appeared first on CoinChapter.
