What could cause a sharp rise in bitcoin price?

Above the $19,000 resistance zone, the price of bitcoin formed a base. BTC stayed the same and began a slow and steady rise above $19,200.

On the hourly chart of the BTC/USD pair, there was a break above a key bearish trend line with resistance near $19,240. The pair was able to break through the 50% Fib retracement level of the drop from the swing high of $19,939 to the low of $19,000.

The price of Bitcoin is now trading above $19,400 and the 100 hourly simple moving average. On the way up, the $19,600 level is a strong point of resistance. It is close to the 61.8% Fib level of the drop from the swing high of $19,939 to the low of $19,000.

Near the $20,000 level is the first big area of resistance. If the price goes above $20,000 without any trouble, the price might go up soon. In this case, the price might try to break through the $21,200 barrier. If the price keeps going up, it might keep going up until it hits the $22,000 resistance zone.

If bitcoin can’t get above the resistance zone around $20,000, it could start to go down. Near the $19,200 zone and the 100-hour simple moving average is a support that will help right away if the price goes down.

Moving Markets

Near the $19,000 zone is the next big area of support. If the price goes down and stays below the $19,000 support zone for a while, selling pressure could rise. In this case, the price could fall to the support zone around $18,500. If the price drops any more, it might get close to $18,250.

Indicators of technology:

Hourly MACD: The MACD is now slowing down in the bullish zone.

Hourly RSI (Relative Strength Index): BTC/RSI USD is now higher than 50.

The main levels of support are $19,200 and then $19,000.

There are three major levels of resistance: $19,600, $20,000, and $21,200.


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