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BTC Key Resistance Turned Support Spikes More Gains: Analysis

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The BTC key resistance turned support will spike more gains for the number one cryptocurrency as it broke the upside target and closed to $19,500 against the US Dollar. BTC is now correcting gains after the BTC key resistance turned support provided a strong field so let’s read more in today’s Bitcoin news.

Bitcoin traded above the $18,700 level and the $18,000 resistance level before correcting lower and the price even traded close to the $19,500 level while settling above the 100 hourly simple moving average. There’s a major bullish trend line forming with the support near the $18,800 resistance before correcting lower. There’s also a major bullish trend line forming with the support near the $18,800 on the hourly charts of the BTC/USD pair. The pair could even start a fresh increase as long as it is above the $18,800 and the 100 hourly SMA.

btc/usd
Source BTCUSD on TradingView.com

The price was able to clear the $18,700 and the $18,800 resistance levels. BTC climbed above the $19,000 and the $19,200 levels with a new yearly high that was formed near the $19,450 before the price started a new downside correction. There was a break below the $19,300 and the $19,200 levels as the price traded below the 23.6% fib retracement level from the upward movement at $18,083 swing low to $19,450 swing high. It is now approaching the major support zone at $18,800.

There’s also a major bullish trend line forming with the support close to the $18,800 on the hourly chart of the BTC/USD pair. the trend line is getting closer to the 50% fib retracement level from the upward movement at the $18,08 swing low to the $19,450 swing high. The next support is close to the $18,650 level or the 100 hourly simple moving average so more losses could be initiated below the $18,500 support. In the stated case, the BTC price could even revisit the $18,000 support in the near-term.

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btc rallies
Bitcoin rallies 400% from its mid-March lows. Source BTCUSD on TradingView.com

If Bitcoin stayed above the $18,800 support level and the 100 hourly SMA, there could be a fresh increase with resistance near the $19,200 level. The first major resistance is close to the $19,400 level with a close above this level opening the doors for further gains. The main target for the bulls could be the new all-time high above the $19,800 level.  The hourly MACD is slowly losing momentum in the bearish zone while the RSI for the pair is close to the 50 levels.

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Source: https://www.dcforecasts.com/bitcoin-news/btc-key-resistance-turned-support-spikes-more-gains-analysis/

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