Bitcoin (BTC) to Break the $ 19,500 Level, According to Veteran Analyst

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Bitcoin price is trading in a positive zone above the $ 19,000 zone against the US Dollar. BTC broke through a key bullish pattern suggesting a high probability of further bullish above $ 19,500. Bitcoin is trading in a positive zone above the $ 18,800 and $ 19,000 resistance levels. The price is currently trading well above the $ 19,000 level and the 100 hourly simple moving average. The pair is likely to continue to rise above the $ 19,500 resistance level in the near term.

After building a strong support base of around $ 17,600, the bitcoin price started to rise steadily. BTC has overcome many key hurdles near the $ 18,000 and $ 18,500 levels to move into the bullish zone. The recent upward move caused the price to break above the $ 19,000 resistance and the 100 hourly simple moving average. Moreover, there was a break above a key contract triangle with resistance near $ 19,150 on the BTC / USD pair’s hourly chart. BTC is showing many positive signs towards the $ 19,150 and $ 19,200 levels. Resistance is near the $ 19,320 level or the 76.4% Fib retracement level of the last downside correction. A break above $ 19,320 could open the doors for more bullish above $ 19,433.

Technical Indicators

-Hourly MACD: The MACD is slowly gaining momentum in the bullish zone.
-Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 levels.
-Major Support Levels: $ 19,150, followed by $ 19,000.
-Major Resistance Levels – $ 19,320, $ 19,500 and $ 19,800.

P.S: This is not an investment advice

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