Bitcoin Jumps Above $19,000 – Quick Daily Outlook
Bitcoin has found a lot of buyers at around $18,500 versus the US dollar. BTC is regaining ground, and a new surge above the $20,000 resistance level is possible. BITCOIN remained solid, with bulls once again defending the $18,500 support zone. The price is currently trading over $19,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a short-term channel is forming with support near $19,280. The pair might begin a new surge if there is a clear move just above the $19,650 resistance zone.
Bitcoin’s price has plummeted from well above the $20,000 pivot level. BTC fell below $19,000; bulls were active at the $18,500 support zone.
The price appears strongly supported near the $18,500 level, with multiple rejections apparent in the same area. The price is presently climbing and has broken through the $19,000 resistance level. The bulls drove the price above the 50% Fib retracement level of the decline from the swing high of $20,383 to the low of $18,487.
The bitcoin price is presently trading above $19,000 and above the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a short-term channel is forming with support near $19,280.
On the upswing, an immediate resistance level is near $19,600. The next significant resistance level is $19,650. It is near the 61.8% Fib retracement level of the decline from the swing high of $20,383 to the low of $18,487.
A close above $19,650 might spark a new upward trend. In the aforementioned scenario, the price could reach $20,000. Any further advances could push the price into the $20,500 barrier zone.
The Bitcoin Support Region
If Bitcoin does not return over the $19,650 resistance level, it may begin a new drop. The channel trend line and the $19,280 zone provide immediate downside support.
The next significant support is nearly $19,200 and the 100 hourly SMA. The primary support is close to $19,000. Any further losses could lead to a slide near the $18,500 support level in the coming sessions.
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