Bitcoin Remains Consistent at US$19, A BTC Price Rally is Pending
A BTC price rally is pending as Bitcoin struggles above the US$19,600 zone
Bitcoin price was able to gain pace for a move above the $19,500 resistance. However, BTC struggled above the $19,600 zone. It traded as high as $19,679 and recently started a downside correction. There was a correction below the $19,500 and $19,400 levels. The price declined below the 23.6% Fib retracement level of the vital increase from the $18,865 swing low to the $19,680 high. The price even spiked below the $19,250 level.
However, the bulls were active near the $19,200 support zone. Bitcoin price is now trading above $19,200 and the 100 hourly simple moving average. It is also stable above the 50% Fib retracement level of the vital increase from the $18,865 swing low to the $19,680 high. On the upside, immediate resistance is near the $19,320 station. There is also a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC/USD pair.
The first major resistance sits near the $19,500 level. The next major resistance might be $19,650. A clear move above the $19,650 resistance might send the price toward the $20,000 resistance. Any more gains might set the pace for a steady increase toward the $21,200 resistance zone. If bitcoin fails to rise above the $19,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $19,270 zone.
The Impending Rally
Bitcoin price action has also made it through the 50-day moving average, making the 100-day and 200-day moving averages the next logical price targets. These targets are located at roughly $21,000 and $25,000 give or take a couple of hundred dollars. All of the bullish signals are occurring just as momentum begins to approach the zero line on the LMACD. Passing through it could confirm a change in the trend in the short term. The medium-term trend could also be about to change, according to the same tool on the weekly timeframe. Momentum is beginning to turn upward and strengthen after reaching levels from the last bear market bottom.
At the moment, Bitcoin price on the daily timeframe is still struggling with an important resistance level perhaps one of the most important levels it has ever faced as resistance: Former all-time high resistance set nearly five years earlier. In combination with all of the dynamic indicator resistance above, price action is taking a pause to struggle with this exact level, down to a one-pixel line of resistance.
In 2022, Bitcoin miners, in general, have been battered by declining BTC prices, rising energy costs, regulation, and growing competition. Public mining firms have rushed to raise capital by issuing additional shares or by taking on more debt, resulting in massive declines in their stock prices.
The post Bitcoin Remains Consistent at US$19, A BTC Price Rally is Pending appeared first on Analytics Insight.
A BTC price rally is pending as Bitcoin struggles above the US$19,600 zone
Bitcoin price was able to gain pace for a move above the $19,500 resistance. However, BTC struggled above the $19,600 zone. It traded as high as $19,679 and recently started a downside correction. There was a correction below the $19,500 and $19,400 levels. The price declined below the 23.6% Fib retracement level of the vital increase from the $18,865 swing low to the $19,680 high. The price even spiked below the $19,250 level.
However, the bulls were active near the $19,200 support zone. Bitcoin price is now trading above $19,200 and the 100 hourly simple moving average. It is also stable above the 50% Fib retracement level of the vital increase from the $18,865 swing low to the $19,680 high. On the upside, immediate resistance is near the $19,320 station. There is also a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC/USD pair.
The first major resistance sits near the $19,500 level. The next major resistance might be $19,650. A clear move above the $19,650 resistance might send the price toward the $20,000 resistance. Any more gains might set the pace for a steady increase toward the $21,200 resistance zone. If bitcoin fails to rise above the $19,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $19,270 zone.
The Impending Rally
Bitcoin price action has also made it through the 50-day moving average, making the 100-day and 200-day moving averages the next logical price targets. These targets are located at roughly $21,000 and $25,000 give or take a couple of hundred dollars. All of the bullish signals are occurring just as momentum begins to approach the zero line on the LMACD. Passing through it could confirm a change in the trend in the short term. The medium-term trend could also be about to change, according to the same tool on the weekly timeframe. Momentum is beginning to turn upward and strengthen after reaching levels from the last bear market bottom.
At the moment, Bitcoin price on the daily timeframe is still struggling with an important resistance level perhaps one of the most important levels it has ever faced as resistance: Former all-time high resistance set nearly five years earlier. In combination with all of the dynamic indicator resistance above, price action is taking a pause to struggle with this exact level, down to a one-pixel line of resistance.
In 2022, Bitcoin miners, in general, have been battered by declining BTC prices, rising energy costs, regulation, and growing competition. Public mining firms have rushed to raise capital by issuing additional shares or by taking on more debt, resulting in massive declines in their stock prices.
The post Bitcoin Remains Consistent at US$19, A BTC Price Rally is Pending appeared first on Analytics Insight.
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