Bitcoin price is slowly moving higher above $19,500 against the US Dollar. BTC could start a steady increase if there is a close above $19,600 and $20,000.
- Bitcoin remained well bid above the $19,200 and $19,000 support levels.
- The price is trading above $19,400 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady increase if there is a clear move above the $19,700 level.
Bitcoin Price Eyes Steady Increase
Bitcoin price remained strong above the $19,000 level. BTC traded as low as $18,937 and started a steady increase. There was a move above the $19,150 and $19200 levels.
The price was able to clear the 50% Fib retracement level of the downward move from the $20,177 swing high to $18,937 low. There was a also a move above the $19,500 resistance zone to move into a short-term positive zone.Bitcoin price is now trading above $19,400 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,450 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $19,700 level. It is near the 61.8% Fib retracement level of the downward move from the $20,177 swing high to $18,937 low. The next major resistance sits near the $20,000 zone.