TA: Bitcoin Holds Strong Above $19K, Why BTC Could Test and Break $20K

[Donken]

TA: Bitcoin Holds Strong Above $19K, Why BTC Could Test and Break $20K

After a short-term downside correction from $19,440, bitcoin price found support near $19,000. BTC remained well bid above the $19,000 level and started a fresh increase.

There was a break above the $19,200 and $19,380 resistance levels. The price even broke the $19,440 swing high and extended gains above the $19,500 level. A new monthly high is formed near $19,545 and the price is now trading well above the 100 hourly simple moving average.

Bitcoin price is currently consolidating gains above the $19,400 level. It tested the 23.6% Fib retracement level of the recent increase from the $19,121 swing low to $19,545 high.

The next major support is near the $19,330 level. It is close to the 50% Fib retracement level of the recent increase from the $19,121 swing low to $19,545 high. There is also a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair.

On the upside, the price must break the $19,500 and $19,545 levels to continue higher. The next major resistance is near the $19,800 zone. A clear break above $19,800 could increase the chances of a new all-time high above the $20,000 level.



Read more here