Here Are The Levels To Watch For The Bitcoin Price Today
Bitcoin price rose and traded close to $ 19,500 against the US Dollar. According to renowned analyst Aayush Jindal, Bitcoin price is currently correcting gains, but previous resistance near $ 18,800 may provide support.
- Bitcoin price, correction lower before making 18,700 dollars and 18,800 dollars was traded above the resistance level.
- The price traded near the $ 19,500 level and moved above the 100 hourly simple moving average.
- There is a major bullish trend line formed with support near $ 18,800 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- As long as the pair is above $ 18,800 and the 100 hourly SMA , the pair could start a new increase.
Bitcoin price is approaching key support! Here are the critical goals
Finally, Bitcoin price managed to clear the $ 18,700 and $ 18,800 resistance levels. BTC climbed above the $ 19,000 and $ 19,200 levels. A new annual high was formed around $ 19,450 before the price started a downside correction. Later, there was a break in BTC below the $ 19,300 and $ 19,200 levels. The price traded below the 23.6% Fib retracement level of the move from the $ 18,083 low to $ 19,450.
Now BTC is approaching a major $ 18,800 support zone (last hurdle). Also, there is a major bullish trend line formed with support near $ 18,800 on the hourly chart of the BTC / USD pair. The trendline is near the 50% Fib retracement level of the move from the $ 18,083 low to $ 19,450. The next support is close to the $ 18,650 level or the 100 hourly simple moving average, according to the analyst.
Here are the levels that the bitcoin price could test soon
More losses could initiate a major downside correction below the $ 18,500 support. In the stated case, according to the analyst, Bitcoin price may revisit the $ 18,000 support zone in the near term. If Bitcoin stays above the $ 18,800 support level and the 100 hourly SMA, there could be a fresh increase. Initial resistance is near the $ 19,200 level, according to the analyst.
The first major resistance is near the $ 19,400 level. A successful close above the $ 19,400 level could open the doors for more gains in the near future, according to the analyst. The main target for the bulls could be the all-time high above the $ 19,800 and $ 20,000 levels, according to the analyst.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for BTC / USD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently near the 50 level.
Major Support Levels: $ 18,800 followed by $ 18,650.
Major Resistance Levels: $ 19,200, $ 19,400 and $ 19,500.