Bitcoin (BTC) Price Watch: Fresh 2019 High On The Cards?

  • Bitcoin worth stayed above the important thing $9,000 help and traded increased not too long ago in opposition to the US Greenback.
  • The worth traded above the $9,300 resistance and it not too long ago examined the $9,400 resistance space.
  • There was a break above a significant contracting triangle with resistance close to $9,130 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is more likely to climb sharply increased as soon as it clears the $9,390 and $9,400 resistance ranges.

Bitcoin worth is buying and selling with a bullish tone above $9,300 in opposition to the US Greenback. BTC is more likely to commerce to a brand new 2019 excessive this week so long as it’s above $9,050.

Bitcoin Price Evaluation

After forming a help base close to $9,000, bitcoin worth began a recent enhance in opposition to the US Greenback. The BTC/USD pair traded increased above the $9,100 and $9,120 resistance ranges. A swing low was fashioned at $9,052 and the value not too long ago settled above $9,200. It even traded above the $9,300 stage and is presently buying and selling properly above the 100 hourly easy transferring common.

Furthermore, there was a break above a significant contracting triangle with resistance close to $9,130 on the hourly chart of the BTC/USD pair. On the upside, the $9,400 space appears to be appearing as an important barrier. The latest excessive was fashioned at $9,371 and the value is presently correcting decrease. It’s testing the 23.6% Fib retracement stage of the upward transfer from the $9,052 low to $9,371 excessive.

On the draw back, there are just a few key helps seen close to the $9,200 and $9,175 ranges.  Furthermore, a direct help is $9,210 and the 50% Fib retracement stage of the upward transfer from the $9,052 low to $9,371 excessive. If there are extra losses, the value may take a look at the $9,175 help and the 100 hourly easy transferring common.

Moreover, the 61.eight% Fib retracement stage of the upward transfer from the $9,052 low to $9,371 excessive can also be close to $9,175. Subsequently, so long as the value is above $9,175, it may make one other try and surpass the $9,375 and $9,400 ranges. If it succeeds, there may very well be a brand new 2019 excessive above the $9,450 stage.

Trying on the chart, bitcoin worth appears to be buying and selling in a broad vary beneath the $9,400 resistance. The essential vary helps are close to $9,050 and $9,000. If there’s a each day shut beneath the $9,000 stage, the value may begin an prolonged draw back correction in the direction of $eight,750 within the close to time period.

Technical indicators:

Hourly MACD – The MACD is presently gaining momentum within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is presently correcting decrease in the direction of the 60 stage.

Main Help Ranges – $9,210 adopted by $9,175.

Main Resistance Ranges – $9,375, $9,400 and $9,450.

About Tom Greenly

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