Bitcoin price is trading in a positive zone above the $19,000 zone against the US Dollar. BTC broke a key bullish pattern, suggesting high chances of more upsides above $19,500.
- Bitcoin is trading in a positive zone above the $18,800 and $19,000 resistance levels.
- The price is now trading well above the $19,000 level and the 100 hourly simple moving average.
- There was a break above a key contracting triangle with resistance near $19,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher above key $19,500 resistance level in the near term.
Bitcoin Price is Showing Bullish Signs
After forming a strong support base near $17,600, bitcoin price started a steady increase. BTC surpassed many key hurdles near the $18,000 and $18,500 levels to move into a bullish zone.
The recent upward move was such that the price climbed above the $19,000 resistance and the 100 hourly simple moving average. Moreover, there was a break above a key contracting triangle with resistance near $19,150 on the hourly chart of the BTC/USD pair.
Source:An immediate resistance is near the $19,320 level or the 76.4% Fib retracement level of the recent downside correction from the $19,433 high to $18,959 low. A break above $19,320 could open the doors for more upsides above the $19,433 high.