TA: Bitcoin Price Gearing For Another Lift-Off to $20k, Altcoins Stable

TA: Bitcoin Price Gearing For Another Lift-Off to $20k, Altcoins Stable

Category • BTC| |Published • 2022-09-09 03:00:18

Bitcoin is showing a few positive signs above $19,000 against the US Dollar. BTC could gain bullish momentum if it clears the $19,400 resistance zone.

  • Bitcoin started an upside correction and climbed above $19,000.
  • The price is now testing the $19,400 zone and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start a decent increase if there is a clear move above the $19,500 resistance.
Bitcoin Price Attempts Upside Break

Bitcoin price found support near the $18,550 zone and recently started an upside correction. There was a steady recovery wave above the $19,000 resistance zone.

There was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $20,172 swing high to $18,550 low.

Bitcoin price is now testing the $19,400 zone and the 100 hourly simple moving average. The price is also trading near the 50% Fib retracement level of the downward move from the $20,172 swing high to $18,550 low.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $19,400 level and the 100 hourly simple moving average. The next major resistance sits near the $19,500 level. A proper close above the $19,500 resistance might start a steady increase to $20,000. Any more gains might send the price towards the $20,500 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to gain pace above the $19,500 zone, it could start another decline. An immediate support on the downside is near the $19,200 zone.

The first major support is now forming near the $19,070 level. A downside break below the $19,070 level might send the price towards the $18,550 support. Any more losses below $18,550 might put a lot of pressure on the bulls. In the stated case, the price could drop towards the $18,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $19,070, followed by $18,550.

Major Resistance Levels – $19,400, $19,500 and $20,000.