Kriptokoin.com - Bitcoin price rose over 5 percent and is trading above the $ 19,500 level against the US Dollar. Bitcoin price appears to be targeting an all-time high above the $ 20,000 resistance, according to renowned analyst Aayush Jindal.
Bitcoin price has been steadily rising and has crossed a major hurdle at $ 19,500.
The price traded as high as $ 19,860 and is now well above the 100 hourly simple moving average.
On the hourly chart of the BTC / USD pair, there is a key contract triangle with resistance near $ 19,800 (data feed from Kraken).
The pair could launch a strong increase once it clears the $ 19,800 and $ 19,850 levels.
Famous analyst: Bitcoin price aims to break $ 20,000
In yesterday's analysis, we stated that the Bitcoin price started a modest increase above the $ 18,500 resistance. BTC remained in the positive zone and cleared the $ 19,000 resistance. The price even climbed above the $ 19,500 resistance and set a new 2020 high. Bitcoin price surged as high as $ 19,860 and is now well above the 100 hourly simple moving average.
Later, there was a small downside correction below the 23.6% Fib retracement level of the last wave below the $ 19,200 level, but the dips were limited. The 50% Fib retracement level of the last wave from $ 18,335 to $ 19,860 served as a strong support. Bitcoin has created a support base of around $ 19,200 and is currently trading above $ 19,400.
Here are the important levels that Bitcoin can see in the short term.
There is also a key contract triangle with resistance near $ 19,800 on the hourly chart of the BTC / USD pair. If there is triangle resistance and a clear break above $ 19,860, the price could initiate a strong increase in the coming sessions. In the case mentioned, the bulls could target an all-time high above the $ 20,000 level.
bitcoin
If Bitcoin fails to clear the triangle resistance at $ 19,800, there could be a short-term downside correction. The first support on the downside is near the triangle bottom trend line at $ 19,400. A clear break below the triangle support could initiate a broad decline towards $ 19,200, according to analyst. The next major support below the $ 19,200 level is near the $ 18,800 level (multitouch zone), 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 bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently correcting below the 70 level.
Major Support Levels: $ 19,400 followed by $ 19,200.
Major Resistance Levels: $ 19,800, $ 19,860 and $ 20,000.
