Bullish signs on the Bitcoin chart; What are the next price targets?

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Bitcoin recently started a new up move above the $19,000 level. If the buyers manage to cross the resistances of $19,500 and $19,650, conditions will be provided to resume this upward movement.

To Report News BTC, Bitcoin has maintained its position well above the $18,000 level for the past few days. The previous day, the price set the basis of its movement at the level of $19,000, and from there it started a new upward movement, which continued to break the resistances of $19,200 and $19,250.

During this jump, the resistance of the downward trend line on the chart was also removed and Bitcoin was able to rise above $19,400, the 100-hour simple moving average and $19,500.

However, Bitcoin buyers failed to break through the $19,700 resistance and a price peak was formed somewhere near $19,679.

Bitcoin is now trading below the 23.6% Fibonacci retracement level, with the price correcting from the high of $19,679. In this analysis, Fibonacci levels are set based on the upward movement of the price from $18,865 to the peak of $19,679. If the uptrend resumes, the closest resistance in front of the price will be the $19,600 level, and the first key obstacle for buyers is the $19,650 level.

Bullish signs on the Bitcoin chart;  What are the next price targets?
Bitcoin price chart (click on the image to view the original size).

The $20,000 level could emerge as Bitcoin’s next resistance. The crossing and closing of the price candle above this level can open the way for a jump to the level of $20,500. After that, the chance for the price to jump up to $21,200 will increase.

On the other hand, if the buyers continue to fail to cross the $19,600 resistance, the closest support will be the $19,300 price level.

The next key support is $19,250, which is in the same area as the 50% Fibonacci retracement level. The continuation of the downward trend and the breaking of the $19,250 support can also push Bitcoin down to $18,800 by increasing the downward pressure.

The MACD is losing its momentum in the bullish range and the Relative Strength Index (RSI) is above the middle axis at the 50 level.

As mentioned, $19,300 and $19,250 are key supports for Bitcoin, and $19,500, $19,600, and $20,000 serve as resistances.


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