TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby

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Bitcoin price broke to the upside and traded close to $19,500 against the US Dollar. BTC is currently correcting gains, but the previous resistance near $18,800 could provide support.

  • Bitcoin traded above the $18,700 and $18,800 resistance levels before correcting lower.
  • The price traded close to the $19,500 level and settled above the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase as long as it is above $18,800 and the 100 hourly SMA.

Bitcoin Price is Approaching Key Support

Finally, bitcoin price was able to clear the $18,700 and $18,800 resistance levels. BTC climbed above the $19,000 and $19,200 levels. A new yearly high was formed near $19,450 before the price started a downside correction.

There was a break below the $19,300 and $19,200 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high. It is now approaching a major support zone at $18,800 (the recent hurdle).

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There is also a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC/USD pair. The trend line is close to the…

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