Bitcoin Jumps Above $19,000 – Quick Daily Outlook

Bitcoin has found a lot of buyers at around $18,500 versus the US dollar. BTC is regaining ground, and a new surge above the $20,000

Skerdian Meta•Thursday, September 29, 2022•2 min read

Bitcoin Jumps Above $19,000 - Quick Daily Outlook

Bitcoin has found a lot of buyers at around $18,500 versus the US dollar. BTC is regaining ground, and a new surge above the $20,000 resistance level is possible. BITCOIN remained solid, with bulls once again defending the $18,500 support zone. The price is currently trading over $19,000 and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a short-term channel is forming with support near $19,280. The pair might begin a new surge if there is a clear move just above the $19,650 resistance zone.

Bitcoin’s price has plummeted from well above the $20,000 pivot level. BTC fell below $19,000; bulls were active at the $18,500 support zone.

BTC/USD

The price appears strongly supported near the $18,500 level, with multiple rejections apparent in the same area. The price is presently climbing and has broken through the $19,000 resistance level. The bulls drove the price above the 50% Fib retracement level of the decline from the swing high of $20,383 to the low of $18,487.

The bitcoin price is presently trading above $19,000 and above the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a short-term channel is forming with support near $19,280.

On the upswing, an immediate resistance level is near $19,600. The next significant resistance level is $19,650. It is near the 61.8% Fib retracement level of the decline from the swing high of $20,383 to the low of $18,487.

A close above $19,650 might spark a new upward trend. In the aforementioned scenario, the price could reach $20,000. Any further advances could push the price into the $20,500 barrier zone.

The Bitcoin Support Region

If Bitcoin does not return over the $19,650 resistance level, it may begin a new drop. The channel trend line and the $19,280 zone provide immediate downside support.

The next significant support is nearly $19,200 and the 100 hourly SMA. The primary support is close to $19,000. Any further losses could lead to a slide near the $18,500 support level in the coming sessions.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.