Bitcoin Violates Symmetrical Triangle – Is It a Good Idea to Go Long Above $19,200?

Bitcoin is trading above $19,250 against the US dollar. BTC may aim for a decisive break above the $19,500 and $19,650 resistance levels. The BITCOIN price maintained well above the $18,800 mark. BTC established a base above $19,000 and began a new upward trend. The price broke through the $19,200 and $19,250 resistance levels.

On the hourly chart of the BTC/USD pair, there was also a break over a crucial negative trend line with resistance near $19,200. The pair advanced above the $19,400 mark and the 100 hourly simple moving average. It even broke through the $19,500 barrier.

However, Bitcoin’s price has yet to break through the $19,600 barrier.

A peak was made near $19,679, and a modest downside correction occurred. The price is now trading below the 23.6% Fib retracement level of the upward move from the swing low of $18,865 to the high of $19,679.

On the upside, an immediate resistance level is near $19,600. The first big barrier is located near the $19,650 level, which is also the recent high.

Bitcoin (BTC/USD) Technical Outlook

The next major barrier could be $20,000. A clear break above the $20,000 barrier level might push the price toward the $20,500 level. Any further advances might pave the way for a move toward the $21,200 resistance level. If bitcoin fails to break through the $19,600 barrier level, it may continue to fall. On the downside, there is immediate support near $19,300.

The next significant support level is around $19,250. It is close to the 50% Fib retracement level of the upward advance from the swing low of $18,865 to the high of $19,679. A break and closure below $19,250 may enhance selling pressure, and the price may return to $18,800.