Bitcoin price is rising steadily above the crucial $18,800 and $19,000 resistance levels. The flagship cryptocurrency is currently trading above the $19,000 resistance at its current price of $19,111.
BTCUSD Chart By TradingView
BTC is currently attempting an upside break, and it could rally above $19,500 in the near term. From a technical perspective, BTC bulls may want to welcome a correction to build a stronger support base as opposed to further vertical moves above that put Bitcoin at risk of a severe rejection down the road.
Bitcoin Price is Attempting an Upside Break
In the crypto space, Bitcoin seems to be trading close to $20,000 for eternity. The Bitcoin price is prone to volatile fluctuations that makes it historically popular for traders to speculate.
Last week, Bitcoin saw a swing move from its $ 19,500 resistance against the US dollar. The BTC / USD pair even broke support for USD 19,000 but remained over the 100 simple moving average (4 hours).
Source: BTCUSD on TradingView.com
Most recently, a low formed near $18,581 before the price started a decent upward move. After that, there was a break above the $18,800 resistance level.
The price traded above the 50% Fib retracement level of the downward motion from the $18,581 swing low and the $19,575 swing high.
Bitcoin price is currently trading above the $19,000 and faces strong resistance near the $19,200 level. The next key resistance is near $19,500, above which the bulls might aim at cracking $20,000.
A Decline in Ethereum?
Ethereum price is approaching a significant resistance area near $600. The ETH / USD 4 hourly chart also has a central contracting triangle with resistance forming near $ 602.
A bearish reaction is likely if Ethereum fails to clear the $600 and $605 resistance levels. Initial support is near the $592 mark.
ETHUSD Price Chart by TradingView.com
The altcoin’s first primary support zone is near the $590 level. A downside break below the triangle support might push the ETH pricedown toward the $565 support and the 100 simple moving average (4-hours).