Bitcoin price prediction: Price back above $19,000, will the rally continue?

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TL;DR Breakdown Bitcoin price currently $19,361 showing slight increase from the day’s opening price Short term chart suggests upwards movements towards $19,500. A break above the current trend would cause price to move towards $20,000 Bitcoin price prediction: Today’s price overview. Bitcoin (BTC) price opened at $19,220.29 and climbed to $19,300 before being rejected strongly. … Read more

TL;DR Breakdown

  • Bitcoin price currently $19,361 showing slight increase from the day’s opening price
  • Short term chart suggests upwards movements towards $19,500.
  • A break above the current trend would cause price to move towards $20,000

Bitcoin price prediction: Today’s price overview.

Bitcoin (BTC) price opened at $19,220.29 and climbed to $19,300 before being rejected strongly. The daily session observed wave-like activity with the bulls slightly dominating the price movement. Currently, the Bitcoin price is $19361.71, showing a 0.7 percent increase from the day’s opening price.

BTC/USD 1-day price analysis

As the above chart shows, the Bitcoin price first reached the $19,300 mark but failed to cross above. Subsequently, the price declined to $18,950 before finding a support level to facilitate price recovery. However, the bullish momentum declined soon as the price failed to cross above $19,200. The subsequent rejection sent the price to the $18,900 level before finding a strong support level.

The level turned out to be the day’s low as bulls recovered their momentum and carried the price above $19,400. While the price faced rejection at the level, it soon recovered and currently hovers around the resistance level.

On the technical indicators, the MACD has crossed over to the bearish region and suggests increasing bearish momentum as the two EMAs appear to be diverging further. On the other hand, the RSI remains neutral but inclines downwards, suggesting movement downwards.

Traders can expect the Bitcoin price to test the resistance level below $19,500, if successfull the price would continue moving towards $20,000.Conversely, a rejection will send the price to support level at $19,250. If buyers are able to defend the support level, price action will once again turn bullish and climb towards the $20,000 level. On the other hand, if the bears manage to break below, the bitcoin price will decline towards the $19,100 support level.

BTC USD long-term trend analysis.

Bitcoin price started the year at $7160.69 with bullish momentum that defined the asset’s price action over the year. The bull rally carried the price above $10,000 before meeting strong resistance. The price, despite numerous attempts, failed to maintain support at the level and was sharply rejected. Subsequently, the price declined below $4000 before finding a strong support level.

The bulls defended the price level, and the price steadily recovered its losses. From mid-March to May, the price action observed wave-like bullish activity that carried the price from a low of $5000 to $8500 on May 1. However, the bullish momentum was exhausted, and the price could not climb above.

From May to late-July, the price remained consolidated between the $8,000 and the $10,000 as the bulls and the bears struggled for market dominance. On July 27, the price action finally crossed the $10,000 psychological level and climbed to $12,000 before meeting strong resistance that ended the previous bull rally.

The previous $10,000 level now acted as support for the asset, and the price moved between the two key price levels from August to mid-October. In October, the price finally broke above the $12,000 level with strong bullish momentum that carried the price to $18,000 inside an ascending channel. Above $18,000, the bullish momentum exhausted, and the price corrected itself before bouncing back.

On the technical indicators, the MACD is bearish but indicates a bullish crossover as the two EMAs rapidly converge. Meanwhile, the RSI has returned to the neutral region after the recent price correction. While the RSI is relatively high and leans towards the overpriced region, the price still has room for upwards movement before the indicator flashes overbought conditions.

Currently, the price is rising to meet the resistance level at $20,000. If the price breaks above, the psychological level would act as strong support for the price and enable further upwards movement. Conversely, if the price action is rejected, the nearest support level is below $17,000.

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