Bitcoin Price Stuck In Key Range, Why The Bulls Are Comfortable

Bitcoin price corrected lower below the $19,500 level against the US Dollar. BTC remains in a key range and trading above the $19,000 support zone. Bitcoin failed to gain strength above $19,600 and corrected gains. The price is trading near $19,250 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $19,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could attempt a fresh increase unless there is a clear move below the $19,000 support. Bitcoin Price Remains Supported Bitcoin price made an attempt to gain pace above the $19,500 resistance zone. BTC even spiked above the $19,600 level, but there was no follow through move. The price formed a high near $19,696 and started a downside correction. There was a move below the $19,500 and $19,400 levels. Besides, there was a break below a key bullish trend line with support near $19,400 on the hourly chart of the BTC/USD pair. Bitcoin price traded as low as $19,110 and is currently trading in a range. It is trading near $19,250 and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the recent decline from the $19,696 swing high to $19,110 low. On the upside, an immediate resistance is near the $19,400 level. It is close to the 50% Fib retracement level of the recent decline from the $19,696 swing high to $19,110 low. Source: BTCUSD on TradingView.com The ...