TA: Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally

Bitcoin started an upside correction from the $18,150 zone against the US Dollar. BTC is back above $19,200 and a break above $19,500 could spark a fresh rally. Bitcoin is showing a few positive signs above the $19,000 level. The price is trading above $19,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could stage a fresh rally if there is a clear move above the $19,500 resistance zone. Bitcoin Price Recovers Bitcoin price remained well bid above the $18,150 level. BTC traded as low as $18,138 and started a decent recovery wave. The price was able to recover above the $18,800 and $19,000 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The bulls even pushed the price above the $19,200 resistance zone. It is now trading above $19,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair. Bitcoin price is showing a few positive signs above the $19,000 level. On the upside, an immediate resistance is near the $19,475 level. It is near the 76.4% Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The next major resistance sits near the $19,680 level. Source: BTCUSD on ...