TA: Bitcoin Price Resilience Suggests A Fresh Rally is Imminent: Here’s Why

Bitcoin found a strong buying interest near $18,500 against the US Dollar. BTC is recovering and there could be a fresh increase above the $20,000 resistance. Bitcoin remained stable and the bulls again protected the $18,500 support zone. The price is trading above $19,000 and the 100 hourly simple moving average. There is a short-term channel forming with support near $19,280 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a clear move above the $19,650 resistance zone. Bitcoin Price Holds Key Support Bitcoin price declined heavily from well above the $20,000 pivot level. BTC dropped below the $19,000 level, but the bulls were active near the $18,500 support zone. It seems like the price is well supported near the $18,500 zone and there are multiple rejections visible around the same area. The price is now rising and there was a move above the $19,000 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $20,383 swing high to $18,487 low. Bitcoin price is now trading above $19,000 and the 100 hourly simple moving average. There is also a short-term channel forming with support near $19,280 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $19,600 level. The next major resistance sits near the $19,650 zone. It is close to the 61.8% Fib retracement level of the downwar...