TA: Bitcoin Price Holds Strong, Why ETH Could Push BTC Higher

Bitcoin is consolidating above the $19,500 support against the US Dollar. BTC could start a major increase considering the recent rise in ether. Bitcoin is still trading in range near the $20,000 zone and below the $20,500 resistance. The price is now trading below the $20,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $19,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase unless there is a clear move below the $19,600 and $19,500 levels. Bitcoin Price Eyes Fresh Increase Bitcoin price remained in a range below the $20,500 and $20,550 resistance levels. Recently, BTC formed a support base above the $19,600 level and started an upside correction. There was a move above the $19,800 resistance level and the 100 hourly simple moving average. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $20,398 swing high to $19,600 low. Finally, there was a spike above the $20,000 resistance. However, the bears were active near the $20,100 zone. Bitcoin price failed to clear the 61.8% Fib retracement level of the downward move from the $20,398 swing high to $19,600 low. It is now trading below the $20,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,700 on the hourly chart of the BTC/USD pair. Sourc...