Bitcoin worth struggled to clear the $20,000 resistance zone in opposition to the US Dollar. BTC would possibly decline, however there’s a key help ready close to the $18,900 zone.
- Bitcoin failed to realize momentum for a transfer above the $20,000 resistance zone.
- The worth is buying and selling beneath $19,400 and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may transfer down additional to check the $18,900 help zone within the close to time period.
Bitcoin Price Trims Gains
Bitcoin price attempted a decent increase above the $19,500 resistance zone. BTC even climbed above the $19,800 stage, however the bears had been lively close to the $20,000 resistance zone.
The worth traded as excessive as $19,939 earlier than there was a contemporary decline. There was a drop beneath the $19,500 and $19,400 ranges. The bears even pushed the value beneath the 50% Fib retracement stage of the upward move from the $18,271 swing low to $19,939 excessive.
Bitcoin worth is now buying and selling beneath $19,400 and the 100 hourly easy shifting common. There can also be a key bearish development line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair.
On the upside, a direct resistance is close to the $19,220 stage. The first main resistance sits close to the $19,250 stage and the development line. A transparent transfer above the development line resistance would possibly pump the value in direction of the $19,500 resistance zone.
Source: BTCUSD on TradingView.com
The essential resistance continues to be close to the $20,000 zone. Any extra features would possibly begin a gentle enhance in direction of the $21,200 resistance zone.
Dips Limited in BTC?
If bitcoin fails to rise above the $19,250 resistance zone, it may proceed to maneuver down. An fast help on the draw back is close to the $19,000 zone.
The subsequent main help is close to the $18,900 zone. It is close to the 61.8% Fib retracement stage of the upward transfer from the $18,271 swing low to $19,939 excessive. A draw back break beneath the $18,900 help zone would possibly enhance promoting stress. In the acknowledged case, the value may decline in direction of the $18,500 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.
Major Support Levels – $19,000, adopted by $18,900.
Major Resistance Levels – $19,250, $19,500 and $20,000.
