Bitcoin is buying and selling in a bearish zone under $19,500 in opposition to the US Dollar. BTC would possibly begin a pointy restoration wave if there’s a transfer above the $19,500 resistance.
- Bitcoin failed to achieve tempo above the $19,500 and $19,600 resistance ranges.
- The value is now buying and selling under the $20,000 stage and the 100 hourly easy shifting common.
- There is an important bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a contemporary decline except there’s a transfer above the $19,500 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin value began another decline under the $19,500 assist zone. The value even traded under the $19,000 assist zone and spiked under the $18,800 stage.
A low was fashioned close to $18,738 and the worth is now consolidating losses. There was a minor upward transfer above the $19,000 resistance zone. The value climbed above the 23.6% Fib retracement stage of the current decline from the $20,500 swing excessive to $18,738 low.
However, the worth is now dealing with a robust resistance close to the $19,400 zone and the 100 hourly simple moving average. There can be an important bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair.
The pattern line is near the 50% Fib retracement stage of the current decline from the $20,500 swing excessive to $18,738 low.
Source: BTCUSD on TradingView.com
The subsequent key resistance is close to the $19,800 zone. A transparent transfer above the pattern line resistance after which $19,800 may push the worth additional larger. In the acknowledged case, the worth may rise in direction of the $20,500 stage. The subsequent main resistance sits close to the $21,200 stage.
Fresh Decline in BTC?
If bitcoin fails to clear the $19,500 resistance zone, it may begin one other decline. An speedy assist on the draw back is close to the $19,000 stage.
The subsequent main assist now sits close to the $18,700 stage, under which the worth may decline closely. In the acknowledged case, the worth could maybe decline in direction of the $17,500 stage.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $19,000, adopted by $18,700.
Major Resistance Levels – $19,500, $19,800 and $20,500.
