Bitcoin broke the important thing $19,500 help in opposition to the US Dollar. BTC is displaying bearish indicators and stays at a threat of a transfer in the direction of the $18,000 stage.
- Bitcoin failed to begin a recent enhance and declined under the $19,500 help.
- The worth is now buying and selling under the $19,000 stage and the 100 hourly easy transferring common.
- There is a connecting bearish development line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may appropriate larger, however upsides is perhaps restricted above $19,500.
Bitcoin Price Takes A Hit
Bitcoin worth failed to achieve tempo for a transfer above the $20,500 and $20,550 resistance levels. There had been many failed makes an attempt, sparking a draw back response under the important thing $19,500 help zone.
There was a sharp decline below the $19,500 support and the 100 hourly easy transferring common. The worth declined under the $19,200 and $19,000 ranges. A low is fashioned close to $18,670 and the value is now consolidating losses.
It is now buying and selling under the $19,000 stage and the 100 hourly easy transferring common. On the upside, an instantaneous resistance is close to the $19,000 stage. It is close to the 23.6% Fib retracement stage of the current decline from the $20,171 swing excessive to $18,670 low.
The subsequent main resistance sits close to the $19,400 stage. There can also be a connecting bearish development line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The development line is close to the 50% Fib retracement stage of the current decline from the $20,171 swing excessive to $18,670 low. Any extra good points would possibly ship the value in the direction of the $19,800 resistance zone and the 100 hourly easy transferring common.
More Losses in BTC?
If bitcoin fails to begin a restoration wave above the $19,000 zone, it may proceed to maneuver down. An instant help on the draw back is close to the $18,650 zone.
The subsequent main help sits close to the $18,500 stage. A draw back break under the $18,500 help would possibly spark extra downsides. In the said case, the value might maybe take a look at the $18,000 help.
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 under the 50 stage.
Major Support Levels – $18,650, adopted by $18,500.
Major Resistance Levels – $19,000, $19,400 and $19,500.
