Bitcoin began an upside correction above $19,000 towards the US Dollar. BTC is now struggling to clear the $19,400 and $19,500 resistance ranges.
- Bitcoin traded as little as $18,550 and began an upside correction.
- The worth is now buying and selling under the $19,500 stage and the 100 hourly easy transferring common.
- There is a significant bearish pattern line forming with resistance close to $19,310 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair would possibly begin one other drop until there’s a clear transfer above the $19,500 resistance.
Bitcoin Price Faces Resistance
Bitcoin worth began a major decline below the key $19,500 support zone. BTC gained tempo for a transfer under the $19,000 stage and the 100 hourly easy transferring common.
The worth even traded under the $19,000 stage and examined $18,500. A low was fashioned close to $18,550 and the value not too long ago began an upside correction. There was a transfer above the $19,000 resistance zone. The bulls pushed the value above the 23.6% Fib retracement stage of the important thing drop from the $20,172 swing excessive to $18,550 low.
However, the bears remained lively close to the $19,500 resistance zone. There can also be a significant bearish pattern line forming with resistance close to $19,310 on the hourly chart of the BTC/USD pair.
Bitcoin confronted rejection close to the 50% Fib retracement stage of the important thing drop from the $20,172 swing excessive to $18,550 low. It is now buying and selling under the $19,500 stage and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $19,300 stage.
Source: BTCUSD on TradingView.com
The subsequent main resistance sits close to the $19,500 stage. A transparent transfer above the $19,500 resistance would possibly begin a gradual enhance to $20,000. Any extra positive factors would possibly ship the value in the direction of the $20,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to start out a restoration wave above the $19,500 zone, it may proceed to maneuver down. An instant help on the draw back is close to the $19,000 zone.
The subsequent main help sits close to the $18,550 stage. A draw back break under the $18,550 help would possibly spark extra downsides. In the acknowledged case, the value may drop in the direction of the $18,000 help.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $19,000, adopted by $18,550.
Major Resistance Levels – $19,300, $19,500 and $20,000.
