Bitcoin began an upside correction from the $18,223 low in opposition to the US Dollar. BTC climbed above $19,000, however it’s now going through resistance close to the 100 hourly SMA.
- Bitcoin traded as little as $18,223 earlier than it began an upside correction.
- The value remains to be buying and selling beneath $20,000 and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $19,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair should clear the development line and the 100 hourly SMA to proceed greater in direction of $20,500.
Bitcoin Price Recovers Above $19,000
Bitcoin value extended losses after it settled beneath the $19,000 degree. BTC broke the $18,500 help zone and traded as little as $18,223.
There was no take a look at of the $18,000 zone and the worth began an upside correction. There was a gentle improve above the $18,500 and $18,800 ranges. The value was in a position to clear the 50% Fib retracement degree of the downward transfer from the $20,198 swing excessive to $18,223 low.
Bitcoin value even spiked above the $19,500 resistance zone. However, the bears had been energetic close to the $19,600 degree and the 100 hourly simple moving average.
There can be a key bearish development line forming with resistance close to $19,650 on the hourly chart of the BTC/USD pair. The development line is close to the 76.4% Fib retracement degree of the downward transfer from the $20,198 swing excessive to $18,223 low.
Source: BTCUSD on TradingView.com
On the upside, a right away resistance is close to the $19,600 degree and the development line. The subsequent main resistance sits close to the $20,000 degree. Any extra good points may ship the worth in direction of the $20,500 resistance zone. Furthermore, if the bulls stay in motion, the worth may take a look at $21,200.
Fresh Decline in BTC?
If bitcoin fails to proceed greater above the $19,600 resistance zone, it may begin a recent decline. An instant help on the draw back is close to the $19,200 zone.
The subsequent main help is close to the $18,850 degree. A transparent transfer beneath the $18,850 and $18,800 ranges may open the doorways for a transfer in direction of the $18,223 low and even to a brand new low.
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 degree.
Major Support Levels – $19,200, adopted by $18,850.
Major Resistance Levels – $19,600, $19,650 and $20,500.
