Bitcoin value is struggling to climb above the $20,000 resistance in opposition to the US Dollar. BTC might decline closely if there’s a shut under the $18,500 help.
- Bitcoin remained in a spread and stayed above the $19,000 help zone.
- The value is buying and selling under $19,400 and the 100 hourly easy shifting common.
- There was a break under a key bullish development line with help close to $19,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a recent decline if there’s a clear transfer under the $18,500 help.
Bitcoin Price Stuck In a Range
Bitcoin value tried a recent improve above the $19,000 resistance zone. BTC climbed above the $19,250 degree and the 100 hourly easy shifting common.
The value even gained tempo above the $19,500 resistance and spiked above $20,000. However, the bears had been lively above the $20,000 resistance zone. A excessive was shaped close to $20,177 and the worth began a draw back correction.
There was a transfer under the $19,500 degree. Besides, there was a break under a key bullish development line with help close to $19,350 on the hourly chart of the BTC/USD pair. Bitcoin value is now buying and selling under $19,400 and the 100 hourly simple moving average.
A low is shaped close to $18,937 and the worth is consolidating losses. It is buying and selling close to the 23.6% Fib retracement degree of the latest decline from the $20,177 swing excessive to $18,937 low.
On the upside, a right away resistance is close to the $19,400 degree and the 100 hourly SMA. The subsequent main resistance sits close to the $19,560 zone. It is near the 50% Fib retracement degree of the latest decline from the $20,177 swing excessive to $18,937 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the $19,560 resistance would possibly begin a recent improve. In the acknowledged case, the worth might even surpass the $20,000 resistance zone. The subsequent main resistance is close to the $20,500 zone.
Another Drop in BTC?
If bitcoin fails to rise above the $19,560 resistance zone, it might begin a recent decline. An instant help on the draw back is close to the $19,000 zone.
The subsequent main help is close to the $18,580 zone. The most important help is close to $18,500, under which there could possibly be a pointy drop to $18,000. Any extra losses would possibly name for a drop in direction of the $17,500 help.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $19,000, adopted by $18,580.
Major Resistance Levels – $19,560, $20,000 and $20,500.
