Bitcoin began an upside correction above $19,000 towards the US Dollar. BTC is now dealing with a robust resistance close to the $19,350 and $19,500 ranges.
- Bitcoin is making an attempt an upside correction above the $19,000 stage.
- The value remains to be buying and selling beneath $19,500 and the 100 hourly easy shifting common.
- There is a serious bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair should clear the pattern line and the 100 hourly SMA to proceed increased in the direction of $20,500.
Bitcoin Price Faces Hurdles
Bitcoin value began a short-term upside correction from the $18,223 low. BTC was in a position to climb above the $18,800 and $19,000 ranges. It even cleared the $19,350 resistance zone.
However, the value confronted a robust resistance close to the $19,650 stage and the 100 hourly simple moving average. A excessive was fashioned close to $19,678 and the value began a contemporary decline. There was a transfer beneath the $19,500 and $19,400 ranges.
Bitcoin value traded beneath the 50% Fib retracement stage of the upward transfer from the $18,223 swing low to $19,678 excessive. The bulls are actually defending the $18,800 assist zone.
The 61.8% Fib retracement stage of the upward transfer from the $18,223 swing low to $19,678 excessive is performing as a assist. On the upside, a right away resistance is close to the $19,200 stage. The subsequent main resistance sits close to the $19,350 stage.
Source: BTCUSD on TradingView.com
There can be a serious bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair. A transparent transfer above the pattern line, the 100 hourly easy shifting common, and $19,500 might open the doorways for a transfer in the direction of the $20,000 stage. Any extra beneficial properties would possibly ship the value in the direction of the $20,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to proceed increased above the $19,350 resistance zone, it might begin a contemporary decline. An instant assist on the draw back is close to the $18,800 zone.
The subsequent main assist is close to the $18,550 stage. A transparent transfer beneath the $18,550 zone might set the tempo for a bigger decline. In the said case, the value could even decline beneath the $18,223 swing 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 close to the 50 stage.
Major Support Levels – $18,800, adopted by $18,550.
Major Resistance Levels – $19,200, $19,350 and $19,500.
