Bitcoin is holding the important thing $18,500 assist zone towards the US Dollar. BTC should settle above the $20,000 resistance zone to maneuver right into a constructive zone.
- Bitcoin is struggling to realize momentum above the $19,500 resistance zone.
- The worth is buying and selling under $19,000 and the 100 hourly easy transferring common.
- There is a key bearish development line forming with resistance close to $19,020 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might stage a recent rally if there’s a clear transfer above the $19,500 resistance zone.
Bitcoin Price Consolidates
Bitcoin worth made one other try and clear the $19,500 resistance zone. However, BTC struggled and shaped a short-term high close to the $19,400 stage.
A excessive was shaped close to $19,392 and the value declined. There was a transfer under the $19,000 stage and the 100 hourly easy transferring common. The pair traded as little as $18,645 and is presently consolidating losses. There was a minor improve above the $18,800 stage.
Bitcoin worth climbed above the 23.6% Fib retracement stage of the current decline from the $19,392 swing excessive to $18,645 low. On the upside, a right away resistance is close to the $19,000 stage and the 100 hourly simple moving average.
There can be a key bearish development line forming with resistance close to $19,020 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement stage of the current decline from the $19,392 swing excessive to $18,645 low.
Source: BTCUSD on TradingView.com
The subsequent main resistance sits close to the $19,500 zone. A detailed above the $19,500 stage may begin a recent surge to $20,000. Any extra positive factors may begin a gradual improve and the value may rise in the direction of the $21,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to recuperate above the $19,500 zone, it might begin a recent decline. An speedy assist on the draw back is close to the $18,650 zone.
The subsequent main assist is close to the $18,500 stage. A transparent transfer under the $18,500 zone might set the tempo for a recent decline. In the acknowledged case, the value could even take a look at the $17,500 stage.
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 slightly below the 50 stage.
Major Support Levels – $18,650, adopted by $18,500.
Major Resistance Levels – $19,000, $19,350 and $19,500.
