Bitcoin value is struggling beneath the $19,200 help in opposition to the US Dollar. BTC stays at a danger of extra losses beneath the $18,500 help within the close to time period.
- Bitcoin is exhibiting bearish indicators beneath the $19,200 and $19,500 ranges.
- The value is buying and selling beneath above $19,500 and the 100 hourly easy transferring common.
- There is a key bearish pattern line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might proceed to maneuver down if it stays beneath the $19,500 stage for a very long time.
Bitcoin Price Slides Further
Bitcoin value settled below the $20,000 support zone. BTC is following a sluggish and regular decline beneath the $19,500 pivot stage and the 100 hourly easy transferring common.
The value even traded beneath yesterday’s low and examined the $18,850 zone. A low is shaped close to $18,860 and the worth is now consolidating losses. There was a minor restoration wave above the $19,000 resistance stage. The value climbed above the 23.6% Fib retracement stage of the current decline from the $19,560 swing excessive to $18,860 low.
Bitcoin value is now buying and selling beneath above $19,500 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $19,200 stage.
There can be a key bearish pattern line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement stage of the current decline from the $19,560 swing excessive to $18,860 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the pattern line would possibly ship the worth in the direction of the 100 hourly easy transferring common or the $19,500 resistance. Any extra good points would possibly ship the worth in the direction of the $20,000 resistance zone.
More Losses in BTC?
If bitcoin fails to get well above the $19,200 resistance zone, it might proceed to maneuver down. An rapid help on the draw back is close to the $18,850 zone.
The subsequent main help is close to the $18,550 zone. A draw back break beneath the $18,550 help zone would possibly set off one other sharp decline. In the said case, there’s a danger of a transfer in the direction of the $17,800 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.
Major Support Levels – $18,850, adopted by $18,550.
Major Resistance Levels – $19,200, $19,500 and $20,000.
