Bitcoin worth slowly moved decrease under $19,200 in opposition to the US Dollar. BTC remains to be buying and selling above the principle breakdown assist close to the $18,500 zone.
- Bitcoin is slowly transferring decrease and there was a spike under the $19,000 stage.
- The worth is buying and selling under $19,200 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 (knowledge feed from Kraken).
- The pair might begin a gradual improve if there’s a clear transfer above $19,200 after which $19,500.
Bitcoin Price Holds Support
Bitcoin worth began a slow decline from just above the $19,500 resistance zone. BTC declined under the $19,250 and $19,200 assist ranges to maneuver right into a short-term bearish zone.
The bears even pushed the worth under the $19,000 stage and there was an in depth under the 100 hourly easy transferring common. The worth traded as little as $18,900 and is at present correcting increased. There was a transfer above the $19,000 stage.
Bitcoin price is now trading below $19,200 and the 100 hourly easy transferring common. There can be a key bearish pattern line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair.
On the upside, a right away resistance is close to the $19,090 stage. It is near the 23.6% Fib retracement stage of the latest decline from the $19,697 swing excessive to $18,900 low. The first main resistance sits close to the $19,200 stage and the pattern line.
Source: BTCUSD on TradingView.com
The subsequent main resistance is perhaps $19,300 or the 50% Fib retracement stage of the latest decline from the $19,697 swing excessive to $18,900 low. A transparent transfer above the $19,300 resistance would possibly begin an honest improve. In the said case, the worth could maybe check the $19,500 resistance. Any extra good points would possibly begin a gradual improve in the direction of the $20,000 resistance zone.
Downside Break in BTC?
If bitcoin fails to rise above the $19,300 resistance zone, it might proceed to maneuver down. An instant assist on the draw back is close to the $19,000 zone.
The subsequent main assist is close to the $18,900 zone. A draw back break might ship the worth in the direction of the principle breakdown assist at $18,500. Any extra losses would possibly ship the worth additional decrease in the direction of $17,800 and promoting stress might improve.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $19,000, adopted by $18,900.
Major Resistance Levels – $19,200, $19,300 and $19,500.
