Bitcoin value corrected decrease from $19,650 in opposition to the US Dollar. BTC is holding the $19,200 help and may quickly begin a contemporary improve.
- Bitcoin began a draw back correction after it didn’t clear the $19,650 zone.
- The value is buying and selling above $19,200 and the 100 hourly easy shifting common.
- There is a connecting bearish pattern line forming with resistance close to $19,320 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a contemporary improve if there’s a clear transfer above the $19,350 resistance.
Bitcoin Price Remains Supported
Bitcoin value was capable of acquire tempo for a transfer above the $19,500 resistance. However, BTC struggled above the $19,600 zone. It traded as excessive as $19,679 and not too long ago began a draw back correction.
There was a correction beneath the $19,500 and $19,400 ranges. The value declined beneath the 23.6% Fib retracement stage of the important thing improve from the $18,865 swing low to $19,680 excessive. The value even spiked beneath the $19,250 stage.
However, the bulls had been lively close to the $19,200 help zone. Bitcoin value is now buying and selling above $19,200 and the 100 hourly simple moving average. It can also be steady above the 50% Fib retracement stage of the important thing improve from the $18,865 swing low to $19,680 excessive.
On the upside, an instantaneous resistance is close to the $19,320 stage. There can also be a connecting bearish pattern line forming with resistance close to $19,320 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first main resistance sits close to the $19,500 stage. The subsequent main resistance could be $19,650. A transparent transfer above the $19,650 resistance may ship the value in the direction of the $20,000 resistance. Any extra positive factors may set the tempo for a gradual improve in the direction of the $21,200 resistance zone.
Dips Limited in BTC?
If bitcoin fails to rise above the $19,500 resistance zone, it might proceed to maneuver down. An quick help on the draw back is close to the $19,270 zone.
The subsequent main help is close to the $19,200 zone and the 100 hourly easy shifting common. A draw back break and shut beneath $19,200 may open the doorways for a contemporary take a look at of the $18,800 help.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $19,270, adopted by $19,200.
Major Resistance Levels – $19,320, $19,500 and $19,650.
