Bitcoin is buying and selling in a bearish zone beneath $19,500 in opposition to the US Dollar. BTC may begin a pointy restoration wave if there’s a transfer above the $19,500 resistance.
- Bitcoin failed to achieve tempo above the $19,500 and $19,600 resistance ranges.
- The worth is now buying and selling beneath the $20,000 degree and the 100 hourly easy transferring common.
- There is a vital bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a recent decline except there’s a transfer above the $19,500 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin worth began one other decline beneath the $19,500 help zone. The worth even traded beneath the $19,000 help zone and spiked beneath the $18,800 degree.
A low was shaped close to $18,738 and the worth is now consolidating losses. There was a minor upward transfer above the $19,000 resistance zone. The worth climbed above the 23.6% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.
However, the worth is now going through a powerful resistance close to the $19,400 zone and the 100 hourly easy transferring common. There can also be an important bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair.
The pattern line is near the 50% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.
Source: BTCUSD on TradingView.com
The subsequent key resistance is close to the $19,800 zone. A transparent transfer above the pattern line resistance after which $19,800 may push the worth additional increased. In the said case, the worth may rise in the direction of the $20,500 degree. The subsequent main resistance sits close to the $21,200 degree.
Fresh Decline in BTC?
If bitcoin fails to clear the $19,500 resistance zone, it may begin one other decline. An speedy help on the draw back is close to the $19,000 degree.
The subsequent main help now sits close to the $18,700 degree, beneath which the worth may decline closely. In the said case, the worth might maybe decline in the direction of the $17,500 degree.
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 degree.
Major Support Levels – $19,000, adopted by $18,700.
Major Resistance Levels – $19,500, $19,800 and $20,500.
