Bitcoin is buying and selling in a bearish zone under $19,500 towards 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 value is now buying and selling under the $20,000 stage and the 100 hourly easy transferring common.
- There is an important 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 contemporary decline until there’s a transfer above the $19,500 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin value began another decline under the $19,500 assist zone. The value even traded under the $19,000 assist zone and spiked under the $18,800 stage.
A low was fashioned close to $18,738 and the value is now consolidating losses. There was a minor upward transfer above the $19,000 resistance zone. The value climbed above the 23.6% Fib retracement stage of the latest decline from the $20,500 swing excessive to $18,738 low.
However, the value is now going through a powerful resistance close to the $19,400 zone and the 100 hourly simple moving average. There can be a vital 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 stage 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 value additional increased. In the said case, the value may rise in the direction of the $20,500 stage. The subsequent main resistance sits close to the $21,200 stage.
Fresh Decline in BTC?
If bitcoin fails to clear the $19,500 resistance zone, it may begin one other decline. An speedy assist on the draw back is close to the $19,000 stage.
The subsequent main assist now sits close to the $18,700 stage, under which the value may decline closely. In the said case, the value could maybe decline in the direction of the $17,500 stage.
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $19,000, adopted by $18,700.
Major Resistance Levels – $19,500, $19,800 and $20,500.