Bitcoin began a new decline at $19,500 against the US Dollar resistance. BTC could see a sharp drop below $18,500 or $18,000 levels.
- Bitcoin experienced a second decline following the increase in rates by the fed to 3.25%.
- It is currently trading at $19,200. The simple moving average for 100 hours is also below that level.
- The hourly chart for the BTC/USD pair showed a breaking below a crucial bullish trend line, with support close to $19,000 (data feed Kraken).
- To avoid further losses, the pair should remain above $18,200.
The Bitcoin price is regaining its decline
Bitcoin’s price tried to climb above $19,000. BTC did not break through the $19,000.500 resistance area and was stuck in a bearish region.
The result was a bearish response below $19,000. Sharp decline was caused by the fed rate rise from 2.75% up to 3.25%. The hourly BTC/USD chart showed a breaking below the key bullish trend line. Support was at $19,000.
Bitcoin prices are now below $19200, and below the simple moving average of 100 hours. A retest of $18,200 was conducted and bitcoin traded as low at $18,140. The price is consolidating its losses over the $18,200 support area.
The Fib retracement level at 23.6% of the decline from $19,675 high to $18,140 low was exceeded by a movement. The $18,775 mark is the immediate resistance. Near the $19,000 mark is the next significant resistance.
Also, the fib retracement of the current decline from the $19675 swing high and $18,140 lowest is at 50%. Resistance is currently forming around the $19 200 zone and the 100-hourly simple moving average.
Source: BTCUSD at TradingView.com
The chances of the price moving to $19,000. A close above $19,200 could increase these odds. Gains above $19,200 could increase the chances of the price moving towards $20,000 resistance.
BTC Losses:
Bitcoin could fall further if it fails to rebound above $19,000. Support for bitcoin’s downside lies near the $18,200 level.
Near the $18,000 mark is the next support. The pace of a bigger decline could be set by a clear break below the $18,000 level. If the case is true, then the price might even exceed $17,000.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $18,200, followed by $18,000.
Major Resistance Levels – $19,000, $19,200 and $19,500.
