The Bitcoin price has been consolidating its losses over the $19,000.0 support zone in relation to the US Dollar. If there’s a clear move higher than $19,700, BTC may see a new increase.
- Bitcoin faces a barrier at the $19550 and $19600 resistance levels.
- This price is less than 20.100, and it’s below the simple 100 hour moving average.
- The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $19,450 (data feed Kraken).
- If the pair moves above $19,700 resistance, it could see bullish momentum.
Bitcoin Price Holds Key Support
The Bitcoin price began a new decline well below the $20,000. BTC moved into a bearish area when it fell below $20,000 and $19 800 levels.
Even below $19,500 and the 100-hourly simple moving average, the bears drove the price down. The price traded at $19,249 before it began a temporary upside correction. It saw a slight increase over the $19 400 and $19 500 levels.
The hourly BTC/USD currency pair chart showed a break above a crucial bearish trend line. Resistance was near $19450. Bitcoin prices reached the 23.6% Fib level of the decline from the $19,249 high to the low at $20,443.
Surprisingly, a resistance level is located near $19,550. Next major resistance is located near $19,700 and the 100-hourly simple moving average.
Source: BTCUSD at TradingView.com
The price could reach the fib retracement level at 50% for the decline from the $20.443 swing high, to the $19.249 low, if it closes well above this resistance. The price could rise above the $20,000 threshold with any further gains. The price may rise to the $20,500 level in the above scenario.
BTC Dips Limited
Bitcoin could fall further if it fails to climb above $19,700 resistance. The $19,400 area is a support zone for the downside.
Near the $19 250 zone is the next significant support. Risks of further losses could be triggered by a downside breakout below the $19250 support zone. The risk is that the price will move to the $18,500 support area in the above scenario.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,400, followed by $19,250.
Major Resistance Levels – $19,700, $20,000 and $20,500.
