Bitcoin Price Breakdown Looks Real, Why BTC Could Dive To $18K

Bitcoin broke $19 500 support in relation to the US Dollar. BTC shows bearish signs, and there is still a chance that it will move to the $18,000 mark.

  • Bitcoin declined to $19,500 and failed to begin a new increase.
  • The price currently trades below $19,000 as well as the 100 hourly simple moving mean.
  • A connecting bearish trendline is emerging with resistance at $19,420 (data feed Kraken).
  • Although the pair may correct higher than expected, upsides could be restricted to $19,500.

The Bitcoin price takes a hit

Bitcoin’s price has not been able to accelerate for any move higher than $20,500 or $20,550 resistance levels. Numerous failed attempts led the market to react negatively below the $19 500 support level.

A sharp drop below the $19 500 support and 100 hourly simple moving mean was observed. Below the $19 200 and $19,000 levels, the price fell. The price has been consolidating its losses and is currently at $18,670.

The $19,000 and 100 hourly simple moving average levels are now below it. The upside is that the $19,000 mark represents an immediate resistance. This is close to the 23.6% Fib Retracement Level of the recent fall from the $20.171 swing high, $18,670 lower.

Near the $19,000.400 mark is the next significant resistance. A connecting bearish trendline is also visible on the hourly BTC/USD chart with resistance around $19,420.

Bitcoin Price

Source: BTCUSD at TradingView.com

The trend line lies close to the 50% Fib level of the decline from the $18,670 high to the $20,171 low. Gains of more than 50% could push the price toward the $19 800 resistance level and the 100-hourly simple moving average.

BTC Losses:

It could move lower if bitcoin does not start a wave of recovery above $19,000. Support for the downside lies near the $18,650 level.

Near the $18,500 support is the next major support. Unexpected downsides could result in a break of the $18,500 level. If the case is true, then the price might test the $18,000 level.

Technical indicators

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $18,650, followed by $18,500.

Major Resistance Levels – $19,000, $19,400 and $19,500.

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