Bitcoin is now at $19,000, which is close to the US Dollar level. BTC may be moving towards 20,000.
- Bitcoin’s pace is slowing down for an upward move to $19,200.
- The 100-hourly simple moving average and price are both below $19,400.
- On the hourly chart for the BTC/USD pair, there is an emerging bearish trendline that forms with resistance close to $19,000. (Data feed from Kraken).
- The pair may start an increase, unless the price drops below $18,950.
Bitcoin price remains in a range
Bitcoin was trading below $20,000 resistance level. BTC traded below $19,500 and the 100-hourly simple moving average.
Before there was an upside correction, the last swing low formed was near $18,860. It was able surpass the 23.6% Fib Retracement level for the downmove from the $19 560 swing high to the $18,860 low. Even higher, the bulls drove the price to $19,000.
But, bears were still active above $19,000. However, Bitcoin prices struggled to surpass the 50% Fib level of the decline from the $19 560 swing high to the $18,860 low.
It trades below $19,000. This is also lower than the simple moving average of 100 hours. There appears to be a short-term inverted head and shoulders pattern with breakdown support at $18,950. Surprisingly, a resistance level is located near $19,000. A new bearish connecting trend line is also emerging with resistance close to $19,000. This hourly chart shows the BTC/USD currency pair.
Source: BTCUSD at TradingView.com
If the trend line is crossed, a clear rise could push the price to the $19500 level. Gains above the trend line could lead to a steady rise towards $20,000 resistance.
BTC Losses:
Bitcoin could fall further if it fails to climb above $19,200 resistance. Support for the downside lies near the $18,950 region.
Near the $18,860 support zone is the next major support. If the support zone is breached, the price will fall to $18,860. If there are any more losses, the price could drop towards $17.800.
Indicators technical
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 – $18,950, followed by $18,860.
Major Resistance Levels – $19,200, $19,500 and $20,000.