Bitcoin prices have fallen below $19,200 compared to the US Dollar slowly. BTC trading is above the $18,500 level of the main breakdown support.
- Bitcoin is gradually moving down and there has been a surge below $19,000
- It is currently trading at $19,200. The simple moving average for 100 hours is also below that level.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $19 180 (data feed Kraken).
- If the pair moves above $19 200 and then $19 500, it could begin a steady rise.
Support for Bitcoin Prices
From just above the $19,000.500 resistance area, Bitcoin prices began to decline slowly. BTC dropped below the $19250 and $19 200 support levels in order to fall into a bearish short-term zone.
Even though the price fell below $19,000, the close was below the simple 100-hour moving average. It traded at $18,900, but is now correcting higher. A move was made above the $19,000 mark.
Bitcoin’s price currently trades below $19,000. This is also the hourly simple moving mean. A key bearish trendline is also visible on the hourly BTC/USD charts with resistance close to $19,180.
The $19,090 mark is an area of immediate resistance. This is near the 23.6% Fib Retracement level that marked the decline from $19,697 high to $18,900 low. Near the trend line and at the $19 200 level is the first major resistance.
Source: BTCUSD at TradingView.com
Next major resistance could be $19,000. This is the 50% Fib level of the decline from $19697 high to $18,900 low. An increase in the price could be initiated by a clear break above $19,300. If the above scenario is true, then the price might test the $19,000.500 resistance. If the gains continue, there could be a gradual increase to $20,000 in resistance.
What is the Downside to Bitcoin?
It could move lower if bitcoin does not rise above the $19300 resistance zone. Support for the downside lies near $19,000.
Next major support will be near $18,900. The main support of $18,500 is at risk if the market falls. A further drop in the price could push it lower to $17,800. Selling pressure might increase.
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 – $19,000, followed by $18,900.
Major Resistance Levels – $19,200, $19,300 and $19,500.