Bitcoin has the key $18,500 support area against the US dollar. To move to a positive zone, BTC must clear the $20,000 resistance area.
- Bitcoin’s momentum is slowing down above $19,500 resistance.
- The 100-hourly moving average is at $19,000, and the price trades below it.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $19,020 (data feed Kraken).
- A clear move over the $19,000.500 resistance area could lead to a new rally.
Bitcoin Price Consolidates
Bitcoin prices attempted to break the $19,000.500 resistance level again. BTC was unable to overcome the $19 500 resistance zone and was able to form a short-term peak near the $19 400 level.
The price fell after a high of $19,392 was reached. The price moved below $19,000 and the 100-hourly simple moving average. This pair was trading as low as $18,645 but is consolidating its losses. A minor rise was observed above $18,800.
Bitcoin’s price rose to 23.6% Fib level, a retracement of the current decline from $19.392 swing high and $18,645 lowest. Surprisingly, a resistance level is close to the $19,000 mark and the 100-hourly simple moving average.
On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $19,000. This trend line lies close to the 50% Fib Retracement level for the decline from $19,392 swing highs to $18,645 lows.
Source: BTCUSD at TradingView.com
Near the $19,000.500 level is the next significant resistance. An increase above $19,500 could trigger a new surge towards $20,000. The price may rise toward the $21,500 resistance level if there are more gains.
BTC’s Latest Decline
Bitcoin could begin a new decline if it fails to rebound above $19,500. The $18,650 area is a support zone for the downside.
Next major support will be near $18,500. If the price falls below $18,500, it could signal a new decline. The price could even cross the $17,000.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $18,650, followed by $18,500.
Major Resistance Levels – $19,000, $19,350 and $19,500.
