Bitcoin’s price fell to $19,650 from the US Dollar. BTC currently holds $19,200 and could soon see a further increase.
- After it had failed to break the $19650 mark, Bitcoin began a downward correction.
- The 100-hourly simple moving average is at $19,200.
- A connecting bearish trendline is emerging with resistance at $19,320 (data feed Kraken).
- A clear break above the $19 350 resistance could signal a renewed increase.
Bitcoin Price Remains Supported
Bitcoin’s price gained momentum to surpass the $19,000.500 resistance. BTC failed to break the $19,000. The cryptocurrency traded up to $19 679, and has recently begun a downtrend.
Below the $19 500 and $19 400 levels, there was a correction. Price fell below 23.6% Fib level of key rise from $18,865 swing high to $19,680 low. It even soared to below $19,250.
But, bulls were still active in the $19,000. support zone. Bitcoin is trading at $19,200. This price also includes the simple moving average of 100 hours. Also, it is above 50% Fib level for the pivotal increase of $18,865 from its low point to the high of $19,680.
A resistance level of $19320 is available immediately on the upside. On the hourly chart for the BTC/USD pair, there is a connected bearish trend line that forms with resistance at $19,320.
Source: BTCUSD at TradingView.com
At $19,500 the level of resistance is at its highest. $19,650 could become the next significant resistance. If the price moves above $19,650 the resistance it could push the price to the $20,000 mark. If the gains continue, the market could see a steady rise towards the $21,200 resistance.
BTC Dips Limited
It could move lower if bitcoin does not rise above the $19,000.500 resistance zone. Support for the downside lies near $19270.
Near the $19,000.00 zone is the next support. The 100-hourly simple moving average will be the next. If the market closes below $19,200 and a downside breakout occurs, it could be possible to test the $18,800 support again.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $19,270, followed by $19,200.
Major Resistance Levels – $19,320, $19,500 and $19,650.