Bitcoin is not able to surpass the resistance of $20,000 against US Dollar. BTC’s price could fall if it falls below the $18,500 resistance.
- Bitcoin traded in a wide range, but remained above the $19,000 support area.
- It is currently trading at $19,400. The simple moving average for 100 hours shows a lower price.
- The hourly BTC/USD chart showed a breaking below a bullish trend line, with support close to $19 350 (data feed Kraken).
- If the pair moves below $18,500, it could begin a new decline.
Bitcoin Prices Stuck in a Range
The Bitcoin price tried to increase again above $19,000 resistance level. BTC reached $19250, the 100 hourly simple moving mean and above that level.
Even more, the price rose above $19500 and climbed above $22,000 The bears were still active well above the $20,000 threshold. An all-time high near $20,177 was reached and the market began a downtrend.
The $19,500 mark was breached. A break was also seen below the $19,500 level, which is a crucial bullish trend line. Support for the pair of BTC/USD pairs lies at near $19,350. Bitcoin is currently trading below $19,000. This price also includes the 100-hourly simple moving Average.
It is trading at $18,937, and consolidating the losses. The price is near 23.6% Fib level of recent fall from $20,177 swing high and $18,937 low.
Surprisingly, immediate resistance can be found near the $19 400 level and 100 hourly SMA. Next is $19 560. This is near the 50 percent Fib level of the decline from $20,177 high to $18,937 lowest.
Source: BTCUSD at TradingView.com
Clear movement above the $19 560 resistance could trigger a new rise. The price may even exceed the $20,000 threshold in the above scenario. Near the $20,000.500 mark is the next significant resistance.
A Drop in BTC
Bitcoin could begin a new decline if it fails to climb above $19,560 resistance. Support for the downside lies near $19,000.
Next is $18,580. Near $18,500 is the main support, and below that there might be a dramatic drop to $18,000. A drop to the $17.500 support might be necessary if there are more losses.
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 above the 50 level.
Major Support Levels – $19,000, followed by $18,580.
Major Resistance Levels – $19,560, $20,000 and $20,500.