The $20,000 resistance area against the US Dollar was not reached by Bitcoin. BTC may decline but the $18,900 support zone is there to help.
- Bitcoin did not gain momentum to cross the $20,000 resistance.
- It is currently trading at $19,400. The simple moving average for 100 hours shows a lower price.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $19250 (data feed Kraken).
- It is possible that the pair will move further down to test the $18,900 support area in the near future.
Bitcoin Prices Gains
Bitcoin’s price tried to increase by a substantial amount above the $19 500 resistance zone. BTC even reached the $19 800 level. However, bears were very active in the $20,000 zone.
Before the new decline, the price reached $19 939. A drop was seen below the $19 500 and $19 400 levels. Bears even drove the price lower below 50% Fib Retracement levels of the upward movement from $18,271 swing high to $19,939 low.
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 $19250.
A resistance level near $19 220 is the nearest support. It is located near the trend line, at $19 250. If the trend line resistance is broken, the price could push towards the $19 500 resistance zone.
Source: BTCUSD from TradingView.com
Main resistance remains at the $20,000 level. Gains could continue to climb towards $21,200 resistance.
BTC Dips Limited
It could move lower if bitcoin does not rise above $19250 resistance. The $19,000 area is a support zone for the downside.
Near the $18,900 area is the next support. This support is close to the 61.8% Fib level of the upward movement from $18,271 swing high to $19,939 low. Selling pressure could be increased if the price falls below $18,900. The price may fall towards $18,500 in the above scenario.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $19,000, followed by $18,900.
Major Resistance Levels – $19,250, $19,500 and $20,000.