Bitcoin’s price has fallen below the $19,000.00 support level against the US Dollar. BTC continues to face losses of below $18,500 and could fall further in the future.
- Bitcoin’s bearish sign is below the $19200 and $19500 levels.
- The 100-hourly simple moving average and price are both below $19,500.
- A key bearish trendline is emerging with resistance close to $19,180 (data feed Kraken).
- If the pair remains below $19,500 for too long, it could move lower.
Bitcoin Prices Slide Further
Bitcoin prices fell below $20,000 support level. BTC has been in a steady and slow decline from the $19 500 pivot level, and 100 hourly simple moving Average.
The price even traded below yesterday’s low and tested the $18,850 zone. The price has been consolidating its losses and has formed a low near $18,860. The $19,000 resistance was broken by a small recovery wave. Price climbed to 23.6% Fib level above $19,000 resistance. This is the highest price since the decline of $19,560 from its high at $19,560 and low at $18,860.
Bitcoin prices are currently trading at $19,500 below the 100-hourly simple moving average. The $19,000.00 level represents an immediate resistance.
On the hourly BTC/USD chart, there is a bearish trend line that forms with resistance at $19 180. Trend line at 50% Fib level is the retracement of recent falls from $19 5,60 swing high to $18,860 lower.
Source: BTCUSD at TradingView.com
Clear moves above the trendline could send the price towards either the $19,000. resistance or the 100-hourly moving average. Any further gains could send the price toward the $20,000 resistance.
It could fall further if bitcoin does not recover from the $19,000.00 resistance zone. The $18,850 area is a support zone for the downside.
Near the $18,550 support zone is the next significant support. Another sharp drop could be triggered if the downside breaks below $18,550. There is the possibility of the market moving towards $17,800 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 – $18,850, followed by $18,550.
Major Resistance Levels – $19,200, $19,500 and $20,000.