Bitcoin’s price against the US Dollar is not rising above $19,000. BTC may begin to decline if the $18,900-$18,500 support levels are broken.
- Bitcoin was unable to pick up speed and is currently in a bearish zone at $19,500.
- 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 an immediate breakout pattern with resistance close to $19,000. (Data feed from Kraken).
- A clear move over $19,200 or $19,500 could signal a slow but steady recovery.
Bitcoin price continues to struggle
Bitcoin attempted to make a break through the $19,000.500 resistance area. BTC continued to trade in a bearish area and did not break through the $19,000. There was an increase in the price to $19,344 but it was not enough.
Price fell below $19,200 and reached $18,950. The price has been consolidating its losses and has formed a low near $18,938 It was trading above the 23.6% Fib Retracement level, which is the most recent fall from $19 344 swing high to $18,938 lowest.
Bitcoin prices are currently trading at $19,400. The 100 hourly simple moving mean is below that. A short-term breakout pattern is also emerging with resistance at $19,200. This hourly chart shows the BTC/USD currency pair.
The $19150 level provides immediate support. This is near the 50 percent Fib Retracement level for the drop from $19,344 high to $18,938 lowest. It is located near $19,200 and the trendline. This marks the beginning of major resistance.
Source: BTCUSD from TradingView.com
Next major resistance could be $19 300 or the 100 hourly SMA. If the price moves above $19300, it could push the price to the $19500 level. Gains above $19,300 could open up the possibility of a push towards $20,000 resistance.
What is the Downside to Bitcoin?
It could move lower if bitcoin does not rise above $19 200 resistance. Support for the downside lies near $19,000.
Next major support will be near $18,900. If the price falls below $18,900, a test at $18,500 might be required. If the market loses more, it could lead to a significant decline that can drop the price as low as $17,000.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $19,000, followed by $18,900.
Major Resistance Levels – $19,200, $19,300 and $19,500.