Bitcoin began an upward correction at $19,000 above the US Dollar. BTC now faces strong resistance at the $19 350 and $19 500 levels.
- Bitcoin seeks an upside correction higher than $19,000
- This price remains below $19 500 and the simple 100-hour moving average.
- A major bearish trend line is emerging with resistance at $19,420 (data feed Kraken).
- For the pair to move higher towards $20,000.500 they must break the trendline and 100 hourly SMA.
Bitcoin Price Faces Hurdles
From the $18,223 lowest, Bitcoin prices began a quick-term upward trend. BTC reached $18,800 and $19,000, respectively. BTC even crossed the $19 350 resistance zone.
The price encountered strong resistance at the $19650 level, and near the 100-hourly simple moving average. After a peak at $19,678, the price began to decline again. The price fell below $19 500 and $19 400 levels.
Bitcoin’s price fell below 50% Fib retracement of its upward swing from the $18,223 swing high to the $19,678 low. Now, the bulls protect $18,800.
Support is provided by the 61.8% Fib Retracement Level of the upward movement from $18,223 swing lows to $19,678 highs. The $19,200 mark is the immediate resistance. Next is $19 350.
Source: BTCUSD at TradingView.com
A major bearish trendline is also in place with resistance close to $19,000. This can be seen on the hourly charts of BTC/USD. If the price moves clear above the trendline, $19,000.500 and 100 hours simple moving averages, then it could be possible to move up towards the $20,000 mark. The price could move towards the resistance level at $20,500 if it gains more.
BTC’s Latest Decline
It could lead to a further decline if bitcoin does not rise above the $19 350 resistance zone. The $18,800 area is a support zone for the downside.
Next is $18,550. An obvious move below the $18,550 level could lead to a more rapid decline. The price could even fall below $18,223 in the above scenario.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $18,800, followed by $18,550.
Major Resistance Levels – $19,200, $19,350 and $19,500.
