Bitcoin prices fell below $19,500 against the US Dollar. BTC is trading in the key range above $19,000 and still within its support zone.
- Bitcoin lost strength over $19,600 but corrected its gains.
- It is currently trading at $19,250. The 100-hourly simple moving average also shows the same price.
- The hourly BTC/USD chart showed a breaking below the key bullish trendline with support at $19,400 (data feed Kraken).
- If there’s a clear move under $19,000 support, the pair may attempt to increase.
Bitcoin Price Remains Supported
Bitcoin’s price attempted to climb above the $19,000.500 resistance zone. BTC reached $19,000. However, there wasn’t any follow-through move.
After reaching a peak of $19,696, the price began a downward correction. A move below $19,500 or $19,400 was observed. A break was also seen below the key bullish trendline with support at $19,400.
Bitcoin prices traded at $19,110 as low and are currently in range. The 100-hourly simple moving average and $19,250 are the closest prices. The Fib retracement level at 23.6% of the decline from $19.696 swing high, to $19.110 low, was broken above.
Surprisingly, a resistance level is close to $19,400. The Fib level at 50% is the retracement level for the recent fall from $19.696 swing high, to $19.110 low.
Source: BTCUSD from TradingView.com
At $19,680 the level of resistance is at its first major peak. An increase in the price could be initiated by a clear break above $19,680. If the previous scenario is true, then the price might test the $20,000 resistance. The $21,200 resistance might be reached if there are more gains.
What is the Downside to Bitcoin?
Bitcoin could fall if it fails to climb above $19,400 resistance. Support for the downside lies near the $19,000.
Next major support will be near the $19,000 area. A major drop could be initiated by a downside breakout and close to the $19,000 support area. The price may fall towards $18,500 in this scenario.
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 below the 50 level.
Major Support Levels – $19,100, followed by $19,000.
Major Resistance Levels – $19,400, $19,680 and $20,000.