Bitcoin is buying and selling in a bearish zone beneath $19,500 in opposition to the US Greenback. BTC may begin a pointy restoration wave if there’s a transfer above the $19,500 resistance.
- Bitcoin failed to achieve tempo above the $19,500 and $19,600 resistance ranges.
- The worth is now buying and selling beneath the $20,000 degree and the 100 hourly easy shifting common.
- There’s a essential bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a contemporary decline except there’s a transfer above the $19,500 resistance zone.
Bitcoin Value Eyes Upside Break
Bitcoin value began one other decline beneath the $19,500 assist zone. The worth even traded beneath the $19,000 assist zone and spiked beneath the $18,800 degree.
A low was fashioned close to $18,738 and the value is now consolidating losses. There was a minor upward transfer above the $19,000 resistance zone. The worth climbed above the 23.6% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.
Nevertheless, the value is now dealing with a robust resistance close to the $19,400 zone and the 100 hourly easy shifting common. There’s additionally a vital bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair.
The pattern line is near the 50% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.
Supply: BTCUSD on TradingView.com
The subsequent key resistance is close to the $19,800 zone. A transparent transfer above the pattern line resistance after which $19,800 might push the value additional larger. Within the said case, the value might rise in direction of the $20,500 degree. The subsequent main resistance sits close to the $21,200 degree.
Contemporary Decline in BTC?
If bitcoin fails to clear the $19,500 resistance zone, it might begin one other decline. A direct assist on the draw back is close to the $19,000 degree.
The subsequent main assist now sits close to the $18,700 degree, beneath which the value might decline closely. Within the said case, the value could maybe decline in direction of the $17,500 degree.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 degree.
Main Help Ranges – $19,000, adopted by $18,700.
Main Resistance Ranges – $19,500, $19,800 and $20,500.
