Bitcoin price is struggling to climb above the $20,000 resistance against the US Dollar. BTC could decline heavily if there is a close below the $18,500 support.
Bitcoin remained in a range and stayed above the $19,000 support zone.
The price is trading below $19,400 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh decline if there is a clear move below the $18,500 support.
Bitcoin Price Stuck In a Range
Bitcoin price attempted a fresh increase above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100 hourly simple moving average.
The price even gained pace above the $19,500 resistance and spiked above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction.
There was a move below the $19,500 level. Besides, there was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average.
A low is formed near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.
On the upside, an immediate resistance is near the $19,400 level and the 100 hourly SMA. The next major resistance sits near the $19,560 zone. It is close to the 50% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.
Source: BTCUSD on TradingView.com
A clear move above the $19,560 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone.
Another Drop in BTC?
If bitcoin fails to rise above the $19,560 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,000 zone.
The next major support is near the $18,580 zone. The main support is near $18,500, below which there could be a sharp drop to $18,000. Any more losses might call for a drop towards the $17,500 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,000, followed by $18,580.
Major Resistance Levels – $19,560, $20,000 and $20,500.
Bitcoin price is struggling to climb above the $20,000 resistance against the US Dollar. BTC could decline heavily if there is a close below the $18,500 support.
Bitcoin remained in a range and stayed above the $19,000 support zone.
The price is trading below $19,400 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh decline if there is a clear move below the $18,500 support.
Bitcoin price attempted a fresh increase above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100 hourly simple moving average.
The price even gained pace above the $19,500 resistance and spiked above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction.
There was a move below the $19,500 level. Besides, there was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average.
A low is formed near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.
On the upside, an immediate resistance is near the $19,400 level and the 100 hourly SMA. The next major resistance sits near the $19,560 zone. It is close to the 50% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.
Source: BTCUSD on TradingView.com
A clear move above the $19,560 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone.
If bitcoin fails to rise above the $19,560 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,000 zone.
The next major support is near the $18,580 zone. The main support is near $18,500, below which there could be a sharp drop to $18,000. Any more losses might call for a drop towards the $17,500 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,000, followed by $18,580.
Major Resistance Levels – $19,560, $20,000 and $20,500.
Tags: bitcoinbtcusdBTCUSDTxbtusd
NewsBTCRead More
Samson Mow, the chief executive at Jan3, recently spoke to Forbes about the latest Bitcoin…
Originally published on Unchained.com. Unchained is the official US Collaborative Custody partner of Bitcoin Magazine…
In a post on X, one analyst has picked out a key on-chain metric that could…
A historical pattern currently forming in a Bitcoin on-chain indicator could suggest that a top…
Introduction One of Bitcoin's undeniable and frequently touted strengths is its decentralization. It's often claimed…
Five new editors were added to help speed up the process of approving and merging…
