Why BTC Could Still Struggle Around $19,500
Bitcoin price started another decline below the $20,000 support zone. The price even traded below the $19,200 support zone and spiked below the $18,800 level.
There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low.
Then, the price is now facing a strong resistance below the $20,000 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $19,400 on the hourly chart of the BTC/USDT pair. The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level.
The next key resistance is near the $19,950 zone. A clear move above the trend line resistance and then $19,950 could push the price further higher. In the stated case, the price could rise towards the $19,650 level. The next major resistance sits near the $20,500 level. If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.
The next major support now sits near the $19,800 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $18,500 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $19,000, followed by $19,400.
Major Resistance Levels – $19,500, $19,650 and$20,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low.
Then, the price is now facing a strong resistance below the $20,000 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $19,400 on the hourly chart of the BTC/USDT pair. The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level.
The next key resistance is near the $19,950 zone. A clear move above the trend line resistance and then $19,950 could push the price further higher. In the stated case, the price could rise towards the $19,650 level. The next major resistance sits near the $20,500 level. If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level.
The next major support now sits near the $19,800 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $18,500 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $19,000, followed by $19,400.
Major Resistance Levels – $19,500, $19,650 and$20,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.